社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
touzi666
IP属地:未知
+关注
帖子 · 45
帖子 · 45
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
touzi666
touzi666
·
2021-05-17
$特斯拉(TSLA)$
今天下午特斯拉台州撞了2交警。乖乖。真厉害
看
3,846
回复
2
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-05-04
$纳斯达克(.IXIC)$
巴菲特:永远不要做空美股,但是人家没说不卖股票吧
看
4,123
回复
1
点赞
2
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-05-04
$恒生指数(HSI)$
现在玩港股的基本都是人傻钱多系列[开心] [开心] [开心]
看
2,910
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-26
$英特尔(INTC)$
这股迟暮之年。凉了
看
2,816
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-22
券商一吹,赶紧跑就对了
天风证券:哔哩哔哩-SW(09626)护城河逐渐巩固 年轻人视频社区商业化空间极具前景
3)长期空间:B站目前在中国9.3亿视频用户的渗透率为22%,基于内容视频化趋势及出海潜在空间,用户天花板有望突破5亿。考虑公司目前处于用户快速增长阶段,同时基于年轻人视频社区商业化空间可期,综合PS估值法和单用户估值法,我们给予B站2021年目标市值590亿美元、4,578亿港元,对应目标价156美元、1,213港元。
天风证券:哔哩哔哩-SW(09626)护城河逐渐巩固 年轻人视频社区商业化空间极具前景
看
3,855
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-21
$哔哩哔哩-SW(09626)$
定价,定这么高,这是故意给我送钱让我做空吗。
看
5,159
回复
2
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-19
$特斯拉(TSLA)$
事情没发生在自己身上,不要恶言相向,泼妇这词,都用上了,你们投资心态啊。。。。。。。
看
4,237
回复
4
点赞
3
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-19
$特斯拉(TSLA)$
新华社都发文了,看不懂吗?无论谁对与错,高高在上态度不可取
看
4,334
回复
6
点赞
2
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-16
$Pinterest, Inc.(PINS)$
杀期权够狠
看
2,398
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
touzi666
touzi666
·
2021-04-16
$TuSimple Holdings Inc.(TSP)$
石头姐都把美团纳入太空股了,这老娘们真是被美股大牛市冲昏了头脑。没有大牛市,她啥都不是。巴菲特,彼得林奇索罗斯,提鞋都不配。君不见a股每年都出一批基金经理金牛奖,冠军。过两年屁都不是。运气,机会给你了而已。
看
5,743
回复
3
点赞
5
编组 21备份 2
分享
举报
加载更多
暂无关注
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3575246845694227","uuid":"3575246845694227","gmtCreate":1612152821808,"gmtModify":1613051059766,"name":"touzi666","pinyin":"touzi666","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":6,"headSize":48,"tweetSize":45,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-1","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资经理虎","description":"证券账户累计交易金额达到10万美元","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.20%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"02aa7f16703b4ce4ace6f1a7665789cc-2","templateUuid":"02aa7f16703b4ce4ace6f1a7665789cc","name":"知识探索家","description":"观看学堂课程满20节","bigImgUrl":"https://static.tigerbbs.com/63cc10a4789c3eaa019b225a55136cf9","smallImgUrl":"https://static.tigerbbs.com/b1f0cbf3ae1b0a4593ddb3434df74ce0","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.06.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.48%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":6,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":195383742,"gmtCreate":1621257793686,"gmtModify":1621257793686,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>今天下午特斯拉台州撞了2交警。乖乖。真厉害","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>今天下午特斯拉台州撞了2交警。乖乖。真厉害","text":"$特斯拉(TSLA)$今天下午特斯拉台州撞了2交警。