智通财经APP获悉，中银国际发布研报称，维持腾讯音乐-SW(01698)“买入”评级，目标价上调至64.8港元。该行维持今年音乐付费会员数净增800万以及2028年底达到1.5亿总付费会员数的预测，认为广告会持续成为未来音乐非会员业务的主要增长动能，而上调利润预测主要是ARPPU会员策略导向能提升其毛利率。
中银国际指出，腾讯音乐第四季总收入同比增长8%，超出预期，期内音乐付费会员数量净增200万，与市场预期一致，月均音乐用户平均收入(ARPPU)达11.1元人民币，略超出预期。经营利润率达32.3%，超出市场预期。该行预计，公司会追求可持续的高质量音乐会员收入增长，更关注如何令用户平均收入呈健康增长的营运手段，通过缩减折扣以及超级VIP的营运贡献。
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