Core Viewpoint - Tencent Music's Q2 performance exceeded expectations, with total revenue increasing by 18% year-on-year and adjusted net profit rising by 37% to 2.6 billion RMB, surpassing market consensus by 6% and 13% respectively [1] Revenue and Profit Analysis - The company reported a net increase of 1.5 million music paying members in the quarter, with an average revenue per paying user (ARPPU) of 11.7 RMB per month, aligning with expectations [1] - Music non-member revenue saw a significant year-on-year increase of 47%, greatly exceeding forecasts [1] Growth Strategy - The company is expected to leverage its strong competitive advantage in music, focusing on ARPPU-driven membership services as a primary growth engine [1] - There is an emphasis on accelerating the launch of new product features, enriching music-related services, and expanding commercialization capabilities for non-members [1] Investment Rating and Price Target - The firm maintains a "Buy" rating for Tencent Music, raising the target price for H-shares from 93.8 HKD to 106 HKD and for US shares from 23.9 USD to 27 USD [1]
大行评级｜中银国际：腾讯音乐次季业绩胜预期 上调H股目标价至106港元