乖乖。真厉害","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/195383742","isVote":1,"tweetType":1,"viewCount":3846,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576196904110048","authorId":"3576196904110048","name":"WU_","avatar":"https://static.tigerbbs.com/0cd8b5777d8c3ecccc57db37c03ba1bb","crmLevel":1,"crmLevelSwitch":0,"idStr":"3576196904110048","authorIdStr":"3576196904110048"},"content":"蔚来顶交警怎么不说","text":"蔚来顶交警怎么不说","html":"蔚来顶交警怎么不说"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":106430273,"gmtCreate":1620137972292,"gmtModify":1620137972292,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>巴菲特:永远不要做空美股,但是人家没说不卖股票吧","listText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>巴菲特:永远不要做空美股,但是人家没说不卖股票吧","text":"$纳斯达克(.IXIC)$巴菲特:永远不要做空美股,但是人家没说不卖股票吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106430273","isVote":1,"tweetType":1,"viewCount":4123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":106128818,"gmtCreate":1620094727534,"gmtModify":1620094727534,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HSI\">$恒生指数(HSI)$</a>现在玩港股的基本都是人傻钱多系列[开心] [开心] [开心] ","listText":"<a href=\"https://laohu8.com/S/HSI\">$恒生指数(HSI)$</a>现在玩港股的基本都是人傻钱多系列[开心] [开心] [开心] ","text":"$恒生指数(HSI)$现在玩港股的基本都是人傻钱多系列[开心] [开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106128818","isVote":1,"tweetType":1,"viewCount":2910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":374139753,"gmtCreate":1619426741272,"gmtModify":1619426741272,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>这股迟暮之年。凉了","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>这股迟暮之年。凉了","text":"$英特尔(INTC)$这股迟暮之年。凉了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374139753","isVote":1,"tweetType":1,"viewCount":2816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":378449529,"gmtCreate":1619057234261,"gmtModify":1619057234261,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"券商一吹,赶紧跑就对了","listText":"券商一吹,赶紧跑就对了","text":"券商一吹,赶紧跑就对了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378449529","repostId":"2128897025","repostType":2,"repost":{"id":"2128897025","kind":"news","pubTimestamp":1618793954,"share":"https://www.laohu8.com/m/news/2128897025?lang=&edition=full","pubTime":"2021-04-19 08:59","market":"hk","language":"zh","title":"天风证券:哔哩哔哩-SW(09626)护城河逐渐巩固 年轻人视频社区商业化空间极具前景","url":"https://stock-news.laohu8.com/highlight/detail?id=2128897025","media":"智通财经网","summary":"3)长期空间:B站目前在中国9.3亿视频用户的渗透率为22%,基于内容视频化趋势及出海潜在空间,用户天花板有望突破5亿。考虑公司目前处于用户快速增长阶段,同时基于年轻人视频社区商业化空间可期,综合PS估值法和单用户估值法,我们给予B站2021年目标市值590亿美元、4,578亿港元,对应目标价156美元、1,213港元。","content":"<html><body><article><p><strong>本文选自“<a href=\"https://laohu8.com/S/601162\">天风证券</a>”</strong></p><p><strong><a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>(09626,BILI.US):二次元起家,中国年轻世代聚集的综合视频社区</strong></p><p>哔哩哔哩创立于2009年6月,最早是以ACG内容为主的视频弹幕网站,逐步发展为覆盖生活、游戏、娱乐、动漫、科技和知识等多元文化和兴趣内容,以PUGV为核心、包括OGV、直播、短视频等全场景的综合视频社区。