《大行》花旗升嗶哩嗶哩目標價至 27 美元 估值偏高評級「中性」

Citigroup's research report indicates that Bilibili-W (09626.HK) exceeded expectations for advertising revenue and adjusted operating profit in the third quarter. Looking ahead to the fourth quarter, the bank expects a slight seasonal recovery in game revenue, primarily driven by "Escape from Duckkov," but this will likely be offset by the weak performance of older games, potentially falling below some investors' expectations; meanwhile, advertising momentum is expected to maintain growth due to solid performance during the "Double 11" period, continuous growth in advertising inventory, and improved efficiency. Management guided that the adjusted operating profit margin for the fourth quarter will increase to 10%, reflecting a slight improvement quarter-on-quarter.

The bank has raised its earnings forecasts for Bilibili for the years 2025 to 2027 by 7%, 9%, and 9%, respectively, to reflect better-than-expected profit margin trends. The target price for US stocks (BILI.US) has been raised from $25 to $27, maintaining a "Neutral" rating due to high valuations