[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_广Title] 发传媒&海外】哔哩哔哩（BILI） [公Tab司le_评Inve级st] 买入-美股/买入-H 当前价格 11.13美元/83.40港元 /哔哩哔哩（W-09626） 合理价值 24.35美元/190.41港元 前次评级 买入/买入 广告业务保持强劲增长，新游戏值得关注 报告日期 2024-03-10 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e]  公司发布 23Q4 季报，亏损表现略好于预期：23Q4 收入达 63 亿元， 50% SPX Index BILI US Equity YoY/QoQ+3%/+9%，vs.一致预期为 63 亿元。毛利率达到 26.1%， 0% YoY/QoQ+6pct/+1pct。NonGAAP归母净亏损为5.56亿元，亏损额同 比收缩58%，环比收缩36%，vs.一致预期为6.33亿亏损，表现优于市 -50% 场预期。NonGAAP亏损率为9%，同比收窄13pct，环比收缩6pct。  我们预计24年流量驱动的广告、VAS收入仍保持良 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 互联网 | 公司研究 23Q4 经营现金流持续正向，关注游戏新品 2024年3月11日 进展 买入 哔哩哔哩(BILI:US) 维持评级 哔哩哔哩 23Q4实现营业收入 63亿元，同比增长 3%，符合预期；调整后归母净亏损 5.6 亿元， 亏损率同环比继续收窄至个位数。23年全年实现营业收入 225亿元，接近前期指引下限；调整后 市场数据：2024年3月8日 归母净亏损34亿元。 收盘价（美元） 11.13 用户数据季节性波动。根据财报，23Q4，MAU 达 3.36亿，同比增长 3%，环比下滑 1%；DAU 纳斯达克指数 16085.11 达1 亿，同比增长 8%，环比下滑 3%；环比变化主要由于季节性因素影响。人均单日使用时保持 52周最高/最低价 -美元 25.58/8.80 在超95分钟水平，同比下滑1分钟，环比下滑5分钟，同比变化主要由于基数影响，环比变化主 市值（亿美元） 47 要由于季节性因素影响。社区规模整体健康，体现强社区运营能力。 股本（百万股） 421 汇 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The company reported Q4 2023 revenue of 6.3 billion, a year-on-year increase of 3%. Gross profit reached 1.7 billion, up 33% year-on-year. Non-GAAP net loss was 555 million, narrowing by 58% [5][6]. - For the full year 2023, total revenue was 22.5 billion, also a 3% year-on-year increase, with gross profit of 5.4 billion, up 41% year-on-year. Non-GAAP net loss for the year was 3.4 billion, narrowing by 49% [5][6]. - The company achieved positive operating cash flow of 640 million in Q4 2023 and for the entire year [5][6]. Revenue Breakdown - In Q4 2023, advertising revenue was 1.9 billion, growing 28% year-on-year. For the full year, advertising revenue reached 6.4 billion, a 27% increase, accounting for 28% of total revenue, up 5 percentage points [5][6]. - Value-added services revenue in Q4 2023 was 2.9 billion, increasing 22% year-on-year, driven by live streaming. For the full year, this segment generated 9.9 billion, a 14% increase [5][6]. - Game revenue in Q4 2023 was 1 billion, down 12% year-on-year, with full-year revenue at 4 billion, a decline of 20% due to fewer new game launches [5][6]. Operational Metrics - Daily active users (DAU) and monthly active users (MAU) were 100 million and 336 million, respectively. The average daily video views for the year were 4.3 billion, a 25% increase year-on-year [5][6]. - The number of active content creators (UP主) increased by 16% year-on-year in Q4 2023, with those having over 10,000 followers growing by 30% [5][6]. Profitability Analysis - The gross profit margin in Q4 2023 improved to 26.1%, driven by enhanced monetization efficiency and reduced operational costs [6]. - Non-GAAP operating expenses decreased by 12% year-on-year in Q4 2023, leading to a 53% reduction in Non-GAAP operating loss [6]. Earnings Forecast - The company is expected to optimize its business structure, maintaining high growth in advertising and value-added services. Revenue projections for 2024 and 2025 are 25.2 billion and 28.2 billion, respectively, while maintaining a "Buy" rating [6].

