《大行報告》大摩上調嗶哩嗶哩(BILI.US)目標價至24美元 評級「與大市同步」
摩根士丹利發表報告,指截至1月初止,中國重新開放對嗶哩嗶哩(又稱B站)(BILI.US)所帶來的利好作用尚未顯現,因此上調對公司今明兩年的收入及盈利預測,預期自第二季起B站將出現更強勁復甦,將美股目標價由11美元上調至24美元。
該行預測去年第四季B站收入將按年增長6%至61億元人民幣,其中廣告收入下跌2%,遊戲收入跌12%,增值服務及直播則增長22%,抵銷相關跌幅。大摩指,雖然利潤率較高的業務期內增長放緩,但在成本節約措施的推動下,預期去年第四季毛利率仍可將提升至20%。
今年首季大摩則預測B站收入增長6%至54億元人民幣,其中廣告增長4%,手遊料仍跌16%。大摩將B站今明兩年收入預測上調5%至7%,預期重新開放後廣告行業上行,B站的廣告收入可增長7%至12%,受惠進口遊戲版號重新審批,遊戲收入料增長4%至9%,至於今明兩年虧損預測則收窄3%至27%。
但由於達至扭虧為盈仍有一段距離,及估值較高,大摩對B站美股仍維持「與大市同步」評級。
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