招银国际：维持哔哩哔哩-W“买入”评级 第四季利润率延续扩张趋势

Group 1 - The core viewpoint of the report is that Bilibili-W (09626) has shown strong advertising performance and operational leverage, supporting margin expansion, and maintains a "Buy" rating [1] - For Q4, the company is expected to achieve a 5% year-on-year revenue growth, primarily driven by robust advertising performance [1] - The report anticipates continued margin expansion in Q4 due to operational leverage release and cost control measures [1] Group 2 - The revenue forecasts for Bilibili for 2025-2027 have been slightly adjusted upward by 0-3% due to the strong performance of the advertising business and the unexpected success of games like "Escape from Duckville" [1]