浦银国际研究 财务模型更新 | 互联网行业 哔哩哔哩（BILI.US/9626.HK）：广告 赵丹 首席互联网分析师 浦 增长保持强劲，目标三季度盈利 dan_zhao@spdbi.com 银 (852) 2808 6436 国 杨子超，CFA 际 业绩基本符合预期。公司4Q23收入人民币63.5亿元，同比增长3.4%， 互联网分析师 符合市场预期；调整后净亏损为 5.6 亿元，市场预期亏损6.3 亿元； charles_yang@spdbi.com 调整后亏损率同比收窄12.6pp 至 8.8%。日活用户数同比增长 7.9%至 (852) 2808 6409 1 亿，日均时长95 分钟，流量同比增长 7%，月活用户数为 3.36 亿。 2024年3月8日 财 务 哔哩哔哩（9626.HK） 广告增长保持强劲，自研游戏进一步收缩。公司4Q23 广告增长保持 模 目标价（港元） 98 型 强劲，同比增长 28%，其中效果广告同比增长超 60%，主要受益于游 潜在升幅/降幅 +14% 更 戏和电商行业广告需求增加以及公司广告投放能力提升。公司交易业 目前股价（港元） 85.65 新 52周内股价区间（港元） 67 ...

M N 8 Mar 2024 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) Steady progress towards a sustainable business model Target Price US$20.50 Bilibili announced its 4Q23 results on 7 Mar: total revenue grew by 3% YoY to (Previous TP US$24.00) RMB6.35bn, in line with our/consensus estimate; adjusted net loss narrowed by Up/Downside 89.6% 58% YoY to RMB556mn, beating our/consensus estimate of RMB677/633mn, Current Price US$10.81 mainly attributable to the better-than-expecte ...

证券研究报告·海外公司点评·传媒 哔哩哔哩（BILI） 2023Q4 业绩点评：业绩好于市场预期， 2024 年 03月 10日 2024Q3 有望开启盈利 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 21,899 22,528 25,248 28,901 30,918 执业证书：S0600517110002 同比 13% 3% 12% 14% 7% 021-60199793 归母净利润（百万元） -7,497 -4,822 -2,105 -295 266 zhoulj@dwzq.com.cn 同比 - - - - - 研究助理 陈欣 Non-GAAP 净利润（百 执业证书：S0600122070012 万元） -6,692 -3,425 -406 1,005 1,657 chenxin@dwzq.com.cn 同比 - - - - 65% 股价走势 Non-GA ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][8]. Core Insights - The company reported a revenue of 63.5 billion RMB in Q4 2023, a year-on-year increase of 3%, and an annual revenue of 225 billion RMB, also up 3% [2]. - The adjusted net loss for Q4 2023 was 5.6 billion RMB, narrowing by 58% year-on-year, while the annual adjusted net loss was 34 billion RMB, narrowing by 49% [2]. - Daily active users (DAU) exceeded 100 million, with an average usage time of over 95 minutes per day, indicating a strong user engagement [2]. - The company has diversified its monetization strategies, with over 3 million content creators earning income in 2023, a 30% increase year-on-year [2]. - The gross margin improved for six consecutive quarters, reaching 26.15% in Q4 2023, with effective cost control across various operational expenses [2]. Financial Performance Summary - Revenue projections for 2023, 2024, and 2025 are 225 billion RMB, 257 billion RMB, and 284 billion RMB respectively [4]. - Non-GAAP net profit estimates for the same years are -34.1 billion RMB, -3.8 billion RMB, and 13.1 billion RMB [4]. - The company achieved positive operating cash flow in 2023, with Q4 cash flow at 6.4 billion RMB and annual cash flow at 2.67 billion RMB [2]. Revenue Breakdown - Advertising revenue in Q4 2023 was 19.3 billion RMB, a 28% increase year-on-year, driven by optimized advertising products and marketing strategies [3]. - Value-added services revenue reached 28.6 billion RMB, up 22% year-on-year, with a focus on higher quality growth in 2024 [3]. - Game revenue was 10.1 billion RMB, a decrease of 12% year-on-year, with three new games approved for release [3]. - Revenue from IP derivatives and other businesses fell to 5.6 billion RMB, a 51% decrease, primarily due to reduced sales from esports licensing and IP derivatives [3].

