| | | | 货币单位:亿元人民币 | | | | | | | 质注射随本弦公众号 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构间称 | | 发布日期 - 营业收入 - 人民比 | | 净利润 | 同比 | 经调整净利润 | 同比 | | 实方预测区间 | | 68.94-69.39 | 21.7%-22.5% | -1.16~-0.81 | 84.5%-89.2% | 1.42-3.05 | 132.3%~169.4% | | 手均數 | | 69.06 | 21.9% | -0.99 | 7 86.8% | 2.14 | 148.7% | | 中位数 | | 68.96 | 21.7% | -0.99 | 86.8% | 2.26 | 151.4% | | 中万宏源证券 | 2025-04-15 | | | - | - | 1.68 | 138.2% | | 东方证券 | 2025-03-04 | 69.39 | 22.5% | -0.81 | 89.2% | 2.26 | 151.4% | | 国盛证券 | 2025-02-24 | ...

Financial Performance - Net revenue for 2024 reached RMB 26,831,525, representing a 19.1% increase from RMB 22,527,987 in 2023[5] - Gross profit for 2024 was RMB 8,773,963, a significant increase of 61.2% compared to RMB 5,441,865 in 2023[5] - The adjusted operating loss improved dramatically to RMB 60,848 in 2024, a 98.2% reduction from RMB 3,384,962 in 2023[5] - The net loss attributable to Bilibili Inc. shareholders decreased by 72.1% to RMB 1,346,800 in 2024 from RMB 4,822,321 in 2023[5] - The company reported an adjusted net loss of RMB 38,955 for 2024, a 98.9% improvement from RMB 3,414,113 in 2023[5] - The operating loss narrowed to RMB 1.34 billion, a 73% improvement from RMB 5.06 billion in 2023[34] - The net loss for 2024 was RMB 1.36 billion, a 72% reduction from RMB 4.81 billion in 2023[38] Revenue Breakdown - In 2024, the company's total revenue reached RMB 26.8 billion, representing a year-on-year growth of 19%[10] - Advertising revenue grew by 28% year-on-year, reaching RMB 8.2 billion, driven by continuous optimization of advertising products and infrastructure upgrades[16] - Mobile game revenue increased by 40% year-on-year, totaling RMB 5.6 billion, largely due to the successful launch of the strategy game "Three Kingdoms: Strategize the World"[17] - The company's value-added services revenue grew by 11% year-on-year, reaching RMB 11 billion, with over 22.7 million premium members[15] - Value-added services revenue reached RMB 11 billion, up 11% from RMB 9.9 billion in 2023, driven by increased income from live streaming and other value-added services[24] - Mobile gaming revenue surged to RMB 5.6 billion, a 40% increase from RMB 4 billion in 2023, attributed to the strong performance of the exclusive licensed game "Three Kingdoms: Strategize the World"[26] Assets and Liabilities - Total current assets increased by 5.5% to RMB 19,756,055 in 2024, up from RMB 18,727,039 in 2023[5] - Total liabilities slightly decreased by 0.9% to RMB 18,594,587 in 2024, compared to RMB 18,754,800 in 2023[5] - Total assets decreased by 1.4% to RMB 32,698,500 in 2024 from RMB 33,159,067 in 2023[5] - The total equity attributable to shareholders decreased by 2.1% to RMB 14,103,913 in 2024 from RMB 14,404,267 in 2023[5] User Engagement - Daily active users (DAUs) reached approximately 104 million, while monthly active users (MAUs) exceeded 341 million, reflecting year-on-year growth of 6% and 4% respectively[11] - The average user spent over 102 minutes daily on the platform, contributing to a 12% increase in total user engagement time[11] - The number of active content creators reached approximately 4 million, with a monthly submission volume of 20.7 million[12] Corporate Governance - The company has committed to high corporate governance standards, transitioning to a primary listing status on the stock exchange[160] - Independent directors have confirmed their independence, reinforcing the board's integrity[157] - The board believes that the dual role of Chairman and CEO held by Chen Rui ensures consistent leadership and effective strategic planning[161] - The company has established three committees: the audit committee, remuneration committee, and nomination and corporate governance committee to oversee specific areas of corporate affairs[176] - The audit committee is composed of three independent directors, ensuring compliance with NASDAQ independence standards and includes a financial expert[178] Regulatory and Compliance Risks - The company faces significant regulatory risks from the Chinese government, which may severely limit or completely obstruct its ability to issue securities to