招银国际发表报告指，网易云音乐(09899.HK) 公布2024财年业绩，收入按年增长1%至79.5亿元人民币，符合市场预期；经调整净利润按年增长108%至17亿元人民币，超出一致预期20%，主要因为线上音乐业务盈利能力的提升和有效的开支控制。展望2025财年，公司将继续专注于改善用户体验，以释放长期增长机会。
基于严谨的开支控制及稳健的毛利率扩张，该行上调公司2025至2026财年盈利预测8至13%。由于盈利能见度较佳，将估值方法由DCF改为PE估值。目标价由115元升至202.5元，维持“买入”评级。(ha/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-24 16:25。)
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