《大行報告》野村下調嗶哩嗶哩(BILI.US)目標價至28美元 評級「買入」
野村發表報告指,嗶哩嗶哩(BILI.US)第二季總收入按年增長9%至49億元人民幣,符合市場和該行預期。非通用會計準則(Non-GAAP)的營業虧損率為39%,比該行預期差3個百分點,主要由於研發費用增加。第三季收入指引為按年增長8%至11%,低於市場預期的按年增長14%,差距主要是由於廣告收入增長放緩和會員服務收入轉弱所造成。
報告指,嗶哩嗶哩的兩個重要財務引擎,包括廣告和在線遊戲業務,今年都受到疫情和對遊戲審批監管影響,令公司即使擁有強勁的生態系統,但財務狀況仍在掙扎。該行認為,嗶哩嗶哩的管理層應該更有創造力,提出創新的變現模式。而考慮到整體經濟領域的支出削減,其廣告業務可能需要更長的時間恢復。
野村對嗶哩嗶哩2022和2023財年的收入預測分別減少4%和2%,營業利潤率預測分別減少3.2和2.9個百分點。維持「買入」評級,美股目標價從40美元降至28美元。
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