《大行報告》大摩下調嗶哩嗶哩(BILI.US)目標價至13美元 評級「與大市同步」
摩根士丹利發表研究報告表示,對嗶哩嗶哩(09626.HK)(BILI.US)的復甦持審慎看法,指出宏觀環境疲軟、手遊市場以及部分垂直行業的廣告業務競爭均加劇,因而將公司第二季及全年收入預測下調。
報告指出,雖然嗶哩嗶哩計劃於未來幾個季度發布共13款遊戲,但仍將今年第二季遊戲業務收入預測調整為按年下跌10%,預期隨著更多大廠於夏季發布新遊戲,市場競爭將在下半年加劇,全年收入增長預期則下調至10%,當中在熱門作品《賽馬娘》的帶動下,下半年收入料按年升32%。
廣告業務方面,該行料第二季收入增長將提升至25%,認為遊戲及汽車行業在新產品發布的帶動下增長強勁,但電商、護膚品和家電垂直市場前景則未明。
大摩將嗶哩嗶哩今年全年收入預測下調至公司指引的下限,即240億元人民幣,基於2024年預測市銷率約1.5倍,將美股目標價由22美元下調至13美元,評級「與大市同步」。
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