金吾财讯 | 交银国际研报指，腾讯音乐(01698)4季度收入为74.6亿元（人民币，下同），基本符合市场预期。音乐订阅收入同比增18%，其中音乐会员环比+200万，月ARPPU同/环比+4%/3%。经调整归母净利润超市场预期18%，主要受益于快于预期的毛利率优化。展望未来，该行预计2025年音乐订阅收入+16%，非会员收入同比增18%，社交娱乐收入仍将呈下降趋势。看好在线音乐/全民K歌订阅及广告收入增长、及自制内容增加促进毛利率进一步优化。基于快于预期的利润率优化趋势，该行小幅上调2025年经调整净利润5%至86亿元，并上调SOTP目标价至17美元/65港元。在线音乐维持稳健增长，社交对利润拖累将逐步缓释，维持买入评级。
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