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大行評級丨招銀國際:輕微上調嗶哩嗶哩目標價至26.5美元 上調盈利預測
格隆匯 05-22 15:57
招銀國際發表報吿指,嗶哩嗶哩第一季度總營收按年增長24%至70億元,與市場一致預期持平;經調整後淨利潤達3.62億元,較2024年第一季度淨虧損4.56億元實現扭虧,且超市場預期的2.48億元,主要得益於毛利率擴張(按年提升8個百分點)及研發費用的審慎控制(按年下降13%)。對於今年第二季度,該行預計嗶哩嗶哩將維持20%的營收按年增速,同時受益於廣吿和移動遊戲業務的強勁勢頭,利潤率將進一步擴大。鑑於利潤率擴張趨勢穩固,招銀國際上調嗶哩嗶2025至2027財年非GAAP盈利預測至各22億、32億、41億元(前值預測各為18億、27億及37億元)。該行將嗶哩嗶哩目標價從26.4美元輕微上調至26.5美元,對應2026財年非GAAP市盈率25倍,維持“買入”評級。
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