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《大行報告》瑞銀下調嗶哩嗶哩(BILI.US)目標價至22美元 評級「買入」
瑞銀發表研究報告表示,對嗶哩嗶哩(09626.HK)(BILI.US)次季業績看法中性至輕微積極,認為當中廣告業務表現是亮點,主要是受到電商廣告收入結構性增長、遊戲廣告周期性強勁、及公司期內集中推出新遊戲所推動,維持看好其廣告發展前景,認為其擁有中立線上影視平台流量池的獨特定位。 瑞銀預計嗶哩嗶哩第三及第四季廣告增長將達到25%及30%,料廣告業務貢獻全年收入約28%。由於廣告業務優勢被遊戲的疲弱部分抵銷,公司今明兩年指引未有調整。該行預期人氣IP「賽馬娘」手遊《閃耀優俊少女》將是B站業績後最大催化劑,預期推出後首月收入可達到4億元人民幣。但鑑於該遊戲延遲發布及IP衍生產品收入低於預期,相應將全年收入預測下調2.6%,非通用會計準則淨虧損料達到33.6億元人民幣,明年及以後盈利預測基本保持不變。 瑞銀維持對嗶哩嗶哩的「買入」評級,美股目標價從23美元下調至22美元,相應地港股目標價亦從182港元下調至172.3港元。
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