中金发表研报指，哔哩哔哩(09626.HK) 将于3月发布去年第四季业绩，预测第四季广告收入将按年增长24%，增值服务收入料增长5.2%，焦点游戏《三国．谋定天下》已于去年11月开展第四赛季，预测可推动游戏收入按年增长78%。
展望未来，中金预期广告收入可维持健康增长，关注《三国．谋定天下》国内版流水的稳定性，以及海外版上线进度。哔哩哔哩早前宣布已成为央视2025年春晚独家弹幕视频平台，中金预期因此该公司今年首季销售费用将较预期增加约1亿元人民币，计及营销开支增加、广告及游戏业务发展等，预料利润表现或出现波动。
中金目前维持哔哩哔哩2024年盈利预测不变，考虑广告收入的不确定性，将今明两年Non-GAAP净利润预测下调15.3%及13.2%，至约22.66亿及29.91亿元人民币，维持“跑赢行业”评级，目标价降至174元。(gc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-22 12:25。)
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