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《大行報告》美銀證券下調嗶哩嗶哩-W(09626.HK)目標價至192元 評級「買入」
美銀證券發表研究報告指,嗶哩嗶哩-W(09626.HK)(BILI.US)在不同細分市場的增長趨勢存在差異,廣告業務持續增長,而遊戲業務表現則較疲弱。 該行指出,嗶哩嗶哩現有遊戲收入下降,加上部分國內及海外遊戲產品延遲推出,以及年初至今不少版號獲批出,隨著更多新遊戲在中國推出,市場競爭加劇所致。 惟美銀指出,B站的廣告增長良好,來自電商的618促銷廣告及流媒體內容需求提升,預期將推動廣告增長加快。直播業務方面,由於越來越多的內容創作者加入,直播仍處於快速增長階段。 計及遊戲業務收入下降,該行將嗶哩嗶哩第二季收入預測下調至52億元人民幣,即按年增長6%,今明兩年收入預測則下調 3%及6%,目標價降至192元,憧憬遊戲《賽馬娘》將於夏季推出,可推動遊戲業務向好,重申「買入」評級。
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