智通财经APP获悉，腾讯音乐-SW(01698)涨超5%，截至发稿，涨4.98%，报70.6港元，成交额2137.8万港元。
大和发布研报称，腾讯音乐-SW首季业绩符合预期，当中在线音乐订阅每月每付费用户平均收入(ARPPU)同比改善7.5%，稍高于较该行预期，由超级会员(SVIP)会员渗透率提高和折扣调整所带动。该行料全年音乐订阅收入将略为加速至同比升17%(原预期为升16%)，主要基于ARPPU扩张；非订阅收入增长速度则更快，料同比增23%。
该行预期腾讯音乐-SW全年每股盈利增长将高于20%；将今明两年的收入预测上调0.3%至0.8%，及每股盈利预测上调4%至5%，以反映在线音乐收入增长以及经营利润率优于预期。
交银国际表示，看好腾讯音乐-SW在线音乐服务的稳定增长，预计每付费用户平均收入(ARPPU)提升拉动效果将高于会员数增加，关注超级会员(SVIP)增长并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。
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