首次覆盖哔哩哔哩港股并给予“买入”评级，目标价316.5 港元，对应25EPS 4.1x。公司为中视频社区稀缺标的，平台生态稳固，用户高留存下保持稳健增长，广告和游戏双轮驱动业务增长，我们看好公司AI 技术赋能下广告业务的份额提升，以及新游戏催化下的盈利上修。社区壁垒：从文化聚合到生态闭环，构建长期竞争护城河B 站历经十五年发展，已从早期二次元垂直社区，进化为覆盖多元内容的综合视频生态平台，其核心...
Source Link首次覆盖哔哩哔哩港股并给予“买入”评级，目标价316.5 港元，对应25EPS 4.1x。公司为中视频社区稀缺标的，平台生态稳固，用户高留存下保持稳健增长，广告和游戏双轮驱动业务增长，我们看好公司AI 技术赋能下广告业务的份额提升，以及新游戏催化下的盈利上修。社区壁垒：从文化聚合到生态闭环，构建长期竞争护城河B 站历经十五年发展，已从早期二次元垂直社区，进化为覆盖多元内容的综合视频生态平台，其核心...
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