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《大行報告》美銀證券下調嗶哩嗶哩-SW(09626.HK)目標價至394元 料次季業績符預期
美銀證券發表報告指,認為嗶哩嗶哩-SW(09626.HK)業務將逐步恢復,第二季業績料大致符預期,月活躍用戶數量將按年增長26%至2.98億,用戶參與度將保持在第一季的高水平。 美銀證券預計,嗶哩嗶哩第二季收入為49.1億元人民幣,按年增長9%,與市場預期的49億元人民幣一致,並在公司指引範圍內,主要受直播業務按年增長29%和廣告業務按年增長9.5%所支持。由於新的遊戲有限,移動遊戲收入料將按年下降13%。而第二季利潤率可能是今年最低的季度,預測毛利率為15%。 該行認為,下半年嗶哩嗶哩廣告業務料反彈,按年升幅或有20%以上,受惠於恢復遊戲審批帶來的遊戲廣告商的需求,以及新業務故事模式帶來的廣告增加,因此輕微提高今年的收入預測,而2023和2024年收入預測就因宏觀環境和遊戲行業挑戰而降低3%至4%。H股目標價由478元下調至394元。
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