大行評級|招銀國際:上調嗶哩嗶哩目標價至26.4美元 廣告和手遊業務收入將穩健增長
招銀國際發表研究報告指,嗶哩嗶哩去年12月底止2024財年第四季總收入按年升22%至77.3億元,符合預期;經調整純利達4.53億元,較市場預期高出15%,主要是高利潤業務(手機遊戲和廣告)收入增長強勁。該行預料,廣告和手機遊戲業務在2025財年將維持穩健收入增長,並將進一步擴大毛利率及經營利潤率。管理層重申,長遠經調整經營利潤率目標達15%至20%,並可增強投資者信心,而長期毛利率目標達40%至45%。該行預料,集團2025財年首季總收入按年升22%至69.1億元,其中手機遊戲、廣告、增值服務等業務收入分別按年升73%、19%及10%。而重點遊戲《三國:謀定天下》第五季將會繼續維持穩定收入,而管理層表示該遊戲週期長達逾五年,又預料2025財年首季經調整經營利潤率按年擴張12個百分點至3.3%。該行將集團2025至2026財年盈利預測上升7%至13%,並將其美股目標價由22美元上調至26.4美元,維持其評級爲“買入”。
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