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《大行》摩通降網易(09999.HK)及嗶哩嗶哩(09626.HK)評級至「中性」
摩根大通研究報告指,內地數碼娛樂股份年初至今表現強勁,除基本面改善外,亦受到AI等投資主題推動,但認爲網易(09999.HK)(NTES.US)與嗶哩嗶哩(09626.HK)(BILI.US)未來六個月股價前景吸引力減低,將評級由「增持」降至「中性」,目標價則上調。 網易方面,該行認爲盈利上升空間有限,因未來1至2年行銷費用將因新遊戲及現有遊戲推廣而增加,且今年下半年缺乏重磅新作帶動遊戲收入增長。另外,內地開放予國際的遊戲供應飽和,或影響2026年《遺忘之海》及《無限大》的收入確定性,料2026至27年每股盈利年均複合增長率僅6%;將港股目標價由210元升至220元,美股目標價由135美元升至140美元。 嗶哩嗶哩方面,雖然該行仍看好其廣告收入增速優於行業水平,但《三謀》將在今年下半年面臨高基數壓力,導致總收入增速由首季及次季的24%及20%,放緩至下半年的5%,且阿里巴巴(09988.HK)發行的《三國志.戰略版》在內地戰略類遊戲市場仍具強勁競爭力;今年下半年亦缺乏重大新遊戲上市等催化因素。該行將其港股目標價由165元升至185元,美股目標價由21美元升至24美元。 該行建議佈局估值合理、盈利複合增長率達雙位數的股份,數碼娛樂行業首選快手(01024.HK),而互聯網垂直領域中看好BOSS直聘(02076.HK)及貝殼(02423.HK)。
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