汇丰研究发表研究报告指，腾讯音乐-SW(01698.HK) 去年第四季利润率胜预期，受惠超级会员(SVIP)带动用户平均收入(ARPU)稳固上升以及广告增长。即使该行看好SVIP增长潜力，但仍对付费用户预测维持大致上不变。
该行指，受惠新广告产品发挥持续推动作用，上调对其2025年至2026年收入预测各1%，盈利则上调5%至7%。该行料，公司今年首季收入按年升8%，非通用会计准则(non-GAAP)纯利料按年升20%。该行将其H股目标价由48.75元上调至54.6元，维持其评级为“持有”。(ca/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-18 16:25。)
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