CLSA Reaffirms Outperform on Bilibili, Trims Target Price as Ad Growth Stays Strong

Stock News08-28 15:11

CLSA has released a research report reaffirming its "Outperform" rating on BILIBILI-W (09626), while trimming its adjusted net profit forecasts for 2026 and 2027 by 5% and 8%, respectively. The brokerage has also lowered its US-listed Bilibili Inc. (BILI.US) target price from $29.1 to $22.5.

CLSA noted that BILIBILI-W's second-quarter results came in line with expectations, with total revenue up 8.2% year-over-year and adjusted EBIT growing approximately 21%. Advertising revenue maintained robust growth, surging 28% year-over-year, while the mobile games segment continued its weak performance, declining 14% year-over-year. Additionally, management has maintained its artificial intelligence-related capital expenditure guidance of RMB 1 billion for this year.

Looking ahead, CLSA expects BILIBILI-W to continue similar trends in the third quarter, with advertising revenue projected to grow 24% year-over-year, while mobile games are anticipated to decline 6% year-over-year. For the fourth quarter, the firm expects mobile game revenue to return to positive growth with the launch of two new titles, although advertising will face a higher comparison base. The brokerage projects total revenue growth of approximately 9% and 10% for the third and fourth quarters, respectively.

The firm pointed out that while strict sales and marketing expense controls will continue to drive profit growth, AI investment remains a risk factor.

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The brokerage has also lowered its US-listed <b>Bilibili Inc.</b> (<b>BILI.US</b>) target price from $29.1 to $22.5.<br><br>CLSA noted that <b>BILIBILI-W</b>'s second-quarter results came in line with expectations, with total revenue up 8.2% year-over-year and adjusted EBIT growing approximately 21%. Advertising revenue maintained robust growth, surging 28% year-over-year, while the mobile games segment continued its weak performance, declining 14% year-over-year. Additionally, management has maintained its artificial intelligence-related capital expenditure guidance of RMB 1 billion for this year.<br><br>Looking ahead, CLSA expects <b>BILIBILI-W</b> to continue similar trends in the third quarter, with advertising revenue projected to grow 24% year-over-year, while mobile games are anticipated to decline 6% year-over-year. For the fourth quarter, the firm expects mobile game revenue to return to positive growth with the launch of two new titles, although advertising will face a higher comparison base. The brokerage projects total revenue growth of approximately 9% and 10% for the third and fourth quarters, respectively.<br><br>The firm pointed out that while strict sales and marketing expense controls will continue to drive profit growth, AI investment remains a risk factor.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4554","symbol_name":"元宇宙及AR概念","start_time":0,"source_url":"","article_id":"1161691981","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1161691981","pubTimestamp":1787901115,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"CLSA has released a research report reaffirming its \"Outperform\" rating on BILIBILI-W (09626), while trimming its adjusted net profit forecasts for 2026 and 2027 by 5% and 8%, respectively. 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