金吾财讯 | 交银国际发研报指，腾讯音乐(01698)3季度收入为70亿元（人民币，下同），同比恢复正增长。毛利率43%，环比优化0.6个百分点。经调整归母净利润同比增29%，经调整净利率26%，环比基本持平。音乐订阅收入同比增20%，其中：1）音乐会员环比+200万，略好于该行此前预期；2）月ARPPU10.8元，同/环比+5%/1%。该行预计4季度音乐订阅收入+17%，会员净增200万，月ARPPU或同比+3%至11元，长期SVIP规模扩大，对ARPPU提振将更显着；非会员同比增速放缓至9%；社交收入环比或持稳。该行基本维持2025年会员/收入/经调整净利润增长预期（+800万/+8%/+13%）。维持SOTP目标价14美元/56港元，维持买入评级。
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.