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《大行》招銀國際升嗶哩嗶哩(BILI.US)目標價至30美元 下半年盈利前景穩健
阿思達克 08-25 14:34
招銀國際發表研報指出,嗶哩嗶哩(09626.HK)(BILI.US)第二季度總收入按年增長20%,至73.4億元人民幣,符合市場共識預期;展望2025年第三季度,預測總收入按年增長4%,至75.9億元人民幣。增長放緩主要因手機遊戲業務面臨較高的比較基數,以及投資者對2025年下半年收入增長前景的擔憂。儘管如此,該行預計廣告及增值服務(VAS)業務將保持穩健,利潤率擴張趨勢將於2025年下半年持續。 招銀國際基於強勁的利潤率擴張趨勢,上調2025至2027年non-GAAP盈利預測1%至7%,將基於SOTP估值的目標價從28.8美元上調至30美元,維持「買入」評級。 展望2025年第三季度,招銀國際預測,嗶哩嗶哩總收入按年增長4%至人民幣75.9億元,預計手機遊戲收入於2025年第三季度年比下降17%,主要因比較基數較高及《三國:謀定天下》收入正常化。公司計劃於2025財年底推出《三國:謀定天下》國際版,多款ACG遊戲及休閒遊戲亦待監管批准,招銀國際認為,這將支持2026財年手機遊戲收入增長;並預測廣告、增值服務收入於2025年第三季度將保持21%、10%的按年健康增長。 招銀國際續表示,嗶哩嗶哩管理層預計毛利率、調整後營運利潤率於2025年第三季度及第四季度將保持按季擴張趨勢,預計於2025年第四季度達約37%、10%。長期來看,管理層重申毛利率、調整後營運利潤率目標為40%至45%、15%至20%。
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