【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖予买入评级

金吾资讯07-19

金吾财讯 | 第一上海发研指，哔哩哔哩(BILI.US/09626)Q1收入56.6亿元，同比上升11.7%，略高于市场一致预期。毛利率28.3%，同比提升6.5pcts，主要得益于高毛利广告业务占比提升以及成本端的优化；经营利润率-14.5%，同比收窄12.6%。GAAP净亏损7.6亿元；non-GAAP净亏损4.4亿元，同比收窄55.8%，略高于市场一致预期的亏损5.0亿元。下季度营收有望实现...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2452341243?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-07-19 14:36","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2452341243","market":"hk","top_or_hot":-1,"title":"【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖 予买入评级","media":"金吾资讯","content":"<div>\n<p>金吾财讯 | 第一上海发研指，哔哩哔哩(BILI.US/09626)Q1收入56.6亿元，同比上升11.7%，略高于市场一致预期。毛利率28.3%，同比提升6.5pcts，主要得益于高毛利广告业务占比提升以及成本端的优化；经营利润率-14.5%，同比收窄12.6%。GAAP净亏损7.6亿元；non-GAAP净亏损4.4亿元，同比收窄55.8%，略高于市场一致预期的亏损5.0亿元。下季度营收有望实现...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024071914363795db005d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖 予买入评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖 予买入评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-19 14:36 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024071914363795db005d&s=b><strong>金吾资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>金吾财讯 | 第一上海发研指，哔哩哔哩(BILI.US/09626)Q1收入56.6亿元，同比上升11.7%，略高于市场一致预期。毛利率28.3%，同比提升6.5pcts，主要得益于高毛利广告业务占比提升以及成本端的优化；经营利润率-14.5%，同比收窄12.6%。GAAP净亏损7.6亿元；non-GAAP净亏损4.4亿元，同比收窄55.8%，略高于市场一致预期的亏损5.0亿元。下季度营收有望实现...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024071914363795db005d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09626","symbol_name":"哔哩哔哩-W","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024071914363795db005d&s=b","article_id":"2452341243","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024071914363795db005d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2452341243","pubTimestamp":1721370961,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"金吾财讯 | 第一上海发研指，哔哩哔哩 Q1收入56.6亿元，同比上升11.7%，略高于市场一致预期。毛利率28.3%，同比提升6.5pcts，主要得益于高毛利广告业务占比提升以及成本端的优化；经营利润率-14.5%，同比收窄12.6%。参考SLG游戏的长线流水情况，预计《三谋》2025全年流水在50亿元，贡献公司收入35亿元。考虑到公司毛利率的提升，取WACC为12%，折现到2024年的目标价为20.00美元/156.23港元，对比当前股价仍有28.80%/27.84%的增长空间，给予买入评级。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"09626":"哔哩哔哩-W","00227":"第一上海","BILI":"哔哩哔哩"},"translate_title":"[Brokerage Focus] First Shanghai: \"Three Conspiracies\" drives Bilibili (09626) 's game business to pick up in the second half of the year and give it a buy rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00227":1,"09626":1,"BILI":1},"content_text":"金吾财讯 | 第一上海发研指，哔哩哔哩(BILI.US/09626)Q1收入56.6亿元，同比上升11.7%，略高于市场一致预期。毛利率28.3%，同比提升6.5pcts，主要得益于高毛利广告业务占比提升以及成本端的优化；经营利润率-14.5%，同比收窄12.6%。GAAP净亏损7.6亿元；non-GAAP净亏损4.4亿元，同比收窄55.8%，略高于市场一致预期的亏损5.0亿元。下季度营收有望实现双位数增长，毛利率环比略有提升，预计将在Q3实现Non-GAAP运营利润的盈亏平衡。该行指出，公司Q1广告收入同比增长31.2%达16.7亿元，其中效果广告收入同比增长50%，当前包括搜索、内容、商业广告等多种广告场景叠加花火平台对广告系统的协同效应持续助力广告业务增长。后续几个季度公司将继续开拓更多广告场景，我们预计全年广告收入增速为24%。该行续指，公司Q1游戏收入9.8亿元，同比下降13.2%。6月代理SLG游戏《三国：谋定天下》上线后排名位列iOS畅销榜前三，预计2024年流水在30亿元，按照代理游戏分成比例，公司可获得7成游戏收入。参考SLG游戏的长线流水情况，预计《三谋》2025全年流水在50亿元，贡献公司收入35亿元。该行表示，预计公司2024-2026年收入为264/291/309亿元，三年CAGR为11.2%。归母净利润-18/-2/5亿元，净利润率为-6.7%/-0.6%/1.4%。考虑到公司毛利率的提升，取WACC为12%，折现到2024年的目标价为20.00美元/156.23港元，对比当前股价仍有28.80%/27.84%的增长空间，给予买入评级。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Product Release","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452341243"}

【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖 予买入评级

精彩评论

【券商聚焦】第一上海：《三谋》驱动哔哩哔哩(09626)下半年游戏业务回暖予买入评级