investors[61] - The PCAOB's inability to inspect the company's auditors may lead to potential delisting of American Depositary Shares (ADS) in the U.S., significantly impacting investor value[61] - The company is subject to strict data privacy and cybersecurity laws in China, which could significantly impact its business if not adhered to[59] Employee and Social Responsibility - The company participates in various employee social insurance plans and provides commercial medical and accident insurance for its employees[50] - The company has committed to fulfilling social responsibilities and promoting sustainable growth, as detailed in its Environmental, Social, and Governance (ESG) report for the fiscal year ending December 31, 2024[64] - The company made charitable donations amounting to RMB 25.7 million during the reporting period[122] Shareholder and Financial Management - The board of directors did not recommend the distribution of an annual dividend for the fiscal year ending December 31, 2024[125] - The company has no dividend policy and currently does not plan to pay any cash dividends on its common stock in the foreseeable future[196] - The company has established a compensation committee to formulate the remuneration policy for directors[133] Strategic Initiatives - The company has a "community-first" development strategy, continuously investing in quality content to maintain its appeal to the younger generation[145] - The company has expanded its revenue sources significantly under the leadership of COO Li Ni, enhancing brand awareness[146] - The online platform's interactive feature, the bullet screen, remains a key component, with ongoing innovations led by President Xu Yi[147]

Financial Performance - For the fiscal year ending December 31, 2024, Bilibili reported a net revenue of RMB 26,831,525, representing a 19.1% increase from RMB 22,527,987 in 2023[7] - Gross profit for the same period increased by 61.2%, reaching RMB 8,773,963 compared to RMB 5,441,865 in 2023[7] - The net loss for the fiscal year was RMB 1,363,651, a reduction of 71.7% from the previous year's net loss of RMB 4,811,713[7] - Adjusted operating loss improved significantly to RMB 60,848, compared to an adjusted operating loss of RMB 3,384,962 in 2023, marking a 98.2% improvement[7] - Total revenue for 2024 reached RMB 26.8 billion, representing a year-on-year growth of 19%[12] - Gross profit increased by 61% year-on-year, with the gross margin rising to 32.7%[12] - Operating loss narrowed to RMB 1.3 billion, a 73% improvement from RMB 5.1 billion in 2023[40] - Adjusted operating loss was RMB 608 million, a 98% reduction from RMB 3.4 billion in 2023[41] - Net loss was RMB 1.4 billion, a 72% decrease from RMB 4.8 billion in 2023[44] Revenue Streams - Advertising revenue increased by 28% year-on-year, driven by continuous optimization of advertising products and infrastructure upgrades[12] - Mobile game revenue grew by 40% year-on-year, attributed to innovative breakthroughs in strategy games[12] - Revenue from value-added services grew by 11% year-on-year, totaling RMB 11 billion[18] - The mobile gaming business generated RMB 5.6 billion in revenue, reflecting a 40% year-on-year growth, driven by the successful launch of the strategy game "Three Kingdoms: Strategize the World" in June 2024[32] User Engagement - Daily active users (DAUs) reached approximately 104 million, while monthly active users (MAUs) exceeded 341 million, reflecting year-on-year growth of 6% and 4% respectively[13] - Average user engagement time was 102 minutes per day, contributing to a 12% increase in total user watch time[13] - Daily video views on the platform reached 4.3 billion, marking a year-on-year increase of 19%[14] - The number of official members increased by 12% to 258 million, with a strong user retention rate of approximately 80%[16] Assets and Liabilities - Total current assets increased by 5.5% to RMB 19,756,055 from RMB 18,727,039 in 2023[7] - Total non-current assets decreased by 10.3%, from RMB 14,432,028 in 2023 to RMB 12,942,445 in 2024[7] - Total assets slightly decreased by 1.4%, from RMB 33,159,067 in 2023 to RMB 32,698,500 in 