Core Viewpoint - Bilibili Inc. reported a solid financial performance for the first quarter of 2024, with significant growth in revenues and improvements in operational efficiency, despite a net loss that widened compared to the previous year [2][3][4]. Financial Performance - Total net revenues reached RMB5.66 billion (US$784.5 million), marking a 12% increase year over year [2][4]. - Advertising revenues increased by 31% year over year to RMB1.67 billion (US$231.1 million) [2][4]. - Value-added services (VAS) revenues grew by 17% year over year to RMB2.53 billion (US$350.3 million) [2][4]. - Gross profit was RMB1.61 billion (US$222.3 million), reflecting a 45% increase year over year, with a gross profit margin of 28.3%, up from 21.8% in the same period last year [2][4][5]. - Operating cash flow improved significantly to RMB637.7 million (US$88.3 million) from negative RMB630.0 million in the same period last year [2][3]. User Engagement - Average daily active users (DAUs) reached 102.4 million, a 9% increase year over year, while monthly active users (MAUs) hit a new high of 341.5 million, up 8% year over year [2][3]. - Users spent an average of 105 minutes daily on the platform, marking another operational record [3]. Cost Management - Total operating expenses decreased by 2% year over year to RMB2.42 billion (US$335.7 million) [6]. - General and administrative expenses fell by 7% year over year, primarily due to lower rental-related expenses [6]. Loss Metrics - The net loss for the first quarter was RMB764.6 million (US$105.9 million), compared to RMB629.6 million in the same period last year [2][7]. - Adjusted net loss narrowed by 56% year over year to RMB455.9 million (US$63.1 million) [2][8]. Future Outlook - The company aims to enhance its commercialization capabilities and continue its path toward profitability while maintaining a focus on community engagement and content creator support [3].

Core Viewpoint - Bilibili Inc. reported a solid financial performance for the first quarter of 2024, with significant growth in revenues and improvements in operational efficiency, despite a net loss that widened compared to the previous year [2][3][4]. Financial Performance - Total net revenues reached RMB5.66 billion (US$784.5 million), marking a 12% increase year over year [2][4]. - Advertising revenues increased by 31% year over year to RMB1.67 billion (US$231.1 million) [2][4]. - Value-added services (VAS) revenues grew by 17% year over year to RMB2.53 billion (US$350.3 million) [2][4]. - Gross profit was RMB1.61 billion (US$222.3 million), reflecting a 45% increase year over year, with a gross profit margin of 28.3%, up from 21.8% in the same period last year [2][4][5]. - Operating cash flow improved significantly to RMB637.7 million (US$88.3 million) from negative RMB630.0 million in the same period last year [2][3]. User Engagement - Average daily active users (DAUs) reached 102.4 million, a 9% increase year over year, while monthly active users (MAUs) hit a new high of 341.5 million, up 8% year over year [2][3]. - Users spent an average of 105 minutes daily on the platform, marking another operational record [3]. Cost Management - Total operating expenses decreased by 2% year over year to RMB2.42 billion (US$335.7 million) [6]. - General and administrative expenses fell by 7% year over year, primarily due to lower rental-related expenses [6]. Loss Metrics - The net loss for the first quarter was RMB764.6 million (US$105.9 million), compared to RMB629.6 million in the same period last year [2][7]. - Adjusted net loss narrowed by 56% year over year to RMB455.9 million (US$63.1 million) [2][8]. Future Outlook - The company aims to enhance its commercialization capabilities and continue its path toward profitability while maintaining a focus on community engagement and content creator support [3].

