【券商聚焦】高盛上调哔哩哔哩(BILI)H股目标价7% 指其去年Q4业绩基本符合预期

金吾财讯

Feb 21, 2025

金吾财讯 | 高盛发报指出，哔哩哔哩(BILI)在去年第四季度的业绩与预期基本相符，且该季度是其首个按照通用会计原则实现盈利的季度。进入今年，在人工智能（AI）热潮持续升温的大环境下，高盛对哔哩哔哩高质量的视频内容十分看好。高盛预计，AI 技术的发展可能会降低视频生成的门槛，再加上广告算法的优化，这都将使哔哩哔哩在 AI 领域占据有利地位。

高盛指出，哔哩哔哩拥有稳定的用户群体，且其视频平台的变现潜力尚未充分挖掘，预计它在广告市场中能够斩获更多份额，利润率也会持续扩张，预计中期经营利润率能达到 10% - 15%。展望 2025 年，高盛预估公司广告业务将增长 20%，游戏业务预计上半年势头强劲，不过下半年会有所放缓，经营溢利可达 20 亿元，经营利润率约 7%。尽管第一季度因赞助活动导致营销及销售开支增加，经营利润率出现波动，但高盛预测公司在今年剩余时间里利润率会呈现改善态势。

基于以上分析，高盛维持对哔哩哔哩的 “买入” 评级，将目标价从 172 港元上调至 185 港元，基本保持今明两年的收入预测不变，同时把净利润率预测上调 0.3 个百分点。高盛认为公司广告业务表现十分突出，建议重点关注游戏业务的潜在复苏情况。

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】高盛上调哔哩哔哩(BILI)H股目标价7% 指其去年Q4业绩基本符合预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-02-21 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/GS\">高盛</a>发报指出，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>(BILI)在去年第四季度的业绩与预期基本相符，且该季度是其首个按照通用会计原则实现盈利的季度。进入今年，在人工智能（AI）热潮持续升温的大环境下，高盛对哔哩哔哩高质量的视频内容十分看好。高盛预计，AI 技术的发展可能会降低视频生成的门槛，再加上广告算法的优化，这都将使哔哩哔哩在 AI 领域占据有利地位。</p><p>高盛指出，哔哩哔哩拥有稳定的用户群体，且其视频平台的变现潜力尚未充分挖掘，预计它在广告市场中能够斩获更多份额，利润率也会持续扩张，预计中期经营利润率能达到 10% - 15%。展望 2025 年，高盛预估公司广告业务将增长 20%，游戏业务预计上半年势头强劲，不过下半年会有所放缓，经营溢利可达 20 亿元，经营利润率约 7%。尽管第一季度因赞助活动导致营销及销售开支增加，经营利润率出现波动，但高盛预测公司在今年剩余时间里利润率会呈现改善态势。</p><p>基于以上分析，高盛维持对哔哩哔哩的 “买入” 评级，将目标价从 172 港元上调至 185 港元，基本保持今明两年的收入预测不变，同时把净利润率预测上调 0.3 个百分点。高盛认为公司广告业务表现十分突出，建议重点关注游戏业务的潜在复苏情况。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09626","symbol_name":"哔哩哔哩-W","start_time":0,"source_url":"285661","article_id":"2513925132","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20210810/MmNiNjM2N2EzZjgxNTA4OTM0NTc2ODc=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2513925132","pubTimestamp":1740128092,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"高盛预计，AI 技术的发展可能会降低视频生成的门槛，再加上广告算法的优化，这都将使哔哩哔哩在 AI 领域占据有利地位。基于以上分析，高盛维持对哔哩哔哩的 “买入” 评级，将目标价从 172 港元上调至 185 港元，基本保持今明两年的收入预测不变，同时把净利润率预测上调 0.3 个百分点。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"translate_title":"[Brokerage Focus] Goldman Sachs raised the target price of Bilibili (BILI) H shares by 7%, pointing out that its Q4 performance last year was basically in line with expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BILI":1,"09626":1},"content_text":"金吾财讯 | 高盛发报指出，哔哩哔哩(BILI)在去年第四季度的业绩与预期基本相符，且该季度是其首个按照通用会计原则实现盈利的季度。进入今年，在人工智能（AI）热潮持续升温的大环境下，高盛对哔哩哔哩高质量的视频内容十分看好。高盛预计，AI 技术的发展可能会降低视频生成的门槛，再加上广告算法的优化，这都将使哔哩哔哩在 AI 领域占据有利地位。高盛指出，哔哩哔哩拥有稳定的用户群体，且其视频平台的变现潜力尚未充分挖掘，预计它在广告市场中能够斩获更多份额，利润率也会持续扩张，预计中期经营利润率能达到 10% - 15%。展望 2025 年，高盛预估公司广告业务将增长 20%，游戏业务预计上半年势头强劲，不过下半年会有所放缓，经营溢利可达 20 亿元，经营利润率约 7%。尽管第一季度因赞助活动导致营销及销售开支增加，经营利润率出现波动，但高盛预测公司在今年剩余时间里利润率会呈现改善态势。基于以上分析，高盛维持对哔哩哔哩的 “买入” 评级，将目标价从 172 港元上调至 185 港元，基本保持今明两年的收入预测不变，同时把净利润率预测上调 0.3 个百分点。高盛认为公司广告业务表现十分突出，建议重点关注游戏业务的潜在复苏情况。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}