金吾财讯 | 招银国际研报指，网易云音乐(09899)公布FY24业绩：FY24公司总收入同比增长1%至79.5亿元，符合一致预期；FY24经调整净利润同比增长108%至17.0亿元，较一致预期高20%，主要得益于在线音乐业务盈利能力的提升以及有效的运营支出控制。展望FY25，公司将继续专注于提升用户体验，以释放长期增长潜力。考虑到公司严格的费用控制以及毛利率的稳步提升，该行将FY25-26盈利预测上调8%-13%。鉴于公司盈利可见性提升，该行将估值方法由DCF改为PE估值。该行给予目标价202.5港元，基于21倍FY25PE（前值：115.0港元）。维持“买入”评级。
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