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《大行報告》大摩料嗶哩嗶哩(09626.HK)廣告業務復甦正面 但遊戲業務存下行風險
嗶哩嗶哩-SW(09626.HK)今日早市股價搶升8.7%,中午收報205.8元。摩根士丹利發表報告表示,近期嗶哩嗶哩旗下廣告業務的重組和復甦進展正面,業務正在觸底,但擔心公司遊戲業務下行風險及其估值過高,該行維持對嗶哩嗶哩(BILI.US)「與大市同步」投資評級及目標價26美元。 該行料嗶哩嗶哩旗下廣告業務收入增長在6月恢復至約17%至19%(high teens),意味公司今年第二季收入指引可達高單位數字增長,料公司於今年下半年收入可按年升20至30%水平推進,此要視乎內地疫情及宏觀經濟復甦表現。內地6月份經濟復甦主要是由電子商務和汽車垂直行業所推動。 大摩亦指網遊業務或是嗶哩嗶哩今年第三季下行風險的因素,料今年第二季網遊業務收入按季跌20%至11億人民幣,主要是缺乏新遊戲推出及行業淡季所影響。 該行估計嗶哩嗶哩今年第二季總體收入49.5億人民幣(按季跌2%及按年升10%),料廣告收入按年升9%,但遊戲業務收入按年跌12%,料其日活躍用戶數量(DAU)可按年升29%,(wl/u) ~
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