Investment Rating - The investment rating for the company is maintained as "Buy" [2][7]. Core Views - The company operates a content platform with a high concentration of young users and a favorable competitive landscape, which is expected to drive growth in subscription revenue [7]. - The online music revenue for the company is projected to grow by 23% year-on-year in 2024, primarily driven by a 22% increase in subscription membership [7]. - The company has a significant growth opportunity in its paid user base, with a current payment rate of 26% compared to Spotify's 39% [7]. - The domestic music platform landscape is more favorable than overseas, with a higher theoretical profitability ceiling due to a more fragmented upstream market [7]. - The company has a strong focus on community building and user retention, particularly among younger demographics, which enhances its long-term growth potential [7]. - Following its re-inclusion in the Hong Kong Stock Connect in September 2024, the company's liquidity has improved significantly [7]. - The profit forecast has been adjusted, with expected revenues of 82 billion and 91 billion for 2025 and 2026 respectively, and adjusted net profits of 17.8 billion and 20.8 billion for the same years [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7,867 million - 2024: 7,950 million - 2025E: 8,238 million - 2026E: 9,094 million - 2027E: 9,997 million [6][8] - Adjusted net profit forecasts are: - 2023: 819 million - 2024: 1,700 million - 2025E: 1,781 million - 2026E: 2,078 million - 2027E: 2,369 million [6][8] - The company’s price-to-earnings (PE) ratios for 2025-2027 are projected to be 18, 15, and 13 respectively [7].
网易云音乐（09899）：年轻用户浓度高、竞争格局好的悦己内容平台