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《大行報告》摩通削嗶哩嗶哩-W(09626.HK)目標價至210元 評級「增持」
摩根大通發表研究報告指,將嗶哩嗶哩-W(09626.HK)的目標價由310元削減至210元,以反映由於成本控制措施後日均用戶增長預測放緩,2025年目標市盈率較低;管理層決定削減部分低利潤業務線後,料2025年的收入較低。不過該行維持集團「增持」評級,因預期廣告及遊戲業務有上升空間。 該行認為,集團股價的主要驅動因素已由用戶增長轉向盈利能力,其股價從1月初的高峰下跌31%,反映投資者對其今年收入及盈利增長前景感到憂慮。但該行對集團的長期變現前景保持積極看法,這是受惠於其在中國視頻平台中獨特的產品定位,並預計自今年第二季以來收入的加速增長將推動股價表現出色。該行估計2024年經調整淨利潤為2.33億元,而市場普遍預期淨虧損11億元。 該行預期,集團第二及第三季的收入按年增長將恢復至13%及11%,這是受惠於廣告需求的進一步復甦以及新遊戲於第二季推出。
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