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《大行》招商證券:嗶哩嗶哩(09626.HK)首季收入符預期 淨利潤勝預期
招商證券發表報告指,嗶哩嗶哩-W(又稱B站)(09626.HK)第一季收入符合預期,淨利潤超預期。總收入為74.7億元人民幣(下同),按年增7%,符合預期。廣告/增值服務/遊戲收入按年分別升30%、升4%及降12%,廣告超預期3%,連續第13個季度雙位數增長,VAS低於預期1%,遊戲因去年三謀高基數錄得收入下滑,但符合市場預期。毛利率為37.1%,按年提升0...
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《大行》招商證券:嗶哩嗶哩(09626.HK)首季收入符預期 淨利潤勝預期
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招商證券發表報告指,嗶哩嗶哩-W(又稱B站)(09626.HK)  -10.400 (-6.994%)    Short selling $180.85M; Ratio 21.239%   第一季收入符合預期,淨利潤超預期。總收入為74.7億元人民幣(下同),按年增7%,符合預期。廣告/增值服務/遊戲收入按年分別升30%、升4%及降12%,廣告超預期3%,連續第13個季度雙位數增長,VAS低於預期1%,遊戲因去年三謀高基數錄得收入下滑,但符合市場預期。毛利率為37.1%,按年提升0.9個百分點,符合預期。非GAAP經營利潤為5.24億元,同增53%,超預期1%;非GAAP淨利潤為5.93億元,同增63%,超預期11%,主因營運槓桿釋放及費用端優化好於預期。非GAAP淨利率達7.9%,按年擴張2.8個百分點。

報告指,嗶哩嗶哩第一季度日活躍用戶為1.152億,按年增8%;月活躍用戶同增2%至3.76億;日均使用時長達119分鐘,按年增10%,按季增11%。管理層指出中長視頻觀看時長增速明顯快於短視頻,中長視頻內容供給為同行業最優,視頻播客同增200%以上。AI工具已開始放大內容生態價值,全年AI資本支出約10億元,主要投向視頻分發和創作工具。同時管理層強調看到正向回報後才會持續投入,AI增量投入將部分被營運支出節省對沖,全年利潤有望維持健康增長。

廣告業務方面,該行預計B站廣告將維持25%至30%的高速增長,顯著快於行業平均。遊戲方面,下半年管線豐富,《三國百將牌》預計7月上線,首款英雄+卡牌競技玩法,管理層認為有潛力成為大日活躍用戶量級的長青遊戲。《閃耀吧嚕咪》預計第四季全球上線,寵物+休閒融合玩法;《三國志王道天下》預計第四季上線,正版IP授權,3D畫面,面向注重品質的年齡稍高玩家,定位偏傳統高端,與三謀形成清晰差異互補。另外,管理層強調《逃離鴨科夫》端遊發售已超400萬份,目前正在研發手遊及主機版本。

該行維持嗶哩嗶哩(BILI.US)      美股「增持」評級及目標價25美元,B站本季度回購6,030萬美元,2億美元回購計劃(2024年11月批准)已接近用完,管理層表示預計未來將公布新回購計劃。該行看好B站廣告變現加速及營運槓桿釋放帶來的盈利增長前景,AI投入將放大B站內容生態價值,帶來更好的商業化收入增長。(ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-21 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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