《大行报告》摩通首予哔哩哔哩(09626.HK)「增持」评级 目标价1,600元
摩根大通发表研究报告,首次给予哔哩哔哩(09626.HK)「增持」评级,目标价1,600元,指出哔哩哔哩电竞早前与动视暴雪(ATVI.US)达成战略合作,取得《守望先锋联赛》2021赛季中国地区赛事内容的整体制作与转播权,有助加强平台内容发展,预期将成长为与Youtube相似的影片娱乐平台,长远渗透率可达到50%以上。
该行预期,哔哩哔哩每月活跃用户於未来5年可增长成现时的三倍,至2025年达到6亿人。摩通指,哔哩哔哩目前每用户变现水平仍较低,目前每用户仅贡献约10元人民币广告收入(相对微博19元人民币),预期未来5年将翻倍。
摩通又指,自哔哩哔哩在港第二上市後,有近60% ADR已转换为港股,由於美股及港股的估值差距,加上未来有机会纳入沪港通股票名单,预期未来会有更多ADR会转换为港股。
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