《大行報告》花旗下調嗶哩嗶哩(BILI.US)目標價至19美元 料第三季非通用會計準測淨虧損7.85億人民幣
花旗發表研究報告指,嗶哩嗶哩(09626.HK)(BILI.US)將於11月底公布第三季業績,預期將基本符合市場預期,由於缺乏新遊戲的推動,估計第三季遊戲業務表現仍然低迷,成長動力相信主要來自於廣告和直播業務。
該行現時預測第三季收入將按年增長1%至58.39億元人民幣,基本符合市場預期。當中遊戲、廣告、增值服務,以及電商與其他業務預料分別按年跌30%、升25%、升17%及跌30%。毛利率預計將按季持平達到23.5%,而非通用會計準則下經營虧損率則預計按季收窄至14.9%,非通用會計準則淨虧損料達7.85億元人民幣,略高於市場預期。
展望第四季,由於焦點手遊《閃耀!優俊少女》(前稱《賽馬娘》)被叫停下載,花旗因此對未來遊戲收入預測變得更加保守,估計公司會在遊戲業務面對不確定性時加強優化成本,亦憧憬廣告業務在「雙11」的推動下,增長可持續至第四季。該行將2023至2025年收入預測下調1%、2%、2%,並將目標價由22美元下調至19美元,維持「買入」評級。(gc/k)
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