公[T司abl点e_H评ea报der告] ●传媒互联网行业 2024年 3月 11日 [Table_Title] [Table_StockCode] 哔哩哔哩(9626.HK) 盈利情况持续好转，广告业务表现亮眼 [Table_InvestRank] 推荐 维持评级 --公司 2023 年报点评 核心观点： 分析师 [⚫T able事_S件um：m20a2ry3] 年全年公司营业收入 225.28亿元，同比增加 2.87%；净亏损 48.12 [岳Ta铮b le_Authors] ：010-8092-7630 亿元，同比收窄 35.91%；经调整后净亏损 34.14 亿元，同比收窄 49.06%；全 ：yuezheng_yj @chinastock.com.cn 年销售毛利率 24.16%。其中 2023 年四季度公司营业收入 63.49 亿元 分析师登记编码：S0130522030006 （QoQ+9.37%，YoY+3.36%），净亏损为人民币 12.97亿元（QoQ-3.03%，YoY- 13.38%），经调整净亏损 5.56亿元（QoQ-36.69%,YoY-57.65%），经调整后净 亏损同比环 ...

传媒 | 证券研究报告 — 调整盈利预测 2024年3月11日 09626.HK 哔哩哔哩-W 买入 UP主变现力度加强，用户DAU增速有所放缓 原评级：买入 市场价格:港币83.40 根据公司 23Q4 和 2023 年未审计业绩公告，哔哩哔哩 23Q4 营业收入 63.49 亿 板块评级:强于大市 元，同比+3.4%；归母净亏损 12.96亿元，同比收窄 13.3%；经调整后归母净亏 损 5.56亿元，同比收窄 57.7%。2023年营业收入 225.28亿元，同比+2.9%；经 股价表现 调整后归母净亏损 34.25 元，同比收窄 48.8%。UP 主变现能力加强，成立自研 游戏部门，有望从24Q3开始实现盈利。维持买入评级。 25% 9% 支撑评级的要点 (7%)  DAU 增速有所放缓，UP 主变现能力加强。根据哔哩哔哩公众号，23Q4 B (23%) 站 DAU/MAU 达到 1.00/3.36 亿，同比+8%/+3%，DAU 增速相比 Q3 (39%) （14%）有所放缓；日均使用时长 95 分钟；日均活跃 UP 主同比+16%。 2023全年超过 300万 UP主在 B站获得收入，同比+30 ...

2024 年 03 月 09 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 整体符合预期， 年持续推进降本增效策略 2024 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 ——哔哩哔哩 （ ） 财报点评 -W 9626.HK 2023Q4 yinr@ghzq.com.cn 最近一年走势 事件 : 3 月 7 日，公司公告 2023Q4 财报，实现营收 63.49 亿元（YoY+3.4%， QoQ+9%），经营亏损13.05亿元（YoY收窄43.9%，QoQ+18%），归母 净利润亏损12.96亿元（YoY收窄13.3%，QoQ收窄4%）。NON-GAAP 净亏损为5.56亿元（YoY收窄57.7%，QoQ收窄36%），调整后每股摊薄 亏损1.34元。 我们的观点： 相对恒生指数表现 2024/03/08  1、运营情况：2023Q4DAU同比增长8%至100.1百万人，保持过亿 表现 1M 3M 12M 水平；用户日均使用时长超过95分钟，维持在高位。平台持续以高效 哔哩哔哩-W 9. ...