截至2020年四季度,B站平台的月活跃用户规模达到2.02亿,在中国互联网用户的渗透率达20.4%,其中35岁以下的“Z+世代”用户占比超过86%,每2位年轻人就有1位是B站用户。</p><p><strong>B站的护城河是什么?</strong></p><p>1)用户:2亿高活跃、高留存的优质用户群是B站的重要优势,用户快速增长的同时维持较好的活跃度与留存。</p><p>2)内容:全场景、多元化的优质内容生态是B站的核心竞争力,核心的PUGV贡献超91%的视频观看量,4Q20月活跃UP主达190万,月均视频投稿量590万,经过十余年积累超过1.2亿存量内容库,品类持续拓宽加深。</p><p>3)社区:社区文化是B站的内核与最大壁垒,用户通过共同的兴趣建立情感纽带,在B站的社区氛围下实现高粘性和互动,4Q20日均视频观看量达12亿,月均总互动量达47亿,我们认为B站的社区氛围体现的是十多年运营沉淀的代表年轻一代的共同文化与价值观,难以被复制,是B站最深的护城河。</p><p>B站的用户空间几何?随着B站出圈,核心用户群从Z世代拓展到Z+世代,我们认为当前的用户规模仍有翻倍空间。</p><p>1)按年龄:B站在Z世代用户的渗透率约53%,假设Z世代渗透率提升至80%,同时通过逐步渗透更成熟人群将Z世代占比从80%降至50%-60%,隐含对其他年龄人群的渗透率从约5%提升至24%-36%,则用户规模可达4.1亿-5.0亿。</p><p>2)按城市等级:B站对一二线城市用户的渗透率约22%,假设一二线用户渗透率提升至45%,同时通过持续下沉渗透将一二线用户占比从约45%降至40%-45%,隐含对三线及以下用户渗透率从17%提升至40%-49%,则用户规模可达4.2亿-4.7亿。</p><p>3)长期空间:B站目前在中国9.3亿视频用户的渗透率为22%,基于内容视频化趋势及出海潜在空间,用户天花板有望突破5亿。</p><p><strong>如何看待B站的商业化空间?</strong></p><p>1)游戏:二次元基因奠定细分品类优势,未来增长核心取决于丰富且优质的产品供给,预计2025年在中国二次元手游市场的份额为15%-20%(2020年为21.5%),对应手游收入135亿元-180亿元,长期空间看自研和品类扩张。</p><p>2)广告:连接品牌与年轻一代的必选阵地,目前单用户广告收入和单位时长广告收入均明显低于可比平台,未来增长将受益于MAU增长、广告效率提升、eCPM及adload增加(目前5%)等,预计广告收入空间可达200亿元-500亿元。</p><p>3)直播:付费用户与ARPPU仍有较大提升空间,未来增长将继续受平台MAU扩张、直播渗透率(1Q19为11%)及付费提升驱动,预计2025年直播收入有望达到87亿元-144亿元,市场份额从0.7%提升至2.1%-3.5%。</p><p>4)大会员:优质内容付费空间广阔,目前大会员规模为1,450万,未来增长驱动力主要来自付费率提升(目前6.7%,长期有望达到15%-20%),同时ARPPU亦有提升空间。</p><p>5)电商:聚焦ACG衍生品,作为IP产业链下游长期空间可期。</p><p><strong>投资建议</strong></p><p>我们预计公司2021-2023年收入分别为195.4亿元/282.7亿元/389.2亿元,同比增长63%/45%/38%,Non-GAAP净亏损为38.1亿元/34.7亿元/22.4亿元,随着用户规模扩张、经营杠杆增加以及毛利率提升,预计公司将于2024年实现盈利。B站当前市值对应2021年PS约13x,单用户估值约198美元。考虑公司目前处于用户快速增长阶段,同时基于年轻人视频社区商业化空间可期,综合PS估值法和单用户估值法,我们给予B站2021年目标市值590亿美元、4,578亿港元,对应目标价156美元、1,213港元。首次覆盖给予“买入”评级。</p><p>(智通财经编辑:秦志洲)</p></article></body></html>","source":"tencent","collect":0,"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>天风证券:哔哩哔哩-SW(09626)护城河逐渐巩固 年轻人视频社区商业化空间极具前景</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天风证券:哔哩哔哩-SW(09626)护城河逐渐巩固 年轻人视频社区商业化空间极具前景\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 08:59 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104190859147d411345&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文选自“天风证券”哔哩哔哩(09626,BILI.US):二次元起家,中国年轻世代聚集的综合视频社区哔哩哔哩创立于2009年6月,最早是以ACG内容为主的视频弹幕网站,逐步发展为覆盖生活、游戏、娱乐、动漫、科技和知识等多元文化和兴趣内容,以PUGV为核心、包括OGV、直播、短视频等全场景的综合视频社区。截至2020年四季度,B站平台的月活跃用户规模达到2.02亿,在中国互联网用户的渗透率达...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104190859147d411345&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dfca12a1e9d541cb46bc6ec6361a60a","relate_stocks":{"601162":"天风证券","BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104190859147d411345&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2128897025","content_text":"本文选自“天风证券”哔哩哔哩(09626,BILI.US):二次元起家,中国年轻世代聚集的综合视频社区哔哩哔哩创立于2009年6月,最早是以ACG内容为主的视频弹幕网站,逐步发展为覆盖生活、游戏、娱乐、动漫、科技和知识等多元文化和兴趣内容,以PUGV为核心、包括OGV、直播、短视频等全场景的综合视频社区。