Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 167.81 (CNY 154.80) based on a 20x adjusted P/E for comparable companies in 2025 [4][9]. Core Insights - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its original music promotion, leading to an increase in online music MAU (Monthly Active Users) [4]. - The forecasted net profit for the company is projected to be CNY 1.56 billion, CNY 1.72 billion, and CNY 2.18 billion for the years 2024, 2025, and 2026 respectively, reflecting a significant increase from previous estimates due to better-than-expected music library additions [4][9]. Financial Performance Summary - Revenue: The company's revenue for 2022 was CNY 8.995 billion, with a projected decline to CNY 7.867 billion in 2023, followed by a slight recovery to CNY 8.015 billion in 2024, and further growth to CNY 8.262 billion in 2025 and CNY 9.158 billion in 2026 [6][12]. - Net Profit: The net profit for 2022 was a loss of CNY 221 million, with a turnaround to a profit of CNY 734 million in 2023, and projected profits of CNY 1.562 billion, CNY 1.716 billion, and CNY 2.179 billion for 2024, 2025, and 2026 respectively [6][12]. - Earnings Per Share (EPS): EPS is expected to improve from a loss of CNY 1.02 in 2022 to CNY 3.39 in 2023, and further to CNY 7.21, CNY 7.92, and CNY 10.06 in the following years [6][12]. - Gross Margin: The gross margin is projected to increase from 14.4% in 2022 to 26.7% in 2023, reaching 33.7% in 2024 and continuing to rise to 38.5% by 2026 [6][12]. - Net Margin: The net margin is expected to shift from -2.5% in 2022 to 9.3% in 2023, with further improvements to 19.5%, 20.8%, and 23.8% in the subsequent years [6][12]. Market Performance - The company's stock performance over the past year shows a significant increase, with a 71.01% rise in December and a 31% increase over the past month [7].
网易云音乐：24H2点评：曲库持续优化，在线音乐经营杠杆加强-20250305