《大行》高盛升腾讯音乐(01698.HK)目标价至82元 重申“买入”

阿斯达克财经
Jun 18

高盛研究报告指,将腾讯音乐(01698.HK) (TME.US)  港股目标价由60.4港元升至82港元,并将美股目标价由15.5美元升至21美元,重申“买入”评级;2025至27年的收入预测上调0.5至3.9%,非公认会计准则净利润预测上调0至4%。
报告指,腾讯音乐超级VIP的渗透率目前为低双位数,料未来可增至20%,因目前超级VIP的每用户平均收入(ARPU)仅为十多元人民币,加上公司提供的福利,包括音乐内容和现场活动等日益丰富,料今年ARPU增长10%,明年及以后有高单位数增长。

非订阅业务方面,该行认为线下活动及艺人经理人业务长期有很大潜力,因公司已与更多艺人签约,并参与唱片出版及赞助演唱会。另外,根据公司日前收购SM娱乐及喜马拉雅的交易,该行认为公司致力提升其音乐内容及服务,而不单只是串流音乐,亦符合公司希望扩展其版图至整个音乐产业价值链的长期策略。基于公司的现金流及健康的资产负债表,该行认为目前股东回报政策的风险不大。(ss/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-17 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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