China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Bilibili Inc. (BILI US, SELL, TP US$9) Target Price Change]: Niche Player Faces Market Saturation

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>Bilibili (BILI) reported C2Q24 revenue, GAAP operating profit, and GAAP net income in-line, 7.9%, 9.9% vs. our estimates and in-line, 12%, 18% vs. consensus. </li>
<li>BILI’s unique, urban user base and video format give it strong competitive advantage. Further, revenue from &lt;Three Kingdom&gt; game will be significant.</li>
<li>We raise our TP to US$20 and reiterate BUY .  </li>
</ul>


Bilibili (BILI) reported C2Q24 revenue, GAAP operating profit, and GAAP net income in-line, 7.9%, 9.9% vs. our estimates and in-line, 12%, 18% vs. consensus. 
BILI’s unique, urban user base and video format give it strong competitive advantage. Further, revenue from &lt;Three Kingdom&gt; game will be significant.
We raise our TP to US$20 and reiterate BUY .  


[Bilibili (BILI US, BUY, TP US$20) TP Change]: User Demographics&AI Drive China’s Video Instagram