《大行報告》大和下調嗶哩嗶哩(BILI.US)目標價至28美元 評級「買入」
大和發表研究報告指,嗶哩嗶哩(09626.HK)(BILI.US)去年第四季收入按年升6.3%,符合增長指引,非通用會計準則下淨虧損率從2022年第三季的30%進一步收窄至第四季的21%。
報告指出,管理層宣布今年收入指引為240億至260億元人民幣,中位數計即按年增長14%,雖然較市場普遍預期低約6%,但公司今年亦計劃關停部分低利潤業務,並有意將非通用會計準則下淨虧損壓低,料今年虧損按年收窄50%,即淨虧損率將可從2022年的30%改善至今年的14%。
考慮到嗶哩嗶哩廣告業務預期仍將跑贏大市,同時遊戲業務有可能在今年第二季重新加快增長,因此重申「買入」評級。關停部分低利潤業務影響下,大和將今明兩年收入預測削減9%至12%,美股目標價從30.5美元下調至28美元。
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