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研報掘金丨中金:上調嗶哩嗶哩目標價至193港元
格隆匯 07-15 14:55
中金調高嗶哩嗶哩(9626.HK)目標價9.7%至193港元,美股目標價調高8.7%至25美元,維持“跑贏行業”評級。嗶哩嗶哩上週舉行投資者日,中金建議關注小程序/海外服上線節奏及新遊戲進展,預計今年全年遊戲收入同比增20%;內容生態健康發展,廣吿商業化潛能逐步釋放,全年料升約15%。人工智能(AI)助力下eCPM有較大改善空間。另外,該公司成本與費用增速相對平穩,營收增長與結構改善或釋放經營槓桿,毛利率具備較大提升空間,預計今年毛利率約37%,長期有望見40%至45%。中金表示,BilibiliWorld線下嘉年華活動(BW2025)規模料再創新高,年輕人興趣社交氛圍濃厚,是B站優質內容、生態的線下延伸。中金維持該公司今明兩年非公認會計准則(Non-GAAP)淨利潤預測不變。當前港股交易於2025及2026年Non-GAAP市盈率29.3倍及21.9倍。
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