花旗：上调哔哩哔哩目标价至27美元

Core Insights - Citigroup's report indicates that Bilibili's Q3 advertising revenue and adjusted operating profit exceeded expectations [2] - For Q4, a moderate recovery in gaming revenue is anticipated due to the game "Escape from Duckkov," with advertising revenue expected to continue growing, driven by strong performance during Double 11, increased ad inventory, and efficiency improvements [2] - Management forecasts an adjusted operating profit margin of 10% for Q4, indicating a quarter-on-quarter improvement [2] - Citigroup has raised Bilibili's earnings forecasts for 2025 to 2027, citing better-than-expected profit margin trends [2] - The target price for Bilibili's U.S. stock has been increased from $25 to $27, while maintaining a "Neutral" rating [2]