2024[7] - Total liabilities decreased by 0.9%, from RMB 18,754,800 in 2023 to RMB 18,594,587 in 2024[7] - Total equity attributable to shareholders decreased by 2.1%, from RMB 14,404,267 in 2023 to RMB 14,103,913 in 2024[7] Operational Efficiency - Operating expenses totaled RMB 10.1 billion, a decrease from RMB 10.5 billion in 2023[28] - Total operating expenses amounted to RMB 10.1 billion, a decrease of 4% compared to RMB 10.5 billion in 2023[36] - Sales and marketing expenses were RMB 4.4 billion, an increase of 12% from RMB 3.9 billion in 2023, primarily due to increased marketing expenses for exclusive licensed games[37] - Research and development expenses were RMB 3.7 billion, a decrease of 18% from RMB 4.5 billion in 2023, mainly due to a reduction in the number of R&D personnel and one-time termination costs for certain game projects in Q4 2023[39] Cash Flow and Investments - As of December 31, 2024, cash and cash equivalents, time deposits, and short-term investments totaled RMB 16.5 billion, up from RMB 15.0 billion as of December 31, 2023[46] - The company generated operating cash flow of RMB 6.0 billion in 2024, compared to RMB 266.6 million in 2023[47] Corporate Governance and Compliance - The company emphasizes the use of non-GAAP financial metrics to provide a clearer understanding of its operational performance and trends[8] - The company has confirmed compliance with the corporate governance code as per listing rules during the reporting period[130] - The independent directors have confirmed their independence according to the relevant listing rules[182] - The company has a strong management team led by experienced executives, including CFO Fan Xin, who has a background in finance and accounting[176] Strategic Focus and Future Plans - The company has adopted a "community-first" development strategy, focusing on continuous investment in quality content to attract the younger generation[166] - The company plans to invest further in optimizing advertising infrastructure and products to attract a diverse range of advertisers in 2025[26] - The company is focused on developing the necessary technology for its operations, including advertising solutions and software design[89] Risks and Challenges - The company operates in a rapidly evolving industry and cannot guarantee successful implementation of commercialization strategies or development of new strategies to generate sustainable revenue and profits[69] - The company faces uncertainties regarding the enforcement of antitrust and competition laws, which may impact its business operations[72] - The company is at risk of penalties if the Chinese government deems its operational structure agreements non-compliant with foreign investment regulations[84] Shareholder Information - The company did not declare any annual dividends for the fiscal year ending December 31, 2024[143] - The company has no distributable reserves as of December 31, 2024[148] - The company reported that less than 10% of total revenue came from its top five customers for the fiscal year ending December 31, 2024[131]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 26.83 billion yuan for the full year 2024, representing a year-on-year growth of 19%. The Non-GAAP net loss for the year was 39 million yuan, a significant narrowing of 99% compared to the previous year. In Q4 2024, the company achieved a revenue of 7.73 billion yuan, with a gross profit of 2.79 billion yuan, marking a year-on-year increase of 68%. The gross margin increased by 10.0 percentage points to 36.1%, achieving a continuous improvement for the tenth consecutive quarter. The Non-GAAP net profit for Q4 was 450 million yuan, indicating a return to profitability for the quarter [2][4]. Revenue Breakdown - In Q4 2024, the advertising business generated 2.39 billion yuan, a year-on-year increase of 24%. The average age of active users is 25 years, which enhances the platform's attractiveness to advertisers. The company is advancing its "one horizontal, N vertical" strategy to improve advertising product capabilities and expand its advertiser base across various industries. The self-developed AIGC marketing