一文综合大行於哔哩哔哩(09626.HK)公布季绩後最新评级、目标价及观点
哔哩哔哩-SW(09626.HK)公布季绩後,今早股价捱沽,盘中曾低见616元一度下滑12.7%,最新报706元跌10.8%。花旗表示,哔哩哔哩第三季业绩好坏参半,但非通用会计准经调整净亏损低於市场预期,指今年第四季收入指引逊预期,料旗下广告及直播业务会持续上季趋势。
哔哩哔哩公布截至今年9月底止首三财季业绩,净营业额总额按年升66.7%至136.02亿元人民币,以非通用会计准则计,经调整净亏损由对上财年同期的18.84亿元扩大至38.26亿元人民币。单计第三季,哔哩哔哩净营业额总额按年升61.4%至52.07亿人民币,大致符市场预期的51.78亿人民币;经调整净亏损由对上财年同期的9.48亿人民币,扩至16.13亿人民币。而公司预期今年末季净营业额介乎57亿至58亿人民币。
【本季指引弱 季绩後受压】
摩根士丹利发表报告表示,料哔哩哔哩今年下半年毛利率或可见底,但料旗下网游业务短期收入增长前景存不明朗,但估计旗下广告业务收入或可倍升。该行指,基於网游业务增长影响因素,料哔哩哔哩明年毛利率透明度仍较低。
瑞银指哔哩哔哩第三季业绩大致符合预期,但公司给予今年第四季收入乎57亿至58亿人民币指引,略低於该行及市场原预期各59.5亿及58亿人民币,料市场对哔哩哔哩反应负面,。因第四季指引疲弱。
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本网综合1间券商列出对哔哩哔哩(09626.HK)投资评级及目标价:
券商|投资评级|目标价
摩根大通|增持|1,000港元
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本网综合6间券商列出对哔哩哔哩(BILI.US)投资评级及目标价:
券商|投资评级|目标价
摩根大通|增持|130美元
花旗|买入|126美元->120美元
瑞银|买入|120美元
大和|买入|100美元->118美元
摩根士丹利|增持|100美元
杰富瑞|买入|86美元->97美元
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券商|观点
摩根大通|用户增长强劲,惟行业需求疲软致广告收入增长减少
花旗|料四季度收入指引未如预期,关注广告、增值服务和用户增长
瑞银|三季度收益基本符预期,料第四季度收入指引略有下降,关注用户增长及参与度
大和|广告收入前景依然强劲
摩根士丹利|今年下半年毛利率或已见底,但透明度仍低
杰富瑞|三季度收入符合预期,料下季用户群呈稳健增长势头
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