《大行》中金升嗶哩嗶哩(09626.HK)目標價至 204元 維持「跑贏行業」評級 料廣告繼續快速增長
中金髮表研究報告指出,嗶哩嗶哩(09626.HK)今年第二季收入73.38億元,按年增長19.8%,基本符合市場一致預期和該行預期;NonGAAP淨利潤5.62億元,略高於市場一致預期和該行預期,主要因銷售費用和研發費用低於預期。
中金預計,嗶哩嗶哩今年下半年廣告收入或保持20%左右的按年增速,遊戲收入或按年下降16%至17%。新遊方面,中金建議關注《三謀》繁中版、代理遊戲《代號:三國Ncard》和《嘟嘟臉惡作劇》、自研遊戲《逃離鴨科夫》等項目進展,收入貢獻或在今年第四季至2026年釋放。
中金判斷,中長期,公司成本與費用相對平穩,營收增長與結構改善或釋放經營槓桿,預計後續季度毛利率或逐步提升至今年第四季達到37%,長期有望達到40%至45%;疊加公司費用相對節制,中金預計今年第四季Non-GAAP經營利潤率有望達10%。
中金維持嗶哩嗶哩2025、2026年Non-GAAP淨利潤預測不變。當前港股、美股均交易於33倍、25倍2025、2026年Non-GAAP市盈率;維持「跑贏行業」評級,考慮公司用戶生態與AI賦能,上調港股目標價5.7%至204港元、上調美股(BILI.US)目標價8%至27美元。
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