网易云音乐(9899.HK):1季度毛利率优化超预期 看好盈利能力释放

交银国际
03 Jun

基于快于预期的成本费用端优化,我们上调2025/26 年经调整净利润6%/9%至19.3/22.0 亿元,并基于SOTP 估值上调未来12 个月目标价至240 港元(原184 港元),其中1)核心业务贡献223 港元,基于优质内容及版权公司平均20 倍年市盈率,以及2025-26 年平均经调整净利润20.1 亿元,2)现金贡献17港元,基于30%折价。网易云音乐付费墙及ARPPU 仍有较大运营空间...

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