哔哩哔哩-W24Q4业绩点评：游戏及广告增长强劲，季度全面盈利

国泰君安2025-03-10

本报告导读：公司四季度实现全面盈利，社区生态持续繁荣，游戏与广告业务表现强劲。投资要点：维持“增持”评级，调整目标价至219港元。公司四季度实现全面盈利，社区生态持续繁荣，游戏与广告业务表现亮眼。考虑平台商业化能力与费用管控力度，更新盈利预测，预计2025-2027年经调整净利润19.0/28.7/38.6亿元人民币(前值2025-2026年为10.0/28.0亿元人民币)，上调目标价至219港元...

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