《大行》招銀國際料嗶哩嗶哩(BILI.US)今年次季業績強勁 目標價升至28.8美元
招銀國際研究報告指出,預計嗶哩嗶哩(09626.HK)(BILI.US)今年第二季總收入年增20%,按季增長5%至73.8億元人民幣;調整後淨利潤按季增長36%至4.93億元人民幣,均基本符合一致預期。在商業基礎設施完善的支持下,廣告業務維持強勁按年增長;在長線遊戲和《三謀》驅動下,手遊業務亦延續增長勢頭。高利潤率的廣告及手遊業務穩健增長,將持續支持嗶哩嗶哩利潤率改善。
招銀國際將嗶哩嗶哩2025財年總收入預測小幅下調1%,主要由於該行對嗶哩嗶哩今年下半年增值服務更為保守的預期,考慮到行業競爭較為激烈。儘管如此,在商業化能力提升和營運槓桿的支持下,招銀國際仍看好公司盈利增長前景。考慮到廣告和手遊板塊估值上調,將其美股目標價由26.5美元上調至28.8美元,維持「買入」評級。
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