Core Viewpoint - UBS report indicates that Tencent Music's Q3 revenue increased by 20.6% year-on-year to 8.46 billion yuan, exceeding both UBS and market expectations by 3.1% and 2.9% respectively [1] - Non-GAAP net profit rose by 32.6% year-on-year to 2.41 billion yuan, also surpassing UBS and market forecasts by 4% and 3.8% respectively [1] - The management expects continued strong growth in subscription services and new revenue sources driven by SVIP expansion, diversified content, and enhanced user engagement [1] Financial Performance - Q3 revenue: 8.46 billion yuan, up 20.6% year-on-year [1] - Non-GAAP net profit: 2.41 billion yuan, up 32.6% year-on-year [1] - Non-GAAP net profit margin: 28.4%, exceeding expectations by approximately 0.3 percentage points [1] Market Reaction and Outlook - UBS anticipates a positive reaction from investors to Tencent Music's better-than-expected performance [1] - Investors are awaiting further details on ARPPU trends, SVIP adoption rates, profit margin outlook, and new business strategies [1] - UBS maintains a "Buy" rating on Tencent Music's US stock with a target price of $30 [1]
大行评级丨瑞银：腾讯音乐第三季业绩超预期 评级“买入”