该行指出，腾讯音乐或面临AIGC相关行业的估值回调，但是科技领域的马太效应越来越显著以及公司对于内容产业的渗透，预计长期成长和估值水平都仍将坚挺。该行指出，公司模式可以类比到美股的流媒体音乐平台Spotify。腾讯音乐目前还具备比Spotify更大的成长潜力，因此我们可以在未来参考Spotify的估值水平对标腾讯音乐。Tencent Music-SW (01698) rose more than 5% in the afternoon, as of press time, up 5.82%, at HKD 42.7, with a turnover of HKD 11.5098 million.
According to the Intelligent Finance APP, Tencent Music-SW (01698) rose more than 5% in the afternoon, as of press time, up 5.82%, at HKD 42.7, with a turnover of HKD 11.5098 million.
Guotai Junan International pointed out that Tencent Music's operating income in the first half of 2024 basically met market expectations. It is worth mentioning that the gross margin increased from 34.3% in the same period of 2023 to 42.0% in the second quarter of 2024. The company's gross margin and net margin have been continuously optimized and improved in the past 9 quarters. We expect the company to bring market surprises beyond expectations in the second half of 2024 under the implementation of cost reduction and efficiency improvement.
The bank pointed out that Tencent Music may face a valuation callback in the AIGC-related industry, but the Matthew effect in the technology field and the company's penetration into the content industry are becoming increasingly significant, and it is expected that long-term growth and valuation levels will remain strong. The bank pointed out that the company's model can be compared to the US stock market's streaming music platform Spotify. Tencent Music currently has greater growth potential than Spotify, so we can use Spotify's valuation level as a reference for Tencent Music in the future.