《大行报告》摩通下调哔哩哔哩(09626.HK)目标价至1,500元 维持「增持」评级
摩根大通发表研究报告指,哔哩哔哩(09626.HK)首季业绩表现胜预期,显示出公司变现战略奏效,预期在客户基础扩充、每次点击成本提升及新推出的商业合作平台「花火」发展下,今年广告收入将按年增长113%。
哔哩哔哩每月活跃用户至今年第四季将按年增长30%至2.62亿人,至2023年可提升至4亿人。管理层并预期,随着影片平台的AI推荐技术多元化,日活及月活用户水平将会回升。该行认为,广告收入仍为今年收入主要增长动力。
摩通将哔哩哔哩今明两年收入预测轻微上调1%,由於电竞赛事授权费用及用户获取成本,将今年调整後净利率下调1.2个百分点,维持「增持」评级,目标价由1,600元下调至1,500元,以反映2025年预测市盈率约30倍。
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