智通财经APP获悉，高盛发布研报称，予哔哩哔哩-W(09626)评级“买入”，对其港股目标价266港元，哔哩哔哩(BILI.US)美股目标价34.2美元。哔哩哔哩去年第四季业绩胜预期，期内营收83亿元人民币(下同)，同比增8%，较该行及市场预期高出2%。
关于2026年展望，报告指，哔哩哔哩管理层对用户健康增长与用户时长增长持乐观态度，并对广告营收增长充满信心。2026年第一季度已实现稳健开局。全年AI预算投入、广告转化率提升及推荐系统优化等效益有望持续发酵。新游戏《三国：百将牌》与《闪耀吧! 噜咪》预计年中推出，将为2026年下半年游戏营收贡献增长动能。管理层亦提到今年AI领域的潜在投资规模约为5亿至10亿元，该行认为公司将能受惠于AI技术及AIGC内容的普及，从而丰富其平台生态。
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