FINWIRES · TerminalLIVE
FINWIRES

モルガン・スタンレーは、Bilibiliはゲーム開発パイプラインとAIの追い風から恩恵を受けると予測している。

-- モルガン・スタンレーは月曜日のレポートで、Bilibili（BILI）はゲーム開発パイプラインの「可視性」向上、人工知能（AI）導入によるメリット拡大、そして最近の株価下落後の魅力的なバリュエーションによって恩恵を受けると予想されると述べた。 モルガン・スタンレーは、Bilibiliのゲーム事業は2026年後半に新たな「上昇サイクル」を迎える態勢が整っており、収益成長を牽引すると見込まれる3つの新作タイトルがその成長を支えると指摘。2027年のゲーム事業収益を78億人民元（11億ドル）と予測した。これは市場コンセンサスの68億人民元を上回る数字だが、新作タイトルの貢献は現在の予想には十分に反映されていないとしている。 同社は、最も大きな影響を与えるのは「三国志演義：王道天下」で、次いで「NCard」と「Lumi Master」が続くと予想しており、看板タイトルは2026年第4四半期までにリリースされる見込みだ。 投資銀行は、AIを活用した複数の追い風を強調しており、具体的には、コンテンツ推奨の改善によるユーザーエンゲージメントの向上、AIツールによる「クリエイター効率の向上」、AI支援開発による「コスト削減」、AI関連事業からの広告需要の増加などを挙げている。 投資銀行は、「ライブ配信の低迷」を理由に2026年の収益予測を若干下方修正したが、2027年と2028年の予測は、営業レバレッジの向上と新規ゲームの貢献を理由に上方修正した。 モルガン・スタンレーは、Bilibiliの投資判断を「イコールウェイト」から「オーバーウェイト」に引き上げ、目標株価を25ドルから31ドルに引き上げた。

Price: $24.12, Change: $+0.35, Percent Change: +1.49%

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