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《大行報告》富瑞上調嗶哩嗶哩-W(09626.HK)目標價至177元 評級「買入」
富瑞發表報告指,嗶哩嗶哩-W(09626.HK)剛公布第二季業績及更新全年收入指引。該行相信,新的指引反映出最新業務趨勢及回應市場憂慮。管理層又強調日活躍用戶(DAU)增長和變現的效應,前者仍保持強勁勢頭,又重申於2024年實現收支平衡的目標。該行維持集團「買入」評級,H股目標價由169元上調至177元。 該行提到,集團經修訂全年收入指引介乎225億至235億元人民幣,修訂後指引的中位數,分別比市場和花旗預測低出5%和7%,主要是由於部分遊戲延遲發布及IP衍生品等非核心業務的收入貢獻低於預期。該行料集團第三季度的總收入將按年持平至58億元人民幣。按細分市場劃分,考慮到遊戲收入攤銷,該行料手遊收入按季增長11%至9.9億元人民幣,增值服務收入料按年增17%,其中直播料按年增35%,線上廣告預計按年增長25%。毛利率料小幅擴至約23.5%。該行又預計集團全年總收入將按年增長5%至230億元人民幣。 該行認為,集團在騰訊(00700.HK)和阿里-SW(09988.HK)的支持下,將有望捕捉Z世代娛樂市場在主題、社區和商業化方面的長期趨勢。
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