《大行報告》美銀證券微降嗶哩嗶哩(09626.HK)目標價至188元 評級「買入」
美銀發表研究報告指,嗶哩嗶哩(09626.HK)(BILI.US)上周舉辦投資者日及Macro Link線下聚會,了解到內容生態系統及用戶社區仍將是嗶哩嗶哩主要增長來源,廣告業務發展步入正軌,用戶仍是公司的核心資產,重申「買入」評級。
該行預料在廣告業務帶動下,嗶哩嗶哩今年第二季整體收入將達到52.4億元人民幣,按年增長7%,按季增長3%,略高於市場預期,當中遊戲收入料按年跌10%,廣告收入則預期增長26%。毛利率估計提升至23.2%,期內經調整淨虧損預期達到10.5億元人民幣。
美銀指出,B站在遊戲的發展較預期理想,市場估計《賽馬娘》國服版《閃耀優俊少女》將於第三季推出,下半年亦將發布三款獨家授權遊戲及三款自家研發遊戲,惟近期自研遊戲業務重組後相信發展仍需時日。計及遊戲推出時間表,該行將第三季遊戲收入預測從按年跌2%下調至跌9%,料第三季整體收入將按年增長10%。
美銀並將2023至2025年股每股盈利/虧損預測降至虧損7.97元人民幣、虧損3.65元人民幣及盈利2.13元人民幣,目標價由192元相應降至188元。
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