金吾财讯 | 国泰海通证券研报指，哔哩哔哩(09626)是中国领先的在线视频与内容社区平台，其使命是丰富中国年轻一代的日常生活。作为以二次元起家的平台，哔哩哔哩以ACG为核心内容成功破圈。截至25Q1，大会员数超2350万人，同比+7.3%，占MAU比重为6.4%，其中超80%为年度订阅或自动续费套餐用户，展现了高度的用户粘性。随着商业化进程加速，网络规模效应显现，公司于24Q4首次实现单季度盈利。游戏业务展现长线生命力，三谋贡献下收入保持强劲增长，期待下半年新游上线贡献增量。大会员特权丰富，用户粘性高，规模增长下人均内容成本摊薄。以游戏为主的多元直播内容，广泛覆盖兴趣圈层，差异化PUGV内容生态，有望提升付费转化。用户心智作用下，哔哩哔哩品牌广告优势突出，AI驱动效率提升，广告业务增速领跑行业。该机构预计25-27年营收为304.6/334.2/364.8亿元，经调整净利润为20.6/31.7/42.1亿元。给予25年3xPS，调整目标价为237港元，维持“增持”评级。
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