招商证券发表报告，哔哩哔哩-W(09626.HK) (BILI.US) 第四季收入按年增长22%，优于预期1%；受电商季节性推动，广告业务保持快速增长；游戏业务收入按年大增84%，主要受惠于《三国：谋定天下》。因此，维持公司“买入”评级，港股目标价由原先168元上调至209元，美股目标价由原先22美元升至27美元。
招商证券称，哔哩哔哩第四季非公认会计准则下的经营溢利及纯利分别达到4.63亿及4.53亿元人民币，分别超出预期17%及15%。营运指标保持健康，每日活跃用户创新高达到1.03亿个。现金流及资产负债表强劲，净现金进一步增加至120亿元人民币。另外，广告业务在电子商务传统旺季及购物节期间保持快速增长，增值服务(直播)增长有所减缓，但相信势头已经稳定下来，并有望在今年保持约10%的增幅。
招商证券认为，哔哩哔哩第四季业绩强劲，利润率以及游戏业务有更佳前景，仍有充足空间扩张利润，预计今年首季以及全年的收入分别按年增长22%及14%，非公认会计准则下的经营溢利料分别达2.1亿及19.06亿元人民币。(mn/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-21 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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