金吾财讯 | 招银国际表示，预计哔哩哔哩(09626)2Q25总营收同比增长20%、环比增长5%至人民币73.8亿元；调整后净利润环比增长36%至4.93亿元，均基本符合一致预期。在商业基础设施完善的支持下，广告业务维持强劲同比增长；在长线游戏和《三谋》驱动下，手游业务亦延续增长势头。高利润率的广告及手游业务稳健增长，将持续支撑哔哩哔哩利润率改善。
该机构将FY25总营收预测小幅下调1%，主要由于该机构对2H25增值服务更为保守的预期，考虑到行业竞争较为激烈。尽管如此，在商业化能力提升和运营杠杆的支撑下，该机构仍看好公司盈利增长前景。考虑广告和手游板块估值上调，该机构将基于SOTP的目标价上调至28.8美元（前值：26.5美元），维持“买入”评级。
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