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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323元 評級「買入」
美銀證券發表研究報告指,嗶哩嗶哩-SW(09626.HK)(BILI.US)第二季業績及下半年前景好壞參半,一方面期內用戶增長和參與度好過預期,但同時期內利潤率改善幅度遜預期,預期利潤率仍然受壓。 第二季嗶哩嗶哩月活躍用戶增長至3.06億人,預期上半年達到3.3億人,高於該行早前預期,相信主要是由於疫情封控期間用戶線上活動增加及更多營銷活動所帶動。 不過,美銀指出公司在業務復甦和利潤率方面仍要面對一定挑戰,將直播及增值服務下半年增長預測由升25%下調至15%以下,期內廣告業務恢復步伐略遜於市場預期,由於市場環境充滿挑戰,第四季業務前景仍不明朗,故事模式的廣告轉化率和採用率增長需時,因此將2022至2024年每股盈測各下調4%、17%及15%,H股目標價由394元降至323元,但重申「買入」評級。
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