智通财经网·2025-11-14 03:42Core Viewpoint - 招银国际 maintains a "Buy" rating for Bilibili-W (09626), citing strong advertising performance and operational leverage supporting profit margin expansion in Q3 [1] Group 1: Financial Performance - Bilibili's total revenue is expected to maintain a 5% year-on-year growth in Q4, primarily driven by robust advertising business performance [1] - The company is anticipated to continue its profit margin expansion trend in Q4 due to operational leverage release and cost control measures [1] Group 2: Future Projections - Revenue forecasts for Bilibili for the years 2025-2027 have been slightly adjusted upward by 0-3% based on the solid performance of the advertising business and the unexpected success of games like "Escape from Duck Cove" [1]