金吾财讯 | 招银国际研报指，哔哩哔哩(09626)公布3Q25业绩：总营收同比增长5%至人民币76.9亿元，符合一致预期；经调整营业利润达6.88亿元，较3Q24的2.72亿元显著增长，且较一致预期高出6%，主要得益于销售费用的有效控制（同比-13%）。展望4Q25，该机构预计总营收将维持5%的同比增长，主要得益于广告业务的强劲表现，但部分将被手游收入下滑所抵消。得益于运营杠杆释放及费用控制，该机构预计4Q25利润率将延续扩张趋势（环比+1个百分点）。
考虑广告业务的稳健表现及《逃离鸭科夫》等游戏超预期的表现，该机构小幅上调2025-2027年营收预测0-3%。该机构将估值窗口前滚至2026年，基于SOTP将目标价由30.0美元微调至31.0美元，维持“买入”评级。
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