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《大行報告》瑞信下調嗶哩嗶哩-SW(09626.HK)目標價至390元 評級「跑贏大市」
瑞信發表研究報告指出,嗶哩嗶哩-SW(09626.HK)去年第四季收入按年增長51%至57.8億元人民幣,大致符合預期,廣告業務按年增長120%,抵銷手機遊戲滯後。毛利率跌0.6個百分點至19%,略低過預期。月均活躍用戶爲2.72億戶,符合預期。 該行指出,嗶哩嗶哩的積極因素包括公司宣佈目標在2024年達至非公認會計準則盈虧平衡;公司擬斥5億美元回購,而行政總裁陳睿計劃在未來24個月以個人資金回購最多1,000萬美元的股份;廣告持續獲得市場份額,管理層預計標準化廣告產品發佈(如故事模式),有助推動廣告業務增長。 不過,該行指嗶哩嗶哩面臨的不確定性,包括內地暫停批準網絡遊戲損害其高利潤的遊戲增長;宏觀因素較弱,其收入組合的轉變可能會令2022年的利潤增長放緩。對其2022及2023財年收入預測分別下調5%及16%,目標價由663元下調至390元,維持「跑贏大市」評級。
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