Galaxy Securities in China: Reiterate "Buy" rating on Bilibili-W (09626) and Focus on the Progress of New Game Launches in the Year

According to the Wisdom Finance APP, China Galaxy Securities released a research report stating that it is expected that the gross profit margin and adjusted net profit margin of Bilibili-W (09626) will still have room for growth. Taking into account that the company will use some incremental profits for AI investment in 2026, it is estimated that the company's adjusted net profit from 2026 to 2028 will be 30.72/ 33.89/ 38.04 billion yuan respectively, with corresponding PE ratios of 19x/17x/15x. The "recommend" rating is maintained.