大行评级丨海通国际:哔哩哔哩内容价值日益突显,目标价升至26美元

格隆汇
Aug 17
海通国际发表研报指,当前内容竞争碎片化,市场上充斥着AI生成内容,对比之下哔哩哔哩的内容价值日益突显,是少数在中仍能维持用户增长的中长视频平台,看好内容生态有助带动广告强劲增长,配合用户流量稳健提升,已成为平台的竞争优势。该行认为,哔哩哔哩目前估值偏低,应获重新评级,维持美股“跑赢大市”评级,将目标价由21美元上调至26美元。该行将哔哩哔哩第二季收入预测上调1%至79亿元,同比增长8%,当中受到手游《三国谋定天下》表现优于预期的推动。而受惠于用户流量增长、广告加载率提升、搜索及视频播放页面等新广告库存,以及AI赋能,该行预测第二季及2026财年广告收入分别达31亿及129亿元,同比增长27%及28%。

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