在线音乐巨头网易云音乐（09899）今日盘中股价大涨5%，引发市场关注。这波涨势很可能与交银国际最新发布的研究报告有关，该报告大幅上调了网易云音乐的目标价，并维持"买入"评级。
根据交银国际的最新研究报告，基于网易云音乐的成本费用优化快于预期，该机构将2025年及2026年的经调整净利润预期分别上调6%和9%。更引人注目的是，交银国际将网易云音乐的目标价从184港元大幅上调30%至240港元。交银国际表示，看好网易云音乐的付费墙策略和ARPPU（每付费用户平均收入）的长期增长潜力，认为公司在这些方面仍有较大的运营空间。
展望2025年全年，交银国际预计网易云音乐的在线音乐收入将同比增长15%，其中会员订阅收入预计增长16%。该机构认为，会员规模的持续扩张将继续推动收入增长。虽然高端会员的增加会带来积极影响，但可能会被学生会员占比提升所部分抵消。此外，交银国际还预计非会员业务收入将同比增长11%，尽管广告收入增速可能因高基数效应而放缓。这份乐观的预期无疑增强了投资者对网易云音乐未来发展的信心，推动了股价的上涨。
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