Earnings Expectations - Bilibili is expected to report a year-over-year increase in earnings with higher revenues for the quarter ended March 2024 [1] - The company is anticipated to post a quarterly loss of $0 17 per share, representing a year-over-year improvement of +54 1% [2] - Revenues are projected to be $775 06 million, up 4 6% from the same quarter last year [2] Estimate Revisions - The consensus EPS estimate for the quarter has been revised 5 88% lower over the last 30 days [2] - The Most Accurate Estimate for Bilibili is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +5 88% [5] - The stock currently carries a Zacks Rank of 2, indicating a favorable outlook [5] Earnings Surprise History - In the last reported quarter, Bilibili delivered a surprise of -18 75%, posting a loss of $0 19 per share against an expected loss of $0 16 [7] - Over the last four quarters, the company has beaten consensus EPS estimates two times [7] Earnings ESP and Predictive Power - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [4] - Stocks with this combination produce a positive surprise nearly 70% of the time [4] - Bilibili's combination of a positive Earnings ESP and Zacks Rank 2 suggests a high likelihood of beating the consensus EPS estimate [5][6] Market Impact - The earnings report, expected on May 23, 2024, could influence the stock's near-term price movement depending on whether the results exceed or fall short of expectations [1] - While earnings performance is a key factor, other unforeseen catalysts or disappointments can also impact stock movement [8]

Core Viewpoint - Bilibili Inc. will report its first quarter 2024 unaudited financial results on May 23, 2024, before U.S. market opens [1] Group 1: Financial Reporting - The earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on May 23, 2024 [1] - Participants must register online to receive dial-in numbers and a personal PIN for the conference call [1] Group 2: Company Overview - Bilibili is a leading video community in China, focusing on enriching the lives of young generations [3] - The platform offers a variety of video content and is known for its "bullet chatting" feature, enhancing user engagement [3] - Bilibili aims to promote Chinese culture globally while fostering a strong community among users and content creators [3]

2024年4月28日 公司研究 广告业务增长强劲，毛利率进一步提升 ——哔哩哔哩（BILI.O）24Q1 业绩前瞻 要点 增持（维持） 1Q24业绩前瞻：1）我们预计公司1Q24营收为56.2亿元人民币（yoy+11%）， 当 前价：13.12美元 分业务来看，预计游戏\VAS\广告\电商四大业务收入分别为 10.1 亿元 （yoy-11%）、24.7亿元（yoy+15%）、16.3亿元（yoy+28%）、5.2亿元（yoy+2%）。 作者 2）预计1Q24实现毛利润15.3亿元，对应毛利率27.2%，预计各项费用合计同 分析师：付天姿 CFA，FRM 比基本持平，实现经调整归母净亏损6亿。 执业证书编号：S0930517040002 广告业务持续多季度保持20%以上增速。我们预计1Q24广告收入同比增长28% 021-52523692 至16.3亿元，占总收入的比重同比提升4pct至28.9%，主要系广告效率的不 futz@ebscn.com 断提升，以及游戏、电商类广告主投放加大。从广告类型看，效果广告保持较高 增速，23年占比广告收入不足50%，未来仍有进一步提升空间。我们认为，效 联系人：杨朋沛 ya ...

Bilibili (BILI) shares soared 11% in the last trading session to close at $12.75. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.7% gain over the past four weeks.Bilibili is benefiting from an expanding user base. At the end of fourth-quarter 2023, average daily active users (DAUs) were 100.1 million, up 8% year over year.This Chinese video sharing website is expected to post quarterly loss of $0.17 per share in its upcoming r ...

