花旗发表报告指，对腾讯音乐－ＳＷ(01698.HK) (TME.US) 最新的音乐订阅计划持乐观态度，该计划平衡了净新增用户和每用户平均收入(ARPU)的增长，并致力于将订阅者转化为超级VIP会员，证明了是一种可持续且具韧性的方式，确保音乐订阅收入稳定增长，改善了利润前景。
该行认为，腾讯音乐将内地在线音频分享平台喜马拉雅领先的长篇内容资产加入其平台，将进一步增强其整体内容供给，并通过提高超级VIP会员转化率和广告收入潜力来提升变现能力。
在调整预估后，花旗将腾讯音乐目标价从17美元上调至23美元，基于2026年预估每股盈利0.93美元的25倍市盈率(原为18倍)。维持“买入”评级。花旗相信，腾讯音乐的稳定和定期的订阅模式能不断提升利润率，并在未来形成以艺人和粉丝互动为基础的娱乐生态系统，这与年轻中国消费者日益增长的服务消费趋势高度契合。
不过花旗提及，由于喜马拉雅收购案尚待监管批准，该行尚未将其财务贡献纳入上述考量。(hc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-03 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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