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, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

[Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch

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

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

[Bilibili(BILI US, SELL, TP US$12.3) Review]: E-Commerce Ads Aren’t Sufficient to Hide Other Issues

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 C3Q24 revenue and GAAP net income 2.1%, 18% vs. our estimates and 2.5%, 24% vs. consensus. </li>
<li>We believe the market oversold on BILI because its traffic was rebounding in accelerating fashion, which shall benefit from a consumption recovery now visible into C1Q25. </li>
<li>We maintained our BUY rating and raised our TP to US$22. BILI is our mid-cap TOP PICK.</li>
</ul>


Bilibili (BILI) reported C3Q24 revenue and GAAP net income 2.1%, 18% vs. our estimates and 2.5%, 24% vs. consensus. 
We believe the market oversold on BILI because its traffic was rebounding in accelerating fashion, which shall benefit from a consumption recovery now visible into C1Q25. 
We maintained our BUY rating and raised our TP to US$22. BILI is our mid-cap TOP PICK.


[ビリビリ（BILI US、買い、目標株価22ドル）目標株価変更]：C3Q24レビュー：トラフィック増加は将来への良い兆し