CICC: Maintains "Outperform" rating on Bilibili-W (09626.HK), raises target price to 220 Hong Kong dollars.

According to the report released by Zhongjin, considering the trend of Bilibili-W (09626.HK) gross profit margin, the net profit for 2025/2026 was raised by 7.8%/2.3% to 24.4/30.6 billion yuan. The current prices of Hong Kong and US stocks correspond to 40/29 times and 36/26 times P/E for 2025/2026. The industry rating is maintained as outperform. The target price was adjusted by 7.4%/7.8% to $29/220 HKD, both corresponding to 38/27 times P/E for 2025/2026, with 6.7%/3.4% upside potential from the current stock price.