截至2020年四季度,B站平台的月活跃用户规模达到2.02亿,在中国互联网用户的渗透率达20.4%,其中35岁以下的“Z+世代”用户占比超过86%,每2位年轻人就有1位是B站用户。B站的护城河是什么?1)用户:2亿高活跃、高留存的优质用户群是B站的重要优势,用户快速增长的同时维持较好的活跃度与留存。2)内容:全场景、多元化的优质内容生态是B站的核心竞争力,核心的PUGV贡献超91%的视频观看量,4Q20月活跃UP主达190万,月均视频投稿量590万,经过十余年积累超过1.2亿存量内容库,品类持续拓宽加深。3)社区:社区文化是B站的内核与最大壁垒,用户通过共同的兴趣建立情感纽带,在B站的社区氛围下实现高粘性和互动,4Q20日均视频观看量达12亿,月均总互动量达47亿,我们认为B站的社区氛围体现的是十多年运营沉淀的代表年轻一代的共同文化与价值观,难以被复制,是B站最深的护城河。B站的用户空间几何?随着B站出圈,核心用户群从Z世代拓展到Z+世代,我们认为当前的用户规模仍有翻倍空间。1)按年龄:B站在Z世代用户的渗透率约53%,假设Z世代渗透率提升至80%,同时通过逐步渗透更成熟人群将Z世代占比从80%降至50%-60%,隐含对其他年龄人群的渗透率从约5%提升至24%-36%,则用户规模可达4.1亿-5.0亿。2)按城市等级:B站对一二线城市用户的渗透率约22%,假设一二线用户渗透率提升至45%,同时通过持续下沉渗透将一二线用户占比从约45%降至40%-45%,隐含对三线及以下用户渗透率从17%提升至40%-49%,则用户规模可达4.2亿-4.7亿。3)长期空间:B站目前在中国9.3亿视频用户的渗透率为22%,基于内容视频化趋势及出海潜在空间,用户天花板有望突破5亿。如何看待B站的商业化空间?1)游戏:二次元基因奠定细分品类优势,未来增长核心取决于丰富且优质的产品供给,预计2025年在中国二次元手游市场的份额为15%-20%(2020年为21.5%),对应手游收入135亿元-180亿元,长期空间看自研和品类扩张。2)广告:连接品牌与年轻一代的必选阵地,目前单用户广告收入和单位时长广告收入均明显低于可比平台,未来增长将受益于MAU增长、广告效率提升、eCPM及adload增加(目前5%)等,预计广告收入空间可达200亿元-500亿元。3)直播:付费用户与ARPPU仍有较大提升空间,未来增长将继续受平台MAU扩张、直播渗透率(1Q19为11%)及付费提升驱动,预计2025年直播收入有望达到87亿元-144亿元,市场份额从0.7%提升至2.1%-3.5%。4)大会员:优质内容付费空间广阔,目前大会员规模为1,450万,未来增长驱动力主要来自付费率提升(目前6.7%,长期有望达到15%-20%),同时ARPPU亦有提升空间。5)电商:聚焦ACG衍生品,作为IP产业链下游长期空间可期。投资建议我们预计公司2021-2023年收入分别为195.4亿元/282.7亿元/389.2亿元,同比增长63%/45%/38%,Non-GAAP净亏损为38.1亿元/34.7亿元/22.4亿元,随着用户规模扩张、经营杠杆增加以及毛利率提升,预计公司将于2024年实现盈利。B站当前市值对应2021年PS约13x,单用户估值约198美元。考虑公司目前处于用户快速增长阶段,同时基于年轻人视频社区商业化空间可期,综合PS估值法和单用户估值法,我们给予B站2021年目标市值590亿美元、4,578亿港元,对应目标价156美元、1,213港元。首次覆盖给予“买入”评级。(智通财经编辑:秦志洲)","news_type":1,"symbols_score_info":{"601162":1,"09626":1,"BILI":1}},"isVote":1,"tweetType":1,"viewCount":3855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":371728653,"gmtCreate":1618973599672,"gmtModify":1618973599672,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09626\">$哔哩哔哩-SW(09626)$</a>定价,定这么高,这是故意给我送钱让我做空吗。","listText":"<a href=\"https://laohu8.com/S/09626\">$哔哩哔哩-SW(09626)$</a>定价,定这么高,这是故意给我送钱让我做空吗。","text":"$哔哩哔哩-SW(09626)$定价,定这么高,这是故意给我送钱让我做空吗。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/371728653","isVote":1,"tweetType":1,"viewCount":5159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":373144659,"gmtCreate":1618835250571,"gmtModify":1618835250571,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>事情没发生在自己身上,不要恶言相向,泼妇这词,都用上了,你们投资心态啊。。。。。。。","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>事情没发生在自己身上,不要恶言相向,泼妇这词,都用上了,你们投资心态啊。。。。。。。","text":"$特斯拉(TSLA)$事情没发生在自己身上,不要恶言相向,泼妇这词,都用上了,你们投资心态啊。。。。。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/373144659","isVote":1,"tweetType":1,"viewCount":4237,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3553676751272614","authorId":"3553676751272614","name":"belial329","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3553676751272614","authorIdStr":"3553676751272614"},"content":"西安奔驰女车主维权是因为它确实漏油了,谁能说没漏。特斯拉这次谁能说是刹车失灵?第三方她也不送,因为后面有资本推她,长点心吧,说泼妇没有错。","text":"西安奔驰女车主维权是因为它确实漏油了,谁能说没漏。