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《大行報告》匯豐研究下調嗶哩嗶哩-W(09626.HK)目標價至89.7元 評級「持有」
匯豐研究發表報告,預測嗶哩嗶哩-W(09626.HK)增值服務及廣告業務具建設性的前景,爲遊戲收入增長前景較弱提供部分緩衝空間。監於公司大部分新遊戲要至今年下半年纔會上市,預料遊戲業務前景仍將低迷,因此對其今明兩年遊戲收入預測下調15%至17%。雖然日活躍用戶(DAU)去年第四季錄得按季下跌,但估計公司在產品及演算法方面的努力有助提高效率,從而在中短期內提高每DAU的廣告收入。 在盈利能力方面,該行上調對嗶哩嗶哩今年的盈利預測27%,主要由於收入結構的轉變和研發成本優化的努力,對毛利率的前景更爲正面。該行繼續估計公司非公認會計準則(Non-GAAP)經營溢利於今年第四季可轉正,與公司指引相符。 該行對公司目標價由92.82元下調至89.7元,評級「持有」。另將公司今明兩年收入預測下調1%至2%,對今年盈利預測上調27%。
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