腾讯音乐-SW(01698)震荡下挫13.64% 机构指其广告收入存在下行风险

金吾财讯
Aug 12

金吾财讯 | 腾讯音乐-SW(01698)盘中震荡下挫,截至发稿,最新报33.30港元,跌幅13.64%,成交额9491.29万港元。消息面上,该公司二季度财报显示,当季按年多赚2.57%至24.71亿元人民币(下同),每股基本盈利0.79元。按非国际财务报告准则,第二财季净利润26.86亿元,按年增4.35%。每股基本盈利0.86元。腾讯音乐第二财季总收入89.33亿元,按年上升5.82%,主要得益于音乐相关服务收入增10.96%至76.05亿元,得益于营销及消费类服务收入与音乐相关会员服务收入的稳健增长。其中,会员服务收入增长8.07%至47.9亿元。至于社交娱乐服务及其他服务收入13.28亿元,跌16.37%。而喜马拉雅贡献的收入为4.07亿元。季内毛利率为44.2%,跌0.2个百分点。大和发表研究报告指,腾讯音乐-SW第二季收入及经调整纯利分别胜市场预期2%及6%,主要是受到音乐相关服务收入较预期强劲所带动。不过,大和认为,由于宏观逆风,加上与喜马拉雅的整合过程需时或导致收入增长放缓,令广告收入存在下行风险。为此该行将腾讯音乐2026至28年每股盈利下调8%至12%,并延展估值基础,以预测今明两年平均市盈率10倍计(原先为预测今年市盈率12倍,以反映执行风险),目标价由47港元下调至38港元,续予“持有”评级。

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