Based on the outstanding performance and new game launch plan of "Three Kingdoms: Strategy to Conquer the World", the revenue and adjusted net income expectations for 2025 are raised by 3% and 42% respectively.
According to CBN Weekly, Bocom Intl released a report stating that the target price of Bilibili-W (09626) has been raised by 25%, from 155 Hong Kong dollars to 194 Hong Kong dollars, maintaining a "buy" rating. The report mentioned that Bilibili's game "Three Kingdoms: Strategy to Conquer the World" has overperformed in terms of revenue, leading to a 1% increase to 7.3 billion yuan in Bilibili's Q3 revenue, with an expected year-on-year gross margin increase of 9 percentage points to 34%.
Considering revenue recognition, Bocom Intl has raised Bilibili's Q3 and full-year 2024 game revenue to 19 billion yuan and 5.6 billion yuan respectively. Based on the outstanding performance and new game launch plan of "Three Kingdoms: Strategy to Conquer the World", the revenue and adjusted net income expectations for 2025 are raised by 3% and 42% respectively. Additionally, Bocom Intl expects that Bilibili's distribution of "Jujutsu Kaisen: Phantom Parade" overseas within the year will also enhance the overseas brand influence and drive growth in overseas game revenue.