material generation tool continues to empower advertising efforts [7]. - The value-added services segment reported a revenue of 3.08 billion yuan in Q4 2024, growing by 8%. The number of official members reached 258 million, a 12% increase year-on-year, with a retention rate of approximately 80% over 12 months. The number of premium members reached 22.7 million, with over 80% being annual subscription or auto-renewal users [7]. - The mobile gaming business saw a revenue of 1.8 billion yuan in Q4 2024, a remarkable year-on-year growth of 79%. This growth is attributed to the long-term operation of the game "Three Kingdoms: Strategizing the World," which is expected to launch its sixth season on February 22. Additionally, the company has other games in the licensing application process [7]. Operational Data - The community ecosystem of the company continues to thrive, with a daily active user (DAU) count of 103 million and a monthly active user (MAU) count of 340 million in Q4 2024. The average daily usage time reached 99 minutes. The daily video playback volume increased by 14% year-on-year, reaching 4.8 billion views. Nearly 3.1 million content creators (UP owners) earned income on the platform, with a 33% increase in UP owners earning through advertising and a 68% increase in those earning through video and live streaming sales [7]. - The company became the exclusive bullet screen video platform for the Spring Festival Gala in 2025, leading to a 20% year-on-year increase in daily active users on New Year's Eve, with over 37 million viewers for the gala [7]. Profitability - The growth in high-margin businesses such as advertising and gaming, along with effective cost control, led to a gross profit increase of 68% to 2.79 billion yuan in Q4 2024. The gross margin improved by 10.0 percentage points to 36.1%, marking ten consecutive quarters of improvement. Sales expenses increased by 10% year-on-year due to increased gaming acquisition costs, while R&D expenses significantly decreased by 31% year-on-year [7]. - The Non-GAAP net profit for Q4 2024 was 450 million yuan, indicating a return to profitability for the quarter. The net operating cash flow was 1.401 billion yuan, achieving positive operating cash flow for six consecutive quarters, indicating that the business has entered a virtuous cycle [7].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools, which will unlock significant commercial value from its content library [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Financial Projections - Revenue forecasts for the company are projected at 298.8 billion, 332.5 billion, and 358.5 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.93, 4.01, and 5.74 yuan for the same years [9]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit of 812 million yuan in 2025, followed by 1.688 billion yuan in 2026 and 2.417 billion yuan in 2027, reflecting a robust growth rate [11].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools to unlock commercial value from its extensive corpus [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved significantly, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Summary by Sections Current Financial Data - Current stock price is HKD 166.30, with a total market capitalization of HKD 700.6 billion and a total share count of 421.3 million [2]. - The average daily trading volume is HKD 710.1 million, with a 52-week price range of HKD 80.85 to HKD 238.8 [2]. Performance Forecast - Revenue projections for 2025 to 2027 are estimated at HKD 298.8 billion, HKD 332.5 billion, and HKD 358.5 billion, respectively. The earnings per share (EPS) are forecasted to be HKD 1.93, HKD 4.01, and HKD 5.74 for the same period [9]. - The company is expected to achieve a net profit of HKD 812 million in 2025, with a significant growth rate of 107.8% in 2026 [11]. Revenue Breakdown - For 2024, the company anticipates advertising revenue of HKD 110 billion and game revenue of HKD 81.9 billion, contributing to a diversified revenue structure [4]. - The company’s gross margin is projected to improve from 32.7% in 2024 to 40.6% by 2027, indicating enhanced profitability [11].

