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《大行報告》花旗下調嗶哩嗶哩(BILI.US)目標價至22美元 評級「買入」
花旗發表研究報告指,嗶哩嗶哩(BILI.US)下調2023年收入指引至225億至235億元人民幣,以反映《賽馬娘 Pretty Derby》延遲推出及低利潤的非核心業務縮減。該行預計,集團今年第三季的遊戲表現將較為平淡,但第四季料將恢復按年增長。集團的目標是進一步改善毛利率並控制營運支出,以減低下半年的虧損。該行將公司2023至25年的收入預測分別下調5%、5%和6%,以反映遊戲延遲推出和宏觀環境疲弱,又將目標價由24美元下調至22美元。由於廣告和直播業務趨勢良好,維持「買入」評級。 該行表示,如果廣告業務勢頭持續,並且《賽馬娘》表現良好,料毛利率改善和進一步的營運支出優化或會推動公司的虧損收窄。管理層又認為AIGC應用有助增強用戶體驗,提高內容創作者的效率並提高商業轉化率。集團開發出大語言模型(LLM),並已應用到內容審核流程,人工智能驅動的搜索助手現正進行測試。
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