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《大行報告》大摩:嗶哩嗶哩(BILI.US)復甦需時 評級「與大市同步」
摩根士丹利發表研究報告,對嗶哩嗶哩(BILI.US)美股維持「與大市同步」評級,表示由於公司次季收入目標較市場預期低6%,因此對其今年下半年廣告及遊戲業務收入,以及毛利率的復甦情況維持審慎看法。 該行表示,廣告及遊戲市場疲軟,下半年相關業務盈利風險偏向下行,加上預期最快要到2024年才實現盈利;以10%的淨利潤率計算,現估值高達預測2025年名義市盈率20倍。 對於次季,大摩預期遊戲收入將按年跌13%,按季跌21%,原因是缺乏新遊戲及現有遊戲出現衰退;廣告方面,收入預期按年增長9%,較市場預期低8%。大摩認為,由於宏觀經濟疲軟,影響大品牌的廣告開支,預期業務復甦需時。 另外,由於研發及營銷費用高於預期,大摩亦將其2022至2024年的虧損預測擴大13%至14%,予美股目標價26美元。
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