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大行評級|高盛:上調嗶哩嗶哩目標價至115港元 評級“中性”

高盛發表報吿,指嗶哩嗶哩首季業績符預期,受惠銷貨成本降低及更高的利息收入,經調整每ADS淨虧損好過預期。展望今年次季,管理層就廣吿業務提供正面展望,指增長動力健康且可持續,遊戲業務恢復至按年正增長,並重申今年第三季non-GAAP經營層面達至收支平衡的目標。由於公司經營略勝早前指引,該行認為廣吿科技升級的持續執行,遊戲業務趨穩及毛利率改善將是未來關注重點。

該行升其2024至2026年收入預測介乎2%至3%反映廣吿收入增長及更佳的遊戲業務復甦,並升各年淨利潤率預測分別1個、0.7個及0.6個百分點。現估值相當於明後兩年預測市盈率各32倍及16倍,該行認為屬合理,評級“中性”,以現金流折現率計,H股目標價由107港元升至115港元。

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