大和：重申腾讯音乐-SW(01698)“买入”评级 目标价上调至40港元
大和发布报告称，重申腾讯音乐-SW(01698)“买入”评级，目标价由38.9港元上调至40港元。公司将于3月中旬公布去年第四季业绩，认为近期的股价波动，与市场对能否挽留付费用户的忧虑有关，但同时提供良好的买入时机，
该行预计，腾讯音乐第四季收入同比跌10%至67亿元(人民币．下同)，但按季则升2%，音乐订阅及广告收入增长，抵销串流收入持续下跌的影响，预期订阅收入同比升42%至33亿元，而社交娱乐则跌52%至19亿元。考虑到订阅收入持续增长，集团毛利率料同比扩大290点子至35.9%，非公认会计准则(non-GAAP)净利润同比升1%至15亿元。
报告相信，ARPPU(每付费用户平均收入) 改善所贡献的增量毛利将大于此前预期，料带动线上音乐毛利率于今年达约35%，因此上调腾讯音乐今年盈利预测3%；又上调2023至2025年每股盈利预测1%至2%，以反映音乐毛利率预测获上调。
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