BILIBILI(09626) 浦银国际证券·2025-01-21 15:28Investment Rating - The report maintains a "Buy" rating for the company with a target price of 177 HKD / 23 USD, indicating a potential upside of 29% from the current price of 137.2 HKD [4][5][7]. Core Insights - The company's revenue is expected to grow by 19% year-on-year in Q4 2024, with adjusted net profit reaching 400 million RMB and an adjusted net profit margin of 5.3% [3]. - The strong performance of the game "Three Kingdoms: Strategizing the World" is anticipated to drive a 76% year-on-year growth in game revenue for Q4 2024, with a focus on long-term operations and an overseas version launch planned for 2025 [3]. - Advertising revenue is projected to reach 2.4 billion RMB in Q4 2024, reflecting a 22% year-on-year increase, supported by the exploration of multi-scenario advertising models and a recent partnership with the Central Radio and Television Station [3]. Financial Projections - The financial model forecasts the following revenue and profit figures (in million RMB): - FY22 Revenue: 21,899 - FY23 Revenue: 22,528 - FY24E Revenue: 26,679 - FY25E Revenue: 29,700 - FY26E Revenue: 32,254 - Adjusted Net Profit FY25E: 1,825 - Adjusted Net Profit FY26E: 2,911 [5].