研报掘金丨中金:上调哔哩哔哩目标价至193港元

格隆汇
15 Jul

中金调高哔哩哔哩(9626.HK)目标价9.7%至193港元,美股目标价调高8.7%至25美元,维持“跑赢行业”评级。 哔哩哔哩上周举行投资者日,中金建议关注小程序/海外服上线节奏及新游戏进展,预计今年全年游戏收入同比增20%;内容生态健康发展,广告商业化潜能逐步释放,全年料升约15%。人工智能(AI)助力下eCPM有较大改善空间。另外,该公司成本与费用增速相对平稳,营收增长与结构改善或释放经营杠杆,毛利率具备较大提升空间,预计今年毛利率约37%,长期有望见40%至45%。 中金表示,BilibiliWorld线下嘉年华活动(BW2025)规模料再创新高,年轻人兴趣社交氛围浓厚,是B站优质内容、生态的线下延伸。中金维持该公司今明两年非公认会计准则(Non-GAAP)净利润预测不变。当前港股交易于2025及2026年Non-GAAP市盈率29.3倍及21.9倍。

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