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《大行報告》中銀國際上調騰訊音樂(01698.HK)目標價至51元 評級「買入」
中銀國際發表報告指,騰訊音樂-SW(01698.HK)上季收入按年下跌7%至69億元人民幣,仍高於該行及市場預期。由於期內付費用戶量及ARPPU表現均出色,推動音樂訂閱業務按年增長45%,同時來自廣告服務收入和藝人周邊商品銷售收入的增長表現強勁,有助抵銷期內社交娛樂服務收入按年大幅下滑52%。 報告指,騰訊音樂期內毛利率達38.3%,超出市場預期。該行相信,隨著公司在內容、設備、授權、消費場景、應用程式功能,以及科技方面的投入,將繼續令音樂業務持續增長,將2024至2025年音樂業務收入預測上調3%,整體收入預測上調2%。目前該行預測騰訊音樂今年收入將按年增長4%,當中音樂業務收入料將增長28%,而社交業務收入則下跌35%,全年毛利率料提升至40%。 考慮到公司現金狀況強勁下的回購及潛在股息政策,中銀國際維持「買入」評級,並將H股目標價由38元上調至51元。
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