《大行報告》美銀證券上調嗶哩嗶哩-W(09626.HK)目標價至125元 戰略調整正面
美銀證券發表研究報告指,嗶哩嗶哩-W(09626.HK)將於未來數個季度啟動成本控制和效率措施的戰略調整,管理層並重申到2024年實現盈虧平衡的目標。該行認為,集團目前3億以上的每月活躍人數(MAU)足以支持其變現增長,在疲弱的宏觀環境下審慎對待用戶支出是明智之舉。另外,集團亦會就人員編制和業務結構優化。該行相信,成本控制措施可為集團利潤率提供上升空間,而變現增長仍然是推動效率和營運槓桿的關鍵。
該行上調集團2023及2024年盈測分別18%和13%,雖然預計集團要到2025年才能達到全年收支平衡,惟現正觀察近期集團在成本控制上的情況。該行將其H股目標價由105港元上調至125港元,重申予美股(BILI.US)「中性」評級。
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