大行评级丨高盛:上调哔哩哔哩目标价至240港元 明年新游戏有望带动业务潜在上行

中金财经
Nov 18

  高盛发表报告指,哔哩哔哩正在维持具质素内容生态,具强劲用户连结,以及通过更佳广告转化及AI技术以将流量变现,以及明年新游戏产品管线有望带动业务潜在上行。该行维持对其“买入”评级,H股目标价由234港元升至240港元,美股目标价由30美元升至30.8美元。   该行微调对其2025至27年收入预测,以反映广告及其他收入优于预期,上调今年非通用会计准则(non-GAAP)盈测5%。该行对B站维持建设性看法,因广告增长具上行空间(属同业中最快之一);及受惠经营杠杆及成本控制具纪律,毛利率如期扩张,经营利润率迈向介乎15%至20%中期目标水平。   

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