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《大行報告》高盛降嗶哩嗶哩(09626.HK)目標價至945元 評級「買入」
阿思達克 08-13 16:02
高盛發表研究報告,引述QuestMobile數據指以總使用時間計,嗶哩嗶哩-SW(B站)(09626.HK)7月用戶總使用時間按年增長48%,兩年年均複合增長36%,連續兩個月增長,並較3至4月加快。次季總使用時間按年增長28%,亦較首季21%升幅擴大。於6月的月活躍用戶(MAU)按年增46%,較3月的12%增幅擴大。 報告大致維持B站月活躍用戶預測,惟降2021至2022年收入預測各2%,考慮主要遊戲表現疲弱及廣告增長放慢,被電商及串流業務強勁部分抵銷,料2021至2023年各年收入增61%、45%及39%。產品組合改變及串流競爭令該行下調今年毛利率預測,由24.2%降至22.6%。因此,該行降2021至2022年淨利潤率預測各4個百分點及4.1個百分點。 考慮下調長期毛利率預測,以及延伸預測至2022/2023年,以現金流折現率計,該行下調B站目標價13%,由1,082元降至945元,維持「買入」評級,料用戶基礎擴張及變現能力改善可帶來潛在上行。
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