《大行報告》瑞信首予嗶哩嗶哩-SW(09626.HK)「跑贏大市」評級 目標價1,088元
瑞信發表報告指,嗶哩嗶哩(09626.HK)(BILI.US)近期股價由高位已累積回調27%,認為或是買入時機,首予嗶哩嗶哩港股「跑贏大市」評級及目標價1,088港元,因對其估值延伸至2023年。該行同時將嗶哩嗶哩美股的投資評級由「中性」升至「跑贏大市」,將目標價由150美元降至140美元
該行指出,在激烈競爭下,嗶哩嗶哩的用戶量增長仍為行業中最快,目前Z世代用戶滲透率少於50%,未來有提升空間。同時,公司有計劃推出更多不同類型的內容,料可提升用戶忠誠度,加上廣告業務增長,以及有潛在獲納入指數的機會,看好長遠發展前景。
瑞信指出,嗶哩嗶哩市值除以每名月活躍用戶平均為176美元,為快手(01024.HK)的約60%,考慮到流量尚未完全變現及用戶量快速增長。該行料嗶哩嗶哩於2021年至2023年每股經調整虧損各為13.19元、4.1元及2.37元人民幣、估計其於2021年至2023年虧損各為48.83億、15.16億及8.76億人民幣。
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