Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved total revenue of 7.95 billion yuan in 2024, a year-on-year increase of 1.1%, and a net profit of 1.565 billion yuan, representing a year-on-year growth of 113.2% [5] - The gross margin for 2024 reached 33.7%, an increase of 7 percentage points year-on-year, primarily due to cost optimization measures and a one-time adjustment in content licensing fees [5] - The company is expected to continue its profit growth trajectory, with projected net profits for 2025, 2026, and 2027 at 1.812 billion, 2.012 billion, and 2.220 billion yuan respectively [5] Financial Summary and Valuation Metrics - Revenue (million yuan): 2023A: 7,867, 2024A: 7,950, 2025E: 8,843, 2026E: 9,735, 2027E: 10,609 [7] - Net Profit (million yuan): 2023A: 734, 2024A: 1,562, 2025E: 1,812, 2026E: 2,012, 2027E: 2,220 [7] - Gross Margin (%): 2023A: 26.7, 2024A: 33.7, 2025E: 36.3, 2026E: 38.0, 2027E: 38.6 [7] - EPS (diluted, yuan): 2023A: 3.4, 2024A: 7.2, 2025E: 8.4, 2026E: 9.3, 2027E: 10.2 [7] - P/E (times): 2023A: 39.8, 2024A: 18.7, 2025E: 16.1, 2026E: 14.5, 2027E: 13.2 [7] Growth Drivers - The company is expanding its music library and community ecosystem, with over 770,000 independent musicians registered and approximately 4.4 million tracks uploaded by June 2024 [6] - The average listening time for long audio content per user increased by 35.8% year-on-year in 2024, indicating a growing user engagement with diverse audio content [6] - Membership subscription revenue reached 4.459 billion yuan in 2024, a year-on-year increase of 22%, driven by enhanced product offerings and user experience [7]
网易云音乐：港股公司信息更新报告：毛利率提升，会员规模扩展有望继续驱动业绩增长-20250223