哔哩哔哩(09626)盘中跌近7% 机构指首季游戏业务倒退明显引市场担忧

金吾财讯

May 21

金吾财讯 | 哔哩哔哩(09626)盘中跌近7%，截至发稿，报138.50港元，下跌6.86%，成交额7.18亿港元。

消息面上，公司新近披露季度财报引发市场争议。中金研究指，哔哩哔哩首季Non-GAAP净利润基本符合该行预期。首季收入74.72亿元人民币，按年增6.7%，基本符合该行和市场预期；Non-GAAP净利润5.93亿元人民币，按年增63.4%，基本符合该行预期的5.73亿元人民币，高于市场预期的5.35亿元人民币。报告指，哔哩哔哩首季广告收入维持高增长，有望获更多广告主预算。首季广告收入按年增30%至25.89亿元人民币，公司于业绩会表示，首季前三大广告主为游戏、网服、数码家电；AI对广告效率提升有帮助，并关注中长期变革价值，公司预计AI科技、家装家电等有望取得更多预算增量。该行预计其次季广告收入或按年增28%。但综合考虑收入结构和研发费用调整，该行维持2026/2027年Non-GAAP净利润预测。维持“跑赢行业”评级，因行业中枢下移，下调H股目标价16.4%至194港元，下调美股目标价16.7%至25美元。光大证券国际策略师表示，哔哩哔哩一季度业绩不算差，延续了过去几个季度总体增长的表现。但游戏业务倒退明显，主要因为主力游戏两年前推出后曾带动游戏业务由亏转盈，今年数据放缓反映出市场对于新游戏“接力”的担忧。未来需关注能否在下半年推出新游戏，弥补之前的不足。

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