---
title: "CITIC International gave Tencent Music a \"Outperform\" rating with a target price of 105.7 yuan"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265847071.md"
description: "CITIC International has given Tencent Music a \"Outperform\" rating, with a target price of HKD 105.7. The report pointed out that Tencent Music's third-quarter revenue and non-GAAP net profit exceeded market expectations, with outstanding performance in non-subscription music services. Despite facing competitive pressure from Douyin's Tomato Music, CITIC International remains optimistic about Tencent Music's differentiated business model and diversified revenue sources, expecting it to continue investing in offline events and artist merchandise to strengthen its music ecosystem platform"
datetime: "2025-11-14T05:03:58.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265847071.md)
  - [en](https://longbridge.com/en/news/265847071.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265847071.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265847071.md) | [繁體中文](https://longbridge.com/zh-HK/news/265847071.md)


# CITIC International gave Tencent Music a "Outperform" rating with a target price of 105.7 yuan

Jianyin International released a report, giving Tencent Music (TME.US) an "Outperform" rating with a target price of $27.10, corresponding to a 28 times forecasted price-to-earnings ratio for 2026, which is a 40% discount compared to global leader Spotify (SPOT.US). They believe the recent decline in stock price provides a good entry point; they also give Tencent Music (01698.HK) an "Outperform" rating with a target price of HKD 105.7.

Jianyin International stated that Tencent Music's third-quarter revenue and non-GAAP net profit exceeded market expectations by 3% and 4%, respectively, with outstanding performance in non-subscription music services. Looking ahead to 2026, Tencent Music will continue to invest in offline events and artist merchandise to strengthen its "online + offline" integrated music ecosystem platform, although this may put pressure on profit margins in the short term.

In the face of the impact from Douyin's free model for Tomato Music, concerns about competition have arisen in the market, but the firm remains optimistic about Tencent Music's ability to maintain its leadership position and sustainable profitability prospects due to its differentiated business model, high-quality content supply and user base, as well as diversified revenue sources

### 相关股票

- [Tencent Music (TME.US)](https://longbridge.com/zh-CN/quote/TME.US.md)
- [TME-SW (01698.HK)](https://longbridge.com/zh-CN/quote/01698.HK.md)

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