《大行報告》裏昂下調嗶哩嗶哩(BILI.US)目標價至114美元 降級至「跑贏大市」
裏昂發表研報,將嗶哩嗶哩(BILI.US)的評級由「買入」降至「跑贏大市」,料第二季整體收入按年增長64%至約43億元人民幣,大致符合指引,但遊戲業務收入和毛利或會令人失望。
該行預期次季毛利率下降1.1個百分點至22%,加上市場銷售支出增,撇除息稅前經調整虧損預期由首季的8.17億元人民幣,擴大至次季12.4億元人民幣,將美股目標價由128美元下調至114美元。
裏昂指,嗶哩嗶哩次季每月活躍用戶人數料增長至2.32億人,至年底料達2.63億人,增長預合預期,但由於第二季度內缺乏新遊戲推出,遊戲收入及毛利率或令人失望,其中分部收入預期按年跌5%,按季持平。
裏昂預測嗶哩嗶哩第三季整體收入增長將達54%,遊戲業務收入及毛利率於下半年則維持較低水平,由於遊戲延期推出,料遊戲收入按年增長20%至25%,增幅低於市場預測的30%;並預期直播、平臺會員制及廣告業務將帶動遊戲以外收入增長75%。
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