7月9日（周三），网易云音乐(09899)涨超6%，股价再度刷新历史新高，年初至今股价累涨近1.4倍。截至发稿，涨6.14%，报276.4港元，成交额2.13亿港元。
国信证券认为，音乐平台作为长期优质现金流资产，伴随收入稳步增长，利润率和利润释放能力增强。看好网易云音乐作为年轻音乐社区的持续发展。该行后续建议重点关注网易云音乐的业务驱动因素包括：短期观察付费用户增长，中期观察订阅缩减折扣；音乐版权谈判进展对毛利率的影响；双边效应下销售费率的变化。
国泰海通证券指出，公司增强以音乐为中心的变现水平，专注成本优化提升盈利能力，付费用户增长成为核心驱动力。20-23 年，网易云音乐在线音乐服务业务的月活由1.8亿增长至2.1亿，付费用户数由0.16亿增长至0.44亿，付费渗透率由8.8%增长至21.4%。ARPPU 区间相对稳定，23年为6.9元/月。在会员规模扩张的情况下，会员的留存率、听歌时长及活跃度逐年提高。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
