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《大行報告》瑞銀上調嗶哩嗶哩(BILI.US)目標價至33美元 評級「買入」
瑞銀發表研報指,嗶哩嗶哩(09626.HK)(BILI.US)去年第四季收入及利潤率基本步入復甦軌道,憧憬今年春晚的廣告商贊助,預期可以抵銷近日疫情爆發的影響,維持「買入」評級,美股目標價升至33美元。 隨著中國重新開放的速度快於預期,該行預計嗶哩嗶哩的廣告業務增長將自今年第二季出現強勁反彈,按年增長約31%,而首季表現則仍持審慎看法。至於遊戲業務,由於缺乏大型新作發布,瑞銀預期去年第四季至今年首季仍會錄得按年下跌,預期要到下半年《賽馬娘》發布才會推動遊戲業務出現增長。 瑞銀指,嗶哩嗶哩經營開支已於去年第四季見頂,相信今年將逐漸下降,發展戰略亦轉向以每日活躍用戶量為中心的增長。未來潛在催化劑包括是焦點遊戲《賽馬娘》獲批版號,以及公司或於今年3月獲納入互聯互聯。 嗶哩嗶哩早前宣布完成以每股美國存托股26.65美元,配售合共1,534.4萬股,籌集約4.09億美元,用以回購2026年到期的未償還可換股債券。瑞銀認為,公司的資產負債表壓力已得到很大程度的緩解,未來債券回購壓力有限,加上成本控制措施,相信有助於改善現金流。
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