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《大行報告》摩通上調嗶哩嗶哩-W(09626.HK)目標價至235元 評級「增持」
摩根大通發表研究報告將嗶哩嗶哩-W(09626.HK)(BILI.US)目標價上調至235元,指出管理層將用戶增長指標從每月活躍用戶量(MAU)轉換為每日活躍用戶量(DAU),憧憬公司明年起營銷開支下降,對其長期盈利前景感到越來越樂觀。 該行預計,嗶哩嗶哩用戶增長DAU/MAU 比率從現時的27%提升至明年的30%,明年起精簡研發投資及減少投資回報率低的項目,預期有助公司自2024年起錄得經營利潤,估計2025年將錄得非通用會計準則淨利潤40億元人民幣。 該行指出,未來12個月將是嗶哩嗶哩達到盈虧平衡的關鍵期,看好公司擁有其強大活躍及忠誠的用戶群,預期廣告、直播、遊戲業務增長前景保持不變,同時對比同行商業變現水平未充分體現,預期未來將受惠於中國重新開放的趨勢,給予「增持」評級。
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