研报掘金丨中金：下调腾讯音乐H股目标价至55.5港元，维持“跑赢行业”评级_老虎社区_美港股上老虎

研报掘金丨中金：下调腾讯音乐H股目标价至55.5港元，维持“跑赢行业”评级

中金财经05-15

中金发表报告指，腾讯音乐首季收入同比增长7%至78.95亿元；非国际财务报告准则(Non-IFRS)净利润同比增长7%至22.73亿元，基本符合该行预期的22.29亿元及市场预期的22.44亿元。毛利率环比提升0.2个百分点至44.9%，主要受音乐相关会员服务收入增加及渠道费用下降带动。考虑到喜马拉雅可能在2026年下半年并表以及开支上升，中金将腾讯音乐2026年Non-IFRS净利润预测下调...

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