Core Viewpoint - The report from Citi indicates that the risk of direct competition between domestic music platforms, particularly NetEase Cloud Music and ByteDance's Soda Music, is low due to strategic positioning and product differentiation [1] Group 1: Company Analysis - NetEase Cloud Music is currently trading at a forecasted adjusted P/E ratio of 17 times for 2026, indicating a strong valuation [1] - The company benefits from a subscription model that is resilient to economic cycles, suggesting stable long-term profitability potential [1] - The target price for NetEase Cloud Music is set at HKD 310.5 [1] Group 2: Industry Insights - The report reaffirms the "outperform" rating for both NetEase Cloud Music and Tencent Music [1] - The differentiation in strategies among platforms reduces the likelihood of intense competition in the music streaming industry [1]
里昂：内地音乐平台直接竞争风险较低 网易云音乐(09899)目标价310.5港元