Companies’ earnings growth captivates almost everyone, from the top brass to research analysts. Still, earnings acceleration works better when it comes to lifting the stock price. Studies have shown that most successful stocks have seen an acceleration in earnings before an uptick in their price.Earnings acceleration is the incremental growth in a company’s earnings per share (EPS). In other words, if a company’s quarter-over-quarter earnings growth rate increases within a stipulated time frame, it can be c ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has shown a notable improvement in revenue and a reduction in losses, with expectations of achieving breakeven by Q3 2024 [1]. - The advertising revenue has experienced significant growth, particularly in performance-based ads, which increased by 60% year-on-year [1]. - The content creation ecosystem remains robust, with a 16% year-on-year increase in daily active creators and a 31% increase in monthly video submissions [1]. Financial Performance Summary - For Q4 2023, the company reported revenue of 6.35 billion yuan, a year-on-year increase of 3.4% [1]. - The revenue breakdown for Q4 2023 includes value-added services (2.86 billion yuan, +21.6%), advertising (1.93 billion yuan, +27.6%), games (1.01 billion yuan, -12.1%), and IP derivatives (560 million yuan, -51%) [1]. - The adjusted net loss for Q4 2023 was 560 million yuan, with an adjusted net loss margin of -8.8%, an increase of 12.6 percentage points year-on-year [1]. - The company expects revenue to accelerate in 2024, projecting a double-digit growth rate, particularly in advertising [1]. User and Content Growth - Daily active users (DAU) grew by 8% year-on-year to 100 million, with a monthly active user (MAU) count of 336 million [1]. - The average daily video views reached 4.3 billion, reflecting a 25% year-on-year increase [1]. - The retention rate for formal members remained stable at 80% over 12 months [1]. Advertising and E-commerce Performance - The company’s advertising revenue in Q4 2023 grew by 28%, with a strong performance in e-commerce, particularly during the Double 11 shopping festival, where GMV from live streaming exceeded 250% year-on-year [1]. - The company anticipates continued high growth in advertising revenue for 2024 [1]. Live Streaming and Gaming Outlook - The live streaming segment has seen significant growth, with nearly 1 million streamers active in Q4 2023 [1]. - The gaming segment is expected to remain under pressure in the short term, with three new games recently receiving approval [1]. Revenue Forecast - The company forecasts revenues of 25.4 billion yuan, 28.3 billion yuan, and 31.3 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 13%, 11%, and 11% [2][8]. - The adjusted net profit is projected to improve from a loss of 600 million yuan in 2024 to a profit of 2 billion yuan by 2026 [2][8].

Group 1 - Huang Hongsheng, the founder of Skyworth, has started sharing personal insights on Bilibili, aiming to guide young entrepreneurs and promote entrepreneurial spirit [1][2] - The courses offered by Huang are priced at 365 yuan, significantly lower than similar offerings from other entrepreneurs, making them accessible to a broader audience [2][3] - Skyworth's revenue for the previous year was 69 billion yuan, with a net profit of 9.6 billion yuan, indicating that the company is not in dire financial straits [2][3] Group 2 - Huang's entrepreneurial journey includes a significant setback when he was sentenced to six years in prison for fund misappropriation, after which he returned to lead Skyworth again [2][3] - The traditional television business, which remains a core part of Skyworth, is facing challenges due to changing consumer trends, while the automotive sector is still in its early stages with low sales figures [3][4] - Huang emphasizes the importance of real-life experiences and lessons learned from the market, rather than solely relying on books for entrepreneurial success [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 141.14 HKD (127.89 CNY) [3][5] Core Insights - The company is expected to achieve total revenue of 5.67 billion in Q1 2024, representing a year-over-year increase of 12% and a quarter-over-quarter decrease of 11% [2] - The advertising revenue is projected to reach 1.63 billion in Q1 2024, with a year-over-year growth of 27.9% [2] - The live streaming and value-added services (VAS) revenue is anticipated to be 2.48 billion in Q1 2024, showing a year-over-year increase of 15% [2] - The gaming revenue is expected to be 1 billion in Q1 2024, reflecting a year-over-year decline of 11.5% [2] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 25.98 billion, 28.74 billion, and 31.01 billion respectively, with a year-over-year growth of 15.34% in 2024 [3][4] - The company is expected to achieve a gross margin of 27.9% in Q1 2024, an increase of 6.2% year-over-year [2] - Non-GAAP operating profit is projected to be -580 million in Q1 2024, a decrease of 45% year-over-year, with expectations of turning positive by Q3 2024 [2][3] Revenue Breakdown - Advertising revenue is expected to account for 29% of total revenue in Q1 2024, up from 25% in the same period last year [2] - Live streaming revenue is projected to be the main driver of growth in VAS, with stable membership income [2] - The gaming segment is anticipated to see new product launches in Q2 2024, which are expected to contribute to revenue growth [2]