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《大行》高盛引述嗶哩嗶哩(09626.HK)料卡牌新遊《三國:百將牌》明年春節推出 估或成每日活躍用戶達百萬級別大作
嗶哩嗶哩-W(09626.HK)今早高開近1.7%後升幅擴大,尾市上揚7.5%收198.9元,成交額28.51億元。高盛發表報告表示,嗶哩嗶哩-W(09626.HK)參與了該行所行的高盛亞太領袖論壇,就遊戲產品線與發行時程方面,公司指《三國:百將牌》爲非對稱策略休閒卡牌遊戲,管理層預計將成爲每日活躍用戶(DAU)達百萬級別的大作,2026年春節期間正式推出。公司指《嘟嘟臉惡作劇》爲手機動漫RPG,主打可愛角色,預計今年第四季上線。《逃離鴨科夫》爲單人俯視角射擊掠奪PC遊戲,同樣預計今年第四季推出。公司管理層料2025下半年遊戲收入受高基期影響,預計按年下滑中高十位數(mid-to-high teens)水平。 廣告按行業趨勢及增長動能方面,嗶哩嗶哩指上半年遊戲行業廣告表現穩健,主要遊戲發行商於公司平臺投放按年增長,小遊戲亦有市佔。3C數碼業務受618購物節與國家補貼帶動,第二季增長超預期;家居及家品亦受益於補貼及618期間表現理想,趨勢可望延續至年底。 公司今年首季eCPM(廣告每展示一千次的平均收入金額)兩位數按年增長,主因廣告客戶基數擴大、算法優化令轉化提升;2025年第二季深度轉化佔比翻倍,2025下半年將測試AI生成(AIGC)個性化標題與封面,提升廣告點擊率。高盛維持嗶哩嗶哩「買入」評級及目標價205元。
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