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《大行》匯豐研究升嗶哩嗶哩(BILI.US)目標價至25.5美元 重申「買入」評級
匯豐研究報告指,嗶哩嗶哩(09626.HK)的遊戲業務方面,「三國:謀定天下」將於今年12月至明年1月登陸港澳臺市場,2026年次季進軍日韓,另外有3款新遊戲作將於今年下半年後陸續上線。 廣告業務方面,嗶哩嗶哩升級廣告基礎設施,並透過AI提升推薦精準度、廣告素材生成與智能投放效能。經AI推薦提升效率後,遊戲與電商廣告收入較傳統推薦增長10%,AI標題、AI封面及智能投放採用率分別達10%、30%與20%。由現在起至2026年上半年,公司將測試並推出AI代理,進一步優化廣告投放、系統自選AI生成標題及用戶個性化廣告內容。目標未來3年廣告市場增速超越行業。 該行認爲,自從嗶哩嗶哩強調重視變現,遊戲與廣告業務進展均符合預期。嗶哩嗶哩於今年5月回購約1億美元股份,該行料未來會有更多股東回報舉措。維持盈利預測不變,嗶哩嗶哩(BILI.US)美股目標價由22.5美元上調至25.5美元,重申「買入」評級。
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