东北证券：音乐生态巨头网易云音乐（09899）受益于行业快速扩容

智通财经网02-07

智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2609549732?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20260207/20260207145644_12199.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2026-02-07 14:51","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2609549732","market":"sg","top_or_hot":-1,"title":"东北证券：音乐生态巨头网易云音乐（09899）受益于行业快速扩容","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1402848.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>东北证券：音乐生态巨头网易云音乐（09899）受益于行业快速扩容</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n东北证券：音乐生态巨头网易云音乐（09899）受益于行业快速扩容\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-07 14:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1402848.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1402848.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0003851619.USD","symbol_name":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1402848.html","article_id":"2609549732","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20260207/20260207145644_12199.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2609549732","pubTimestamp":1770447113,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"预计2025-2027年公司营收为79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为12.32/10.17/11.66元，对应2026年PE为16倍。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","BK1588":"回港中概股","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0231459107.USD":"abrdn SICAV I - ASIAN SMALLER COMPANIES \"A\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS  \"A\" (USD) INC (M)","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","000686":"东北证券","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","09899":"网易云音乐","09999":"网易-S","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","BK1531":"手游股","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","BK0188":"融资融券"},"translate_title":"Northeast Securities: Music ecological giant NetEase Cloud Music (09899) benefits from the rapid expansion of the industry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09999":1.5,"000686":1.5,"09899":1.5},"content_text":"智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为12.32/10.17/11.66元，对应2026年PE为16倍。以“音乐+社交”破局在线音乐赛道，战略与盈利双维度实现跨越。作为国内聚焦社交化体验的音乐平台，网易云音乐始终以“社区驱动音乐消费”为差异化核心，区别于传统工具型平台。股权层面由网易主导，持股59.4%保障战略方向稳定；管理层团队涵盖互联网运营、版权合作、商业智能等多元专业背景，能力互补支撑业务落地。财务端实现关键突破，2023年首次扭亏为盈，毛利率从2018年的-114.74%持续修复至2024年的33.73%，盈利模式彻底告别“规模投入换增长”，转向“内容价值驱动高效变现”，盈利质量与可持续性显著增强。行业规模扩容叠加格局分化，差异化优势凸显成长机遇。全球录制音乐市场2024年达296亿美元，同比+4.8%，连续十年增长，流媒体占比69%成核心动力；中国2022年跻身全球前五，2024年增速9.6%高于美、欧成熟市场，版权保护加强与本土音乐创新驱动增长。2）在线音乐赛道竞争格局清晰：全球Spotify以32%用户占比领跑，国内腾讯系（酷狗29%+QQ音乐25%）主导，网易云音乐凭借19%月活占比，以“社区粘性+原创内容”在Z世代（用户占比超90%）中形成差异化优势。3）版权生态从“独家垄断”转向“交叉授权”，网易云通过合作华纳、索尼等厂牌，曲库达1.8亿首，获取腾讯音乐99%独家曲库，消除核心内容缺口。“内容-社区-技术”三轮驱动，构筑核心增长护城河。内容端，双轨并行补位：版权端覆盖华语、韩流、独立音乐等多元品类，原创端通过“石头计划”、“云梯计划”孵化77.4万名独立音乐人、440万首原创歌曲，自制曲目成爆款。社区端，高粘性生态显著：乐评总量12亿条（日均160万条），歌单播放占比70%-80%，2024年日活用户日均听歌78.9分钟，DAU/MAU超30%，用户粘性行业领先。技术端，AI与多场景赋能：个性化推荐精准度行业第一，“网易天音”AIGC平台降低创作门槛，车载端合作小米、奔驰等品牌，多终端体验一致","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.4","shortVersion":"4.42.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2609549732","isCrawlerRequest":true}