Investment Rating - The report assigns a "Buy" investment rating for the company [2][9] Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools to unlock commercial value from its extensive corpus [3][4] - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both segments. The revenue structure has improved significantly, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4][5] - The company is forecasted to continue its growth trajectory, with a strong community sense and user engagement driving its commercial potential. The shift from niche culture to a broader community platform is expected to sustain its growth in the AI era [5] Financial Projections - Revenue projections for the company are estimated at 298.8 billion, 332.5 billion, and 358.5 billion yuan for 2025, 2026, and 2027, respectively. The earnings per share (EPS) are forecasted to be 1.93, 4.01, and 5.74 yuan for the same years [9][11] - The company is expected to achieve a net profit of 812 million yuan in 2025, with a significant growth rate of 107.8% in 2026 [11][12] - The current price-to-earnings (P/E) ratios are projected to be 92.7, 44.6, and 31.1 for 2025, 2026, and 2027, indicating a favorable valuation as the company continues to grow [9][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The growth was primarily driven by advertising and gaming businesses [6][7]. - The company expects revenues for 2024 to be 26.83 billion CNY, with projections of 30.23 billion CNY and 32.44 billion CNY for 2025 and 2026, respectively [3][4]. Financial Summary - The company reported a total revenue of 21,899 million CNY in 2022, with a projected increase to 22,528 million CNY in 2023 and further growth to 26,832 million CNY in 2024 [4][11]. - The gross profit margin is expected to improve from 32.70% in 2024 to 40.06% by 2026, indicating enhanced operational efficiency [4][12]. - The net profit attributable to the parent company is projected to turn positive in 2025, reaching 848 million CNY, with an EPS of 2.01 CNY [4][11]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency [6][7]. - Gaming revenue for Q4 2024 reached 18.0 billion CNY, a significant increase of 79% year-over-year, largely due to the success of "Three Kingdoms: Strategy" [6][7]. - Live streaming and value-added services (VAS) generated 30.8 billion CNY in Q4 2024, reflecting an 8% year-over-year growth [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The company's total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The gross margin for Q4 2024 was 36%, up 9.9 percentage points year-over-year [6][7]. Financial Projections - Revenue projections for 2024 to 2026 are as follows: 26.832 billion CNY in 2024, 30.230 billion CNY in 2025, and 32.444 billion CNY in 2026, with respective growth rates of 19.10%, 12.67%, and 7.33% [4][11]. - The company expects a Non-GAAP net profit of 4.53 billion CNY for Q4 2024, a significant recovery from a net loss of 5.6 billion CNY in the same period last year [6][7]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency. The daily active users (DAU) reached 103 million, with a DAU/MAU ratio of 30.29% [6][7]. - Gaming revenue for Q4 2024 was 18.0 billion CNY, a 79% increase year-over-year, primarily due to the contribution from "Three Kingdoms: Strategy" [6][7]. Cost and Profitability - The company's operating expenses for Q4 2024 included sales expenses of 12.37 billion CNY, management expenses of 5.06 billion CNY, and R&D expenses of 9.19 billion CNY, with R&D expenses decreasing by 30.74% year-over-year [6][7]. - The projected operating profit for 2025 is expected to be 785 million CNY, with a significant turnaround from the previous year's loss of 1.344 billion CNY [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved profitability in Q4 2024, with total revenue of 7.7 billion yuan, representing a year-over-year growth of 22%. Key revenue streams included value-added services, advertising, gaming, and IP derivatives, with respective revenues of 3.1 billion, 2.4 billion, 1.8 billion, and 460 million yuan, showing year-over-year growth rates of 8%, 24%, 79%, and a decline of 16% [1][2]. - The gross margin improved to 36.1%, an increase of approximately 10 percentage points year-over-year, attributed to revenue growth and reduced operating costs. The adjusted operating profit was 460 million yuan, with an adjusted operating profit margin of about 6.0% [1]. - The company is focusing on high-quality content as a key to entering the AI era, leveraging its rich user-generated content and proprietary IP [2]. Financial Summary - The company revised its revenue forecasts for 2025-2027 to 30.1 billion, 33.7 billion, and 37.6 billion yuan, respectively, with a consistent year-over-year growth rate of 12% [3][5]. - Non-GAAP net profit projections for the same period are 1.61 billion, 2.84 billion, and 4.01 billion yuan, indicating significant growth potential [3][5]. - The report highlights a projected EPS of 3.8 yuan in 2025, increasing to 9.6 yuan by 2027, reflecting a turnaround in profitability [5][12].