金吾财讯 | 交银国际研报指，腾讯音乐(01698)1季度收入为73.6亿元（人民币，下同），符合预期。音乐订阅收入同比增16.6%，其中，会员环比+190万，月ARPPU同/环比+8%/3%。非会员业务收入同比增14%，受广告及艺人周边拉动。经调整归母净利润21.2亿元，略超市场预期5%。该行预计：1）音乐订阅收入2季度+16%，会员净增150万，月ARPPU或同比+9%至11.6元，下调全年会员净增预期至610万，上调月ARPPU增长预期至12.2元。2）非订阅收入2季度或同比增25%。该行小幅上调2025年经调整净利润3%至89亿元，维持SOTP目标价17美元/66港元。持续看好在线音乐稳健增长，预计ARPPU提升拉动效果将会高于会员数增加，关注SVIP增长，看好订阅及广告收入增长、自制内容增加持续促进毛利率优化，维持买入评级。
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