《大行報告》瑞銀下調嗶哩嗶哩(BILI.US)目標價至30美元 評級「買入」
瑞銀髮表評級報告指,嗶哩嗶哩(BILI.US)次季面對最主要壓力來自於上海封城及收入表現疲軟,符合該行早前已下調的預測,同時調整後營業利潤及淨利潤均未達致預期,主要是一般費用和行政費用、以及研發費用均高於預期。
展望下半年,該行表示,恢復軌跡看似多變,即使認爲下半年遊戲及直播業務或會踏上軌道,惟由於內容發佈時間延遲、第四季廣告競爭按年變得艱難、以及宏觀環境的不確定性增加,以致該行預料第三季會員制度或面臨阻力。
該行表示,將公司今年第三、四季的收入增長預測爲10%及11%,廣告增長預測則爲21%及26%,同時預計第四季毛利率呈20%的增長,基於表現彈性及高利潤的遊戲業務,惟由於在節省營運支出表現遜於預期及營運槓桿表現差。
該行預料,市場對公司的預期或於次季疲軟表現後,再次重新調整,並將公司全年收入預測下調4%,非通用會計準則淨虧損爲74億元人民幣,並將其目標價由40美元下調至30美元,維持其評級爲「買入」。(ca/a)
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