大行评级丨花旗：腾讯音乐首季业绩大致符合预期，目标价下调至13美元_老虎社区_美港股上老虎

大行评级丨花旗：腾讯音乐首季业绩大致符合预期，目标价下调至13美元

格隆汇05-13

花旗发表报告指，腾讯音乐第一季业绩大致符合预期，总收入及非IFRS净利润分别同比增长7.3%及4.8%，至79亿元及23.3亿元，较该行预测高0.6%及0.1%，较市场预期高4.9%及4%。管理层对竞争加剧及AI对音乐串流市场的颠覆性影响维持审慎态度。管理层特别指出，短期内会员收入及广告收入增长将面临压力，主要来自黏性较低、对价格敏感的休闲用户流失。为巩固自身地位，管理层正透过加强版权保护、深化...

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