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《大行報告》裏昂引述嗶哩嗶哩(09626.HK)指MAU年底目標正如期推進 料受監管收緊影響有限
裏昂近日發表報告表示,與嗶哩嗶哩(09626.HK)首席財務官樊欣及投資者關係部高管進行投資者會議,並引述嗶哩嗶哩管理層指,公司正向今年年底月活躍用戶(MAU)達到2.6億戶目標推進,指公司擁有合適的統計數據,以協助其增加內容和擴大用戶羣。公司亦指自2019年以來一直將焦點投放在自主開發遊戲,料自主開發遊戲可在未來三至四年內貢獻旗下遊戲業務一半收入。 嗶哩嗶哩管理層預計毛利率將在2021年第三季度觸底,並可能在3-5年內達到35%。公司亦指一直嚴守法規,並預計新監管規則對公司收入的影響有限,並認爲內地遊戲審批暫停屬暫時性,主要針對新防沉迷規則。 公司管理層預計內地不會像2018年那般停批遊戲,指8月份暫停遊戲審批是因爲新遊戲必須適應8月底出臺的新防沉迷規則。公司管理層預計無需大量投入以遵守法規,指公司一直走在監管之前,在數據安全和反壟斷問題方面已經有很好的實踐。 嗶哩嗶哩管理層認爲,由於用戶根據自己的需要重視相關內容,實際上會關閉推薦算法的用戶數量有限,並指公司廣告算法很大程度上基於自身內部數據,從不會向第三方購買用戶數據,指其是少數不要求訪問用戶電話目錄的公司之一,公司完全符合內地遊戲或直播業務中對未成年人保護要求,料監管收緊對收入影響不大。
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