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《大行報告》瑞銀削嗶哩嗶哩-W(09626.HK)目標價至182元 評級「買入」
瑞銀發表研究報告指,嗶哩嗶哩-W(09626.HK)首季業績符合預期,惟公司對前景的指引疲弱,將其目標價由272元大幅下調至182元,維持「買入」評級。該行認為,即將推出的《賽馬娘 Pretty Derby》遊戲可能會為市場帶來驚喜。雖然聯合營運的《崩壞:星穹鐵道》提供正面貢獻,在疲弱的指引下,集團的傳統遊戲跌幅超過預期,該行相信,是由於競爭激烈等因素。 鑑於集團經營槓桿惡化,該行預計其利潤率將從明年起下降,並料需推遲至2025年才可達到盈虧平衡。該行將集團第二季遊戲業務增長預期下調至-10%;廣告增長預測下調至25%。該行提到,集團在第一季對收入分成和S&M控制上比預期強,並預計情況將在今年持續,保護盈利免受收入疲弱的影響。
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