金吾财讯 | 招银国际发研报指，哔哩哔哩(09626)公布了4Q24业绩：总营收同比增长22%，达到77.3亿元，符合招银国际/一致预期；调整后净利润为4.53亿元（对比4Q23调整后净亏损为5.56亿元），较市场一致预期高出15%，主要得益于高利润率业务（手游和广告）的强劲营收增长。FY24总营收同比增长19%至268亿元，调整后净亏损同比收窄99%至2,210万元。该行预计FY25广告和手游业务将维持稳健的营收增长，并将进一步推动毛利率和经营利润率的提升。管理层重申其长期15%-20%经营利润率目标（4Q24：6%），进一步增强投资者信心。
鉴于更好的利润率前景，该行将FY25-26盈利预期上调7-13%。该行将基于SOTP的目标价上调至26.4美元（前值：22.0美元）。维持“买入”评级。
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