Galaxy Securities: Maintains a "buy" rating on Bilibili-W, focusing on the progress of new game launches this year.

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 will continue to have room for growth. Considering that the company will use some of the incremental profits for AI investment in 2026, it is estimated that the company's adjusted net profit in 2026-2028 will be 3.072 / 3.389 / 3.804 billion yuan, corresponding to PE ratios of 19x / 17x / 15x. The rating of "recommendation" is maintained.