大行评级丨招银国际:微升哔哩哔哩目标价至31美元 维持“买入”评级

格隆汇
Nov 17, 2025

招银国际发表报告指,哔哩哔哩第三季总营收按年增5%,达76.9亿元,符合市场共识预期。调整后营业收入为6.88亿元,高于2024年同期的2.72亿元,并较市场预期高出6%,主要归因于对销售与营销费用的有效控制。展望第四季,该行预测总营收将维持5%的按年增长,主要由强劲的广告业务驱动。得益于营运杠杆与营运费用控制,该行也预期毛利率将在第四季持续扩张,按季增1个百分点。该行上调哔哩哔哩2025至...

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