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China Merchants Securities has initiated coverage on Tencent Music with an optimistic 'Strong Buy' rating. According to the report, Tencent Music commands approximately 70% of the online music market, enjoying a substantial edge in content copyright. With the integration of advanced technologies like AIGC, member benefits are set to become more stratified and diverse, potentially driving an upward trend in both the paying ratio and Average Revenue Per User (ARPU) in the future. The report projects Tencent Music's revenue to reach RMB31 billion in 2025, RMB34.4 billion in 2026, and RMB37.6 billion in 2027, accompanied by adjusted net profits attributable to shareholders of RMB8.9 billion, RMB10 billion, and RMB11 billion, respectively, for each of these years.
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