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《大行报告》瑞信首予哔哩哔哩-SW(09626.HK)「跑赢大市」评级 目标价1,088元
阿思达克 04-09 09:52
瑞信发表报告指,哔哩哔哩(09626.HK)(BILI.US)近期股价由高位已累积回调27%,认为或是买入时机,首予哔哩哔哩港股「跑赢大市」评级及目标价1,088港元,因对其估值延伸至2023年。该行同时将哔哩哔哩美股的投资评级由「中性」升至「跑赢大市」,将目标价由150美元降至140美元

该行指出,在激烈竞争下,哔哩哔哩的用户量增长仍为行业中最快,目前Z世代用户渗透率少於50%,未来有提升空间。同时,公司有计划推出更多不同类型的内容,料可提升用户忠诚度,加上广告业务增长,以及有潜在获纳入指数的机会,看好长远发展前景。

瑞信指出,哔哩哔哩市值除以每名月活跃用户平均为176美元,为快手(01024.HK)的约60%,考虑到流量尚未完全变现及用户量快速增长。该行料哔哩哔哩於2021年至2023年每股经调整亏损各为13.19元、4.1元及2.37元人民币、估计其於2021年至2023年亏损各为48.83亿、15.16亿及8.76亿人民币。

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