《大行報告》大和降嗶哩嗶哩-W(09626.HK)評級至「持有」 削目標價至77元
大和發表研報指,嗶哩嗶哩-W(09626.HK)短期內缺乏催化劑支持,加上市場競爭激烈及宏觀不確定性,為增加廣告業務變現帶來壓力,因此將其H股投資評級由「買入」下調至「持有」,目標價相應由160元大幅下調逾半至77元。
該行指出,國家新聞出版署去年底發布「網遊新規」,引發市場動盪,雖然當局事隔數日後表明要避免監管過嚴,但預期市場波動下,去年8月底叫停預下載的B站焦點手遊《閃耀!優俊少女》,其審批及發行進程料將再延遲。
另外,大和預期內地宏觀不確定性會持續為廣告市場帶來不利影響,考慮到嗶哩嗶哩目標於今年實現盈虧平衡的目標,相信不大可能對私域電商業務加大投資,將2024至2025年收入預測下調5%至8%。
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