Core Viewpoint - NetEase Cloud Music (09899) has seen a nearly 5% increase in stock price, currently trading at 203.2 HKD with a transaction volume of 227 million HKD, indicating positive market sentiment towards the company [1] Group 1: Market Position and Competition - According to a report from Citi, the risk of direct competition with ByteDance's Qishi Music is low due to the strategic positioning and product differentiation among various platforms [1] - The company is currently trading at a forecasted adjusted price-to-earnings ratio of 17 times for 2026, suggesting a stable valuation in the market [1] Group 2: Business Model and Growth Potential - NetEase Cloud Music benefits from a subscription model that is resilient to economic cycles, providing a solid long-term profit potential through multiple cost leverage [1] - The target price set by Citi for the stock is 310.5 HKD, reflecting confidence in the company's growth trajectory [1] - Shenwan Hongyuan emphasizes the company's commitment to a differentiated copyright strategy, including independent and original musicians, which aligns well with the preferences of younger users and lays a foundation for medium to long-term growth [1] - The company has sufficient potential for both revenue and profit growth, indicating a robust business outlook [1]
网易云音乐涨近5% 里昂看好公司稳健长期盈利潜力