金吾财讯 | 哔哩哔哩(09626)震荡扬升，截止发稿，涨4.57%，报135港元，成交额4.36亿港元招商证券表示，B站先前获得《咒术回战》的全球发行代理权，这款ARVR游戏改编自知名同名漫画IP，据报道，该款ARVR游戏此前日服年化流水超过10亿元人民币。B站于2024年11月启动该款ARVR游戏的全球市场发行，在当前版号发放常态化下，有望于 2025 年获得版号并上线国服。此外，B站的ARVR游戏储备中还包含几款休闲品类ARVR游戏，有望于今年下半年上线。该行预计哔哩哔哩2024年第四季/2025年ARVR游戏收入按年分别增长78%和26%，主要得益于旗舰ARVR游戏《三国：谋定天下》的流水贡献以及去年同期的低基数。近期《三谋》开启S5新赛季，新增多种玩法及角色，根据七麦数据，流水表现有所回升。公司计划在今年下半年在港澳台地区上线《三谋》的海外版本。该行基于分部加总估值的目标价维持在22美元，对应32倍/22倍2025/2026财年市盈率。评级“增持”。
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