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《大行》交銀國際維持嗶哩嗶哩-W(09626.HK)「買入」評級 看好商業化效率提升
阿思達克 07-15 14:08
交銀國際發表報告指,嗶哩嗶哩-W(09626.HK)進一步強化基建能力,基於AI大模型重構推薦算法/素材生成/智能投放,提升商業化效率,繼續發力多屏多場景滲透。升級行業解決方案,內容消費/消費品領域廣告收入快速增長,遊戲行業基於社區定位提升營銷預算份額。 遊戲方面,公司聚焦核心IP長線營運,新遊佈局繼續發力垂類龍頭和品類年輕化。《三謀》6月DAU創年內新高,PC端貢獻穩定收入增量,並提升利潤率;《FGO》2024年收入按年增31%。新遊儲備:《嘟嘟臉惡作劇》,《逃離鴨科夫》,《三謀》繁中版/日韓服,休閒卡牌遊戲《三國:Ncard》。 該行持續看好公司持續的場景拓展及產品/技術升級有望帶動商業化效率提升,預計規模效應及收入結構改善將進一步促進毛利率優化及利潤釋放。維持港股目標價202港元,嗶哩嗶哩(BILI.US)美股目標價26美元,以及「買入」評級。
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