特斯拉这次谁能说是刹车失灵?第三方她也不送,因为后面有资本推她,长点心吧,说泼妇没有错。","html":"西安奔驰女车主维权是因为它确实漏油了,谁能说没漏。特斯拉这次谁能说是刹车失灵?第三方她也不送,因为后面有资本推她,长点心吧,说泼妇没有错。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":373142830,"gmtCreate":1618835073520,"gmtModify":1618835073520,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>新华社都发文了,看不懂吗?无论谁对与错,高高在上态度不可取","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>新华社都发文了,看不懂吗?无论谁对与错,高高在上态度不可取","text":"$特斯拉(TSLA)$新华社都发文了,看不懂吗?无论谁对与错,高高在上态度不可取","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/373142830","isVote":1,"tweetType":1,"viewCount":4334,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3457519619494273","authorId":"3457519619494273","name":"东成西不就","avatar":"https://static.tigerbbs.com/0bf9dabd685608f7cb477ecdc17f680c","crmLevel":7,"crmLevelSwitch":0,"idStr":"3457519619494273","authorIdStr":"3457519619494273"},"content":"没投新华社广告而已,不用太多解读","text":"没投新华社广告而已,不用太多解读","html":"没投新华社广告而已,不用太多解读"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":370620488,"gmtCreate":1618581778244,"gmtModify":1618581778244,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PINS\">$Pinterest, Inc.(PINS)$</a>杀期权够狠","listText":"<a href=\"https://laohu8.com/S/PINS\">$Pinterest, Inc.(PINS)$</a>杀期权够狠","text":"$Pinterest, Inc.(PINS)$杀期权够狠","images":[{"img":"https://static.tigerbbs.com/b3df55e7c87c9c5504b20be9a3c4599a","width":"1080","height":"2340"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370620488","isVote":1,"tweetType":1,"viewCount":2398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":370683335,"gmtCreate":1618580894427,"gmtModify":1618580894427,"author":{"id":"3575246845694227","authorId":"3575246845694227","name":"touzi666","avatar":"https://static.tigerbbs.com/f1044ea83cc0158ec06cc3abebad3b15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575246845694227","authorIdStr":"3575246845694227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSP\">$TuSimple Holdings Inc.(TSP)$</a>石头姐都把美团纳入太空股了,这老娘们真是被美股大牛市冲昏了头脑。没有大牛市,她啥都不是。巴菲特,彼得林奇索罗斯,提鞋都不配。君不见a股每年都出一批基金经理金牛奖,冠军。过两年屁都不是。运气,机会给你了而已。","listText":"<a href=\"https://laohu8.com/S/TSP\">$TuSimple Holdings Inc.(TSP)$</a>石头姐都把美团纳入太空股了,这老娘们真是被美股大牛市冲昏了头脑。没有大牛市,她啥都不是。巴菲特,彼得林奇索罗斯,提鞋都不配。君不见a股每年都出一批基金经理金牛奖,冠军。过两年屁都不是。运气,机会给你了而已。","text":"$TuSimple Holdings Inc.(TSP)$石头姐都把美团纳入太空股了,这老娘们真是被美股大牛市冲昏了头脑。没有大牛市,她啥都不是。巴菲特,彼得林奇索罗斯,提鞋都不配。君不见a股每年都出一批基金经理金牛奖,冠军。过两年屁都不是。运气,机会给你了而已。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/370683335","isVote":1,"tweetType":1,"viewCount":5743,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3517341537133252","authorId":"3517341537133252","name":"Geeode","avatar":"https://static.tigerbbs.com/2f266188d21919ee119946dd4236bf81","crmLevel":1,"crmLevelSwitch":0,"idStr":"3517341537133252","authorIdStr":"3517341537133252"},"content":"神特么石头姐","text":"神特么石头姐","html":"神特么石头姐"}],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}