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研報掘金|招商證券:上調嗶哩嗶哩目標價至209港元 仍有充足空間擴張利潤
格隆匯 02-24 10:48
招商證券發表報告,嗶哩嗶哩第四季收入按年增長22%,優於預期1%;受電商季節性推動,廣告業務保持快速增長;遊戲業務收入按年大增84%,主要受惠於《三國:謀定天下》。因此,該行維持公司“買入”評級,H股目標價由168港元上調至209港元,ADR目標價由22美元升至27美元。招商證券稱,嗶哩嗶哩第四季非公認會計準則下的經營溢利及純利分別達到4.63億及4.53億元,分別超出預期17%及15%。營運指標保持健康,每日活躍用戶創新高達到1.03億。現金流及資產負債表強勁,淨現金進一步增加至120億元。該行認爲,嗶哩嗶哩第四季業績強勁,利潤率以及遊戲業務有更佳前景,仍有充足空間擴張利潤,預計今年首季以及全年的收入分別按年增長22%及14%,非公認會計準則下的經營溢利料分別達2.1億及19.06億元。
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