According to the research report released by Bocom International, it maintains a "Buy" rating on Bilibili-W (09626) and raises the target price by 17% to 155 Hong Kong dollars.

The report states that due to the better-than-expected performance of new games, this year's second-quarter revenue was slightly adjusted to RMB 6.1 billion, a year-on-year increase of 16%. Due to the scale effect and the increase in the proportion of advertising revenue, the group's gross margin is expected to increase by 6 percentage points year-on-year and expand by 1 percentage point on a month-on-month basis to 29%. At the same time, based on the adjustment of game revenue, the bank raised the total revenue of bilibili in the next two years by 5%/8%.

The bank stated that "Sanying" has driven the accelerated growth of game revenue, so the bank raised bilibili's full-year game revenue expectations. Based on nine-month revenue amortization, game revenue for the next two years was raised by RMB 5.4/6.7 billion, corresponding to a year-on-year growth rate of 34%/23%. The bank also expects "Sanying" to account for 26%/43% of game revenue.