网易云音乐(9899.HK)：盈利能力显著提升 AI赋能产品升级

国泰君安03-09

本报告导读：盈利能力显著提升，内容生态持续优化。在线音乐业务稳定增长，社交娱乐业务承压。AI 赋能音乐创作与内容生态，推动播客创作升级与用户体验革新。投资要点：盈利预测与投资建议：我们预计公司FY2025E-FY2027E 经调整净利润为18.04/19.64/21.98 亿元（FY2025E/FY2026E 前值为13.5/16.6亿元）。参考可比公司估值，给予FY2025 年PE 22X，...

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