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《大行報告》高盛降嗶哩嗶哩(09626.HK)評級至「中性」 目標價下調至334元
高盛發表研究報告,將嗶哩嗶哩(09626.HK)的投資評級由「買入」下調至「中性」,對其變現時間表看法變得更加謹慎,並關注在中國宏觀經濟疲軟,線上遊戲及廣告垂直行業受監管下的盈利能力及現金流前景。 該行表示,嗶哩嗶哩持續發展多類別、多場景的視頻社區,用戶觀看時長提升,展望未來,對2021至2023年每月活躍用戶(MAU)預測基本保持不變,預期分別達到2.5億、3.16億及3.79億人。 高盛維持2021年收入預測為193億元人民幣不變,料增長61%,但將2022至2023年的收入預測下調6%及7%,主要由於所有主要細分市場的用戶變現增長疲軟,預測今年手機遊戲收入將因版號暫停審批而增長受限,料2022至2023年收入將按年增長36%及37%。 同時,該行將2021至2023年非國際會計準則下營業利潤率預測下調0.5、1及3.9個百分點,主要由於原生廣告及直播收入分成成本上升帶來的毛利率壓力增加,預計中期競爭加劇持續,因此將非國際會計準則下淨利潤率預測相應下調0.5、2及4.4個百分點,預計嗶哩嗶哩於2022至2024年錄得92億元人民幣的非國際會計準則淨虧損後,或於2025年可實現盈利,將目標價由817元大幅下調至334元。
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