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大行評級|海通國際:上調嗶哩嗶哩目標價至20美元 對第三季盈利持正面看法

海通國際發表報吿指出,對嗶哩嗶哩第三季盈利持正面看法,預期收入72億元,按年升24%及按季升17%,稍高於市場預期;非通用會計準則經營利潤料錄1.86億元,亦略好過市場預期。該行指,集團旗下成熟產品《三國:謀定天下》及《FGO》表現強勁,而新產品方面,早前宣佈將在今年全球發佈《咒術回戰手遊》,並計劃在批准後於國內發佈,預計2024年第三季和全年遊戲收入將分別達到17億元和54億元,按年增幅達76%和35%。

該行表示,集團今年在廣吿變現方面加大努力,包括增加廣吿庫存和廣吿加載率、改善技術基礎設施以及開發電子商務相關廣吿。目前嗶哩嗶哩廣吿加載水平約為6%至7%,仍低於同行,具有進一步增長的空間。該行預計公司將持續努力,並釋放更多廣吿增長動能,預測2024年第三季度和全年廣吿收入將分別達到21億元和82億元,按年增長26%和27%。該行大致維持嗶哩嗶哩2024/25年收入預測,美股目標價由17美元升至20美元,維持“優於大市”評級。

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