Northeast Securities has released a research report initiating coverage on Tencent Music-SW (01698) with a "Buy" rating, projecting the company's EPS to reach 3.57/3.47/3.96 yuan for 2025-2027. As an industry leader, Tencent Music is expected to experience moderate revenue growth and sustained improvement in profitability due to rising paid penetration rates and the enhancement of its content ecosystem, with ROE likely to remain at historically high levels. Key points from Northeast Securities include: