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《大行報告》瑞信上調嗶哩嗶哩-W(09626.HK)目標價至235元 評級「跑贏大市」
瑞信發表研究報告指,嗶哩嗶哩-W(09626.HK)今年第三季收入按年增長11%至58億元人民幣,略高於市場預期。經調整虧損達15.6億元人民幣,較瑞信預期少15%,相信是由於成本及研發開支的節省。 期內平台流量表現強勁,月活躍用戶量增長24.5%。按業務細分,由於廣告效率和庫存的提高,廣告收入增長16%。遊戲收入在新遊戲產品帶動下增長6%。付費用戶量提升,亦帶動增值服務收入增長16%。 該行表示,嗶哩嗶哩將關注點從月活躍用戶量的增長,慢慢轉移到提升用戶參與度,對營銷及成本控制來說是個好兆頭,又指管理層在削減成本方面表現出堅定決心和主動性,預測經營開支已見頂,預計將在明年首季下降。 隨著成本優化措施及相關時間表更加清晰,瑞信預期投資者將會對公司的業務可持續性感到放心,將2022至2024財年的淨虧損預測收窄6%至12%,並將H股目標價由196元上調至235元,維持「跑贏大市」評級。
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