Daiwa: Reiterates "Buy" rating on BILIBILI-W (09626) and raises target price to HKD 230.

Daiwa has released a research report stating that it has reiterated a "buy" rating for BILIBILI-W (09626), with a target price of 230 Hong Kong dollars, up from 225 Hong Kong dollars, and raised earnings forecast by 3% to 17% for 2025 to 2026. The company's long-term profit prospects are bright, with a stable expansion of gross profit margin expected. Daiwa pointed out that Bilibili achieved GAAP balance in the fourth quarter of last year for the first time and recorded Non-GAAP net profit, exceeding market expectations by 15.3%. In addition to strong advertising growth, its mobile game revenue in the fourth quarter reached 1.8 billion yuan, a year-on-year increase of 79%, mainly due to the strong performance of the SLG game "Three Kingdoms: The World Conqueror".