东方证券：腾讯音乐利润率有望持续优化

Group 1 - The core viewpoint of the report indicates that Tencent Music's revenue for Q3 2024 is 7.02 billion RMB, with a gross margin of 42.6% [1] - The strong growth in music subscription and advertising service revenue, along with the gradual increase in original content, significantly contributed to the revenue [2] - The online music service revenue reached 5.48 billion RMB, driven by high-quality content, attractive membership benefits, optimized user operations, and effective promotional measures [2] Group 2 - Social entertainment service revenue amounted to 1.54 billion RMB, primarily due to adjustments in live interaction features, strengthened compliance procedures, and competition from other platforms [2] - The increase in both online music paying users and ARPPU indicates a continuous improvement in the revenue structure and profit margin for online music [2] - The company maintains a "buy" rating, suggesting positive outlook and confidence in future performance [3]