Haitong Int'l's report pointed out that it holds a positive view on Bilibili's third-quarter profit, expecting revenue of 7.2 billion yuan, up 24% year-on-year and 17% quarter-on-quarter, slightly higher than market expectations; non-GAAP operating profit is expected to be recorded at 0.186 billion yuan, also slightly better than market expectations. The bank indicated that mature products under the group, 'Three Kingdoms: Strategy Edition' and 'FGO,' performed well, and in terms of new products, it previously announced the global release of 'Jujutsu Kaisen: The Official Game' this year, planning to launch domestically after approval, with expected game revenue in the third quarter and full year of 2024 reaching 1.7 billion yuan and 5.4 billion yuan, respectively, with year-on-year growth rates of 76% and 35%.

The bank stated that the group has increased efforts in advertising monetization this year, including increasing ad inventory and ad load rates, improving technical infrastructure, and developing e-commerce-related ads. Currently, Bilibili's ad loading level is around 6% to 7%, still lower than peers, with room for further growth. The bank expects the company to continue its efforts and unleash more advertising growth potential, forecasting advertising revenue in the third quarter and full year of 2024 to reach 2.1 billion yuan and 8.2 billion yuan, respectively, with year-on-year growth of 26% and 27%. The bank roughly maintains Bilibili's revenue forecast for 2024/25, raising the target price of its US stock from $17 to $20, and maintaining a 'outperform the market' rating.