《大行》花旗升哔哩哔哩(BILI.US)目标价至25美元 维持“中性”评级

阿斯达克财经
Aug 25, 2025

花旗研究报告指,哔哩哔哩-W(09626.HK) (BILI.US)  次季收入符合预期,经调整经营利润率略高于该行预期。展望未来,广告增长势头可望持续,因公司持续拓展广告场景、提升投放效率及应用AI GC技术,反而游戏业务跌幅可能较原先预期更大,因基数较高及新游戏延迟上线。不过,利润率改善趋势仍可延续,主要受可观的广告增长及营运开支优化推动。该行调整对其2025至27年收入预测,将估值基础延展至...

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