《大行報告》瑞信削嗶哩嗶哩-SW(09626.HK)目標價至196元 評級維持「跑贏大市」
瑞信發表研究報告指出,嗶哩嗶哩-SW(09626.HK)第二季收入按年升9%大致符合預期,毛利率一如預期達15%,經調整虧損約20億元人民幣。公司對第三季收入指引按年升9%,低過預期。
該行認為,隨著嗶哩嗶哩的成本槓桿及分部業務如廣告和直播的毛利提升,公司下半年毛利將觸底反彈。營運支出優化需時增長,對2024財年的目標維持收支平衡。
此外,瑞信指雖然長期看好嗶哩嗶哩,但受宏觀環境疲弱、內地互聯網情緒及市場風險胃納增長影響,料公司近期股價或波動。該行對公司2022財年盈利預測下調13%,並對2023及2024財年的盈利預測作出調整,H股目標價由314元削至196元,維持「跑贏大市」評級。
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