《大行》交銀國際升嗶哩嗶哩(09626.HK)目標價至248元 看好經營槓桿持續釋放
交銀國際研究報告指出,嗶哩嗶哩(BILI.US)今年次季收入73億元人民幣,按年增20%,基本符合市場和該行預期。經調整歸母淨利潤5.6億元人民幣,略好於該行預期的5.3億元人民幣。交銀國際預計三季度收入按年增4%,其中遊戲受《三謀》高基數影響按年或降17%,廣告收入維持20%增速,三季度經調整營運利潤6.2億元人民幣。
交銀國際小幅上調嗶哩嗶哩2025、2026年經調整淨利潤預期,並將估值切換至2026年,基於可比文娛及遊戲公司1.2倍市盈率,以及2025至2027年經調整淨利潤複合增速33%,上調美股目標價至32美元、港股(09626.HK)目標價248港元,較現價有35%漲幅,維持「買入」評級。預期用戶價值提升及AI技術賦能下商業化效率可望進一步提升。看好經營槓桿持續釋放促進盈利能力不斷提升。
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