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《大行報告》摩通升嗶哩嗶哩-W(09626.HK)評級至「中性」 目標價上調至85元
摩根大通發表研究報告,將嗶哩嗶哩-W(09626.HK)(BILI.US)的投資評級從「跑輸大市」調升至「中性」,認為現時的風險回報水平更為平衡,對其短期股價前景看法變得更為正面,目標價由80元上調至85元。 該行指出,管理層提出的今年收入錄得雙位數增幅目標,與市場預期的按年增長14%一致,,因此認為市場普遍預期再下調的空間有限。但摩通預期,要在今年真正實現雙位數百分比收入增幅,需要新遊戲良好表現及直播業務增長強韌的支持。 今年第二季起,B站將進入新的遊戲發布周期,未來六個月會推出的焦點作品包括《三國:謀定天下》和《緋染天空》等,預期將推動遊戲業務收入加快增長。嗶哩嗶哩過去年季均錄得經營性正現金流,公司目標是在今年第三季實現非通用會計準則下的經營性現金流收支平衡。 在上述催化劑支持下,摩通預期未來三至六個月嗶哩嗶哩股價下跌空間有限。但考慮到各垂直領域競爭仍然激烈,該行對B站長期變現增長前景仍然存疑,同時認為目前估值並不特別具有吸引力,因此未有一舉將評級上調至「增持」。
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