建银国际的研究报告指，腾讯音乐(TME.US) (01698.HK) 2024年业绩超出预期，预计2025年收入增长将从2024年的低单位数加速至高单位数，得益于音乐订阅和广告增长，以及新网站广告的推动。预计2025年毛利率将因高利润广告比例增加、音乐订阅ARPU增长、内容增加和社交业务收入分成降低而提高。预计2025年非GAAP净利润增长将达到14%。腾讯音乐在中国音乐流媒体行业中占据主导地位，增长前景良好，竞争稳定。
该行指，腾讯音乐在中国音乐流媒体行业中占据主导地位，增长前景良好，竞争稳定，给予“跑赢大市”评级，美股目标价为16.8美元，H股目标价为65.52元。(vc/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-19 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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