Open Source Securities: Maintaining a "Buy" rating for Bilibili-W with new game launch driving growth.

Open Source Securities released a research report stating that Bilibili's gross profit margin has increased for 15 consecutive quarters, reaching 37.1% in Q1. They are optimistic about the development of AI-enabled platforms, the launch of new games to drive growth, and maintain the forecasted net profit attributable to shareholders for 2026-2028 at 15.74/24.86/33.07 billion yuan. The current stock price corresponds to a PE ratio of 32.0/20.3/15.3 times. They maintain a "buy" rating.