我曰
11-13
i
财通证券:维持腾讯音乐-SW(01698)“增持”评级 单用户价值稳升
免责声明:上述内容仅代表发帖人个人观点,不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP,发表看法
APP内打开
发表看法
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":499611632059272,"tweetId":"499611632059272","gmtCreate":1763001006915,"gmtModify":1763001963942,"author":{"id":3465537262365173,"idStr":"3465537262365173","authorId":3465537262365173,"authorIdStr":"3465537262365173","name":"我曰","avatar":"https://static.tigerbbs.com/9dea231a2d7be1e8c096c068b736a453","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>i</p></body></html>","htmlText":"<html><head></head><body><p>i</p></body></html>","text":"i","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/499611632059272","repostId":2583353353,"repostType":2,"repost":{"id":"2583353353","kind":"news","pubTimestamp":1762997539,"share":"https://www.laohu8.com/m/news/2583353353?lang=zh_CN&edition=full","pubTime":"2025-11-13 09:32","market":"sh","language":"zh","title":"财通证券:维持腾讯音乐-SW(01698)“增持”评级 单用户价值稳升","url":"https://stock-news.laohu8.com/highlight/detail?id=2583353353","media":"智通财经","summary":"智通财经APP获悉,财通证券发布研报称,腾讯音乐-SW在国内音乐市场仍具备领先优势,用户粘性较高。对应PE分别为22.48/23.20/19.61倍,维持“增持”评级。财通证券主要观点如下:事件:2025Q3,腾讯音乐总收入84.6亿元,同比增长20.6%,主要受在线音乐业务的明显增长。2025Q3,公司14场线下演出门票全部售罄,有超15万名观众参与,腾讯音乐娱乐盛典吸引35组艺人到场,观众逾万人。","content":"<html><body><p>智通财经APP获悉,<a href=\"https://laohu8.com/S/601108\">财通证券</a>发布研报称,<a href=\"https://laohu8.com/S/01698\">腾讯音乐-SW</a>(01698)在国内音乐市场仍具备领先优势,用户粘性较高。该行预计公司2025-2027年实现营业收入323.96/364.94/405.19亿元,归母净利润107.32/103.98/123.01亿元。对应PE分别为22.48/23.20/19.61倍,维持“增持”评级。</p><p><strong>财通证券主要观点如下:</strong></p><p><strong>事件:</strong>2025Q3,<a href=\"https://laohu8.com/S/TME\">腾讯音乐</a>总收入84.6亿元,同比增长20.6%,主要受在线音乐业务的明显增长。经营利润同增26.4%至27.1亿元,归母净利润为21.5亿元。</p><p><strong>内容生态扩容+服务拓展,推动在线音乐业务继续表现优异</strong></p><p>公司在线音乐服务收入同比增长27.2%至69.7亿元。音乐订阅单用户月均收入至11.9元,同增10.19%,主要由于公司持续扩充超级会员权益,带动付费用户增长。在订阅收入持续增长的同时,线下演出、广告服务和艺人周边成为收入增长重要拉动。2025Q3,公司14场线下演出门票全部售罄,有超15万名观众参与,腾讯音乐娱乐盛典吸引35组艺人到场,观众逾万人。</p><p><strong>创新与差异化的会员体系保障用户体验与粘性</strong></p><p>公司上线液态玻璃皮肤和播放器,全面适配鸿蒙系统,AI切歌等功能大幅提升视觉与交互体验。公司广告会员对免费用户的吸引力不断增强,用户在平台上的日均使用时长呈持续上升趋势,带动广告业务收入增长。</p><p><strong>风险提示:</strong>行业监管政策收紧风险、差异化产品竞争压力、AI技术发展不及预期、宏观经济增长不及预期。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财通证券:维持腾讯音乐-SW(01698)“增持”评级 单用户价值稳升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财通证券:维持腾讯音乐-SW(01698)“增持”评级 单用户价值稳升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-13 09:32 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1368614.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,财通证券发布研报称,腾讯音乐-SW(01698)在国内音乐市场仍具备领先优势,用户粘性较高。该行预计公司2025-2027年实现营业收入323.96/364.94/405.19亿元,归母净利润107.32/103.98/123.01亿元。对应PE分别为22.48/23.20/19.61倍,维持“增持”评级。财通证券主要观点如下:事件:2025Q3,腾讯音乐总收入84.6亿元,...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1368614.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601108":"财通证券","TME":"腾讯音乐","01698":"腾讯音乐-SW","SW":"Smurfit WestRock PLC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1368614.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2583353353","content_text":"智通财经APP获悉,财通证券发布研报称,腾讯音乐-SW(01698)在国内音乐市场仍具备领先优势,用户粘性较高。该行预计公司2025-2027年实现营业收入323.96/364.94/405.19亿元,归母净利润107.32/103.98/123.01亿元。对应PE分别为22.48/23.20/19.61倍,维持“增持”评级。财通证券主要观点如下:事件:2025Q3,腾讯音乐总收入84.6亿元,同比增长20.6%,主要受在线音乐业务的明显增长。经营利润同增26.4%至27.1亿元,归母净利润为21.5亿元。内容生态扩容+服务拓展,推动在线音乐业务继续表现优异公司在线音乐服务收入同比增长27.2%至69.7亿元。音乐订阅单用户月均收入至11.9元,同增10.19%,主要由于公司持续扩充超级会员权益,带动付费用户增长。在订阅收入持续增长的同时,线下演出、广告服务和艺人周边成为收入增长重要拉动。2025Q3,公司14场线下演出门票全部售罄,有超15万名观众参与,腾讯音乐娱乐盛典吸引35组艺人到场,观众逾万人。创新与差异化的会员体系保障用户体验与粘性公司上线液态玻璃皮肤和播放器,全面适配鸿蒙系统,AI切歌等功能大幅提升视觉与交互体验。公司广告会员对免费用户的吸引力不断增强,用户在平台上的日均使用时长呈持续上升趋势,带动广告业务收入增长。风险提示:行业监管政策收紧风险、差异化产品竞争压力、AI技术发展不及预期、宏观经济增长不及预期。","news_type":1,"symbols_score_info":{"601108":1.5,"TME":1.5,"SW":1.5,"01698":1.5}},"isVote":1,"tweetType":1,"viewCount":304,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/499611632059272"}
精彩评论