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《大行報告》瑞信下調嗶哩嗶哩(09626.HK)目標價至220元 評級「跑贏大市」
瑞信發表研究報告指,嗶哩嗶哩(09626.HK)首季收入按年持平在51億元人民幣,符合市場預期;MUA至上季開始收縮,惟DAU持續反彈。DAU/MAU比值改善至29.7%;經調整營運虧損10億人民幣,按年及按季均有所收窄。 該行提到,公司重申其2023財年收入目標為240至260億元人民幣,意味著增長10至19%。整體而言,該行認為集團增長將來自後端負載,將受到暑假期間推出的主要遊戲的支持。對於今年第二季,該行預計集團收入將增長6%至52億元人民幣。該行又認為,雖然廣告行業增長放緩,但集團將通過不斷增長的DAU和改善基礎設施來提升市場份額,預計其2023財年廣告收入將增長25%。 綜合而言,雖然集團的廣告收入和前景好於預期,但主要的收入驅動因素和催化劑可能會在第三季度出現,屆時新的主要遊戲表現將更加清晰。由於遊戲發布延遲,將其2023財年經調整每股盈測下調10%,目標價由235元下調至220元,維持「跑贏大市」評級。
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