研報掘金|中信證券:予騰訊音樂H股目標價35港元 維持“增持”評級
中信證券發佈研究報吿,看好騰訊音樂在線音樂付費率長期提升的趨勢以及在長音頻、TMELive等領域的領先佈局。考慮到公司音視頻直播業務調整基本落地、在線音樂業務有望維繫增長、降本增效戰略持續,我們上調公司2023~2025年營收預測至275.46/288.78/313.77億元(前預測值為268.32/287.85/309.78億元),上調公司2023~2025年調整後淨利潤預測至61.26/67.78/76.74億元(前預測值為59.58/65.48/71.73億元)。估值方面,參考頭部內容平台公司騰訊控股、芒果超媒、閲文集團估值水平(基於中信證券研究部預測,2023年調整後PE平均值為20倍),考慮到當前公司社交娛樂業務面臨下行壓力,給予公司2023年18倍目標調整後PE,對應騰訊音樂娛樂美股目標價9美元/ADR,H股目標價35港元,維持“增持”評級。
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