瑞银:维持阅文集团“买入”评级 下调目标价至37.2港元

新浪港股
20 Mar
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  瑞银发布研报称,维持阅文集团(00772)“买入”评级,目标价由39.4港元降至37.2港元。该行指出,阅文集团受去年下半年影视剧集项目营销开支高于预期的拖累,下半年non-GAAP净利润同比下跌17%,较瑞银及市场预期低37%及28%,但相信负面因素已大致体现在近期股价表现上。

  展望未来,瑞银预期阅文2025年影视剧项目储备可能比2024年少,电影市场竞争加剧,相信未来IP衍生品业务进展及市场关注度转至人工智能应用,将是阅文股价上扬的主要驱动力,基于去年业务逊预期,将2025及2026年经调整净利润预测分别下调10%和9%。

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