摩根士丹利发表研报指，腾讯音乐(01698.HK) (TME.US) 首季在线音乐服务付费用户数量及单个付费用户月均收入(ARPPU)分别按年增长8.3%及7.5%，表现良好，主要来自SVIP超级会员渗透率的提升以及假期促销活动的减少的推动。管理层有信心ARPPU将为业绩增长贡献更多，大摩认为腾讯音乐专注于在内容方面形成差异，有助于增强现有用户留存率。
基于最新业绩表现，大摩将腾讯音乐2025至2027年盈利预测上调31.2%、上调0.9%及下调1.1%，美股目标价从14.7美元上调至16.5美元，维持“增持”评级。(gc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-13 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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