《大行報告》中金:嗶哩嗶哩-W(09626.HK)上季收入基本符預期 維持「跑贏行業」評級
中金發表報告指,嗶哩嗶哩-W(09626.HK)(BILI.US)第三季度收入58.05億元人民幣(下同),按年增長0.2%,基本符合該行及市場預期;Non-GAAP淨虧損8.78億元,略差於市場預期,但略優於該行預期,主要因為經營費用控制好於預期。公司下調全年收入指引,至225億至235億元區間的下限,主要由於遊戲收入低於預期。
中金認為,公司廣告基建不斷完善,增長潛力有望持續釋放。遊戲業務方面,第三季度收入按年跌32.6%,該行認為,季度內新遊戲部分,受暑期遊戲市場新品供給較多、競爭加劇影響;而去年同期遊戲收入相對高基數。展望第四季,相信《閃耀!優俊少女》或有一定收入遞延貢獻。後續儲備產品建議關注《熾焰天穹》、《三國:謀定天下》等。
該行輕微下調嗶哩嗶哩今明兩年收入預測,基本維持盈利預測不變。維持H股「跑贏行業」評級,H股目標價124港元。
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