里昂研究报告指，腾讯音乐(01698.HK) 在构建超级会员(SVIP)福利方面稳步推进，以及近期与SM娱乐加深的战略合作，增强该行对其进化为中国领先娱乐巨头的信心，扩展至音乐流媒体之外的1,000亿元人民币以上娱乐市场。
里昂将腾讯音乐2025及2026财年的收入预测上调0.5%和0.8%，调整后每股盈利预测上调0.3%及1.6%，因腾讯音乐优先提升每付费用户平均收入(ARPPU)、付费用户留存率及内容成本效率，同时付费用户净增量预测下调。里昂将估值基准推进至2026年中期，并将目标价由64.69港元上调至77.7港元；腾讯音乐(TME.US) 美股目标价由16.7美元上调至20美元。股息收益率为1.6%。评级维持“跑赢大市”。(ad/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-05 12:25。) (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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