《大行報告》中金下調嗶哩嗶哩(BILI.US)目標價至30美元 評級「跑贏行業」
中金髮表報告指,嗶哩嗶哩(BILI.US)今年次季營收49.09億元人民幣(下同),按年增9.2%,按季跌2.9%;非通用會計準則(Non-GAAP)淨虧損19.64億元,對應虧損率爲40%,去年同期虧損13.23億元,業績表現低於中金預期,主要是收入相對承壓,研發及管理費用率超於預期,公司預計第三季收入爲56億至58億元,低於中金早前預期及市場一致預期。
中金認爲,隨宏觀環境改善,商業化生態建設持續加強,公司收入有望重回高速增長軌道;在降本增效方面,公司表示,第四季毛利率將逐步回升至20%;費用端組織結構優化成效有望逐步顯現,費用率亦有望逐步收窄,公司預計到第四季非通用會計準則經營利潤率回升至負30%,中金認爲,長期來看,收入增長恢復亦將傳導至利潤端,盈利能力提升可期。
中金錶示,考慮宏觀環境影響持續性,將公司今明兩年收入預測各下調2.7%及1.4%,至分別220億及302億元,同時將公司Non-GAAP淨利潤預測下調5.3億元至虧損73億元,明年則下調0.7億元至虧損45億元,並下調目標價14.3%至30美元,維持其評級爲「跑贏行業」。
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