Investment Rating - The investment rating for the company is "Buy" (maintained) [5] 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] - The company is expanding its music library and community ecosystem, with over 770,000 independent musicians and approximately 4.4 million uploaded tracks 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] Financial Summary and Valuation Metrics - Revenue projections for 2025, 2026, and 2027 are 8.843 billion, 9.735 billion, and 10.609 billion yuan respectively, with year-on-year growth rates of 11.2%, 10.1%, and 9.0% [5] - The projected EPS for 2025, 2026, and 2027 are 8.4, 9.3, and 10.2 yuan, with corresponding P/E ratios of 16.1, 14.5, and 13.2 times [5] - The gross margin is expected to improve to 36.3% in 2025 and further to 38.0% in 2026 [5]
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-20250224