金吾财讯 | 招银国际研报指，哔哩哔哩(BILI/09626)公布1Q26业绩：总营收同比增长7%至人民币74.7亿元，符合彭博一致预期；经调整净利润同比增长63%至5.93亿元，较一致预期高出11%，得益于0.65亿投资相关收益。依托优质内容、社区优先战略及AI赋能，平台用户生态保持健康增长，1Q26 DAU/用户日均使用时长分别同比提升8%/10%。展望2Q26E，该机构预计公司总营收同比增长8%，核心由广告业务高增带动。尽管AI投入持续加码，但运营效率提升与经营杠杆持续支撑公司利润率改善，该机构因此上调FY26-28年盈利预测2%-5%。但由于行业整体估值回落，该机构将基于分部估值法的目标价微调至30.0美元（前值：30.5美元）。考虑公司健康的用户社区生态与持续提升的商业化能力，该机构维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.