Sou Hu Cai Jing·2025-11-14 09:40Core Insights - Goldman Sachs reports that Bilibili-W (09626.HK) experienced accelerated growth in advertising revenue for Q3, with adjusted EPADS exceeding expectations due to operational leverage effects [1] - The company's Q3 revenue was 7.7 billion RMB, representing a 5% year-over-year increase, which was 1% and 0% higher than Goldman Sachs and market forecasts respectively [1] - Non-GAAP adjusted earnings per share were 1.73 RMB, surpassing Goldman Sachs and market predictions by 14% and 17% respectively [1] - The stock maintains a "Buy" rating with a target price of 234 HKD [1] Financial Performance - Bilibili-W's market capitalization is 88.03 billion HKD, ranking 5th in the internet media industry [2] - Key financial metrics include: - Return on Equity (ROE): 1.82%, compared to the industry average of -9.35% [2] - Revenue: 29.381 billion RMB, higher than the industry average of 18.783 billion RMB [2] - Net Profit Margin: 1.45%, while the industry average is -17.09% [2] - Gross Margin: 36.36%, compared to the industry average of 43.76% [2] - Debt Ratio: 63.51%, against the industry average of 53.63% [2] Analyst Ratings - Over the past 90 days, 10 investment banks have issued "Buy" ratings for Bilibili-W, with an average target price of 230.17 HKD [1] - Notable ratings include: - Huatai Securities: Buy with a target price of 316.50 HKD [1] - CICC: Outperform rating with a target price of 204.00 HKD [1] - Other firms have set target prices ranging from 203.00 HKD to 234.34 HKD [1]