金吾财讯 | 交银国际研报指，哔哩哔哩(09626)1季度收入同比增24%，基本符合预期。毛利率同/环比提升7.9/0.2个百分点，持续受益于收入结构改善。经调整归母净利润3.6亿元，好于该行/市场预期。春晚合作带动MAU环比净增2800万，《三谋》拉动游戏收入同比增76%，告收入同比增20%，维持快于行业增速。展望未来，该行预计2季度收入同比增19%，其中：1）游戏维持高增长（+59%），主要考虑《三谋》S8赛季重度更新。2）广告收入或同比增18%。3）收入结构优化进一步带动毛利率提升并促进利润释放，预计2季度经调整运营利润5亿元。该行基本维持2025年收入及利润预期。基于1倍 2025 年 PEG，以及2025-27年经调整净利润复合增速 34%，维持目标价至 26美元/202港元，较现价有43%涨幅，维持买入评级。
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