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].

以下文章来源于每财网 ，作者每日财报 每财网 . 每财网&每日财报，深度金融机构观察，详解资本市场动态，促进信息透明传播。 官网：https://meiricaibao.cn 来源 | 每财网 B站终于打了一次"翻身仗"。 2月20日，哔哩哔哩（09626.hk，以下简称"B站"）公布了未经审计的2024年四季度以及全年财务报告。 财报显 示，2024年B站营收为268.32亿元，同比增长19%；净亏损13.64亿元，亏损额同比收窄72%。 | | | 截至以下日期止三個月 | | 截至以下日期止年度 | | | --- | --- | --- | --- | --- | --- | | | 2023年 | 2024 | 2024年 | 2023年 | 2024年 | | | 12月31日 | 9月30日 | 12月31日 | 12月31日 | 12月31日 | | | 人民幣 | 人民幣 | 人民幣 | 人民幣 | 人民幣 | | 淨營業額: | | | | | | | 增值服務 | 2.857.079 | 2.821.269 | 3.083.071 | 9.910.080 | 10.999.137 | | ...

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].

Group 1 - Bilibili reported its first-ever quarterly profit, indicating a positive shift in its financial and operating metrics [1] - The sustainability of this profitability trend remains uncertain, but there are indications that the company's fundamentals may be improving [1] Group 2 - Astrada Advisors specializes in investment research across technology, media, internet, and consumer sectors in North America and Asia [1] - The firm focuses on identifying high-potential investments and navigating complex industries, leveraging extensive local and global experience [1] - Astrada Advisors aims to empower investors with timely research and a comprehensive view of industry dynamics, integrating rigorous fundamental analysis with data-driven insights [1]

Investment Rating - Investment Rating: Buy (Maintained) [2] Core Views - The company achieved revenue of 77.34 billion yuan in Q4 2024, representing a year-over-year increase of 21.8%. Adjusted net profit was 4.52 billion yuan, up 181.4% year-over-year, with growth potential driven by AI in gaming and advertising [5][6] - The game "Three Kingdoms: Strategy" has demonstrated long-term operational capabilities, supporting sustained growth in the gaming business. The global market for SLG games is estimated at 70 billion yuan, with an average game lifespan exceeding 5 years [6] - Advertising business continues to grow rapidly, supported by core user growth. Daily active users (DAU) reached 103 million, up 2.9% year-over-year, while monthly active users (MAU) reached 340 million. The average daily usage time increased by 4.2% to 99 minutes, with daily video views exceeding 4.8 billion [7] Financial Summary - For 2025, 2026, and 2027, the company is expected to achieve revenues of 306.6 billion yuan, 336.2 billion yuan, and 359.6 billion yuan, respectively. Adjusted net profits are projected at 18.8 billion yuan, 33.2 billion yuan, and 40.4 billion yuan for the same years [5][9] - Key financial indicators for 2024A include total revenue of 26,832 million yuan, with a year-over-year growth of 19%. Adjusted net profit is forecasted to be -39 million yuan, with a significant recovery expected in subsequent years [9][10] - The company’s cash flow from operating activities is projected to turn positive in 2025, with net profit expected to reach 811 million yuan [11]

Investment Rating - Investment Rating: Buy (Maintained) [2] Core Views - The company achieved revenue of 77.34 billion yuan in Q4 2024, representing a year-over-year increase of 21.8%. Adjusted net profit was 4.52 billion yuan, up 181.4% year-over-year, with growth potential driven by AI in gaming and advertising [5] - The long-term operational capability of the game "Three Kingdoms: Strategy" has been preliminarily validated, supporting sustained growth in the gaming business. The global market for SLG games is estimated at 70 billion yuan, with an average game lifespan exceeding 5 years [6] - Advertising business continues to show high growth, supported by core user growth. The company reported a DAU of 103 million, up 2.9% year-over-year, and a MAU of 340 million. Daily average usage time increased by 4.2% to 99 minutes, with daily video views exceeding 4.8 billion [7] - Revenue projections for 2025, 2026, and 2027 are 306.6 billion yuan, 336.2 billion yuan, and 359.6 billion yuan respectively, with adjusted net profits of 18.8 billion yuan, 33.2 billion yuan, and 40.4 billion yuan [7] Financial Summary - Total revenue for 2024 is projected at 26,832 million yuan, with a growth rate of 19%. Adjusted net profit is expected to be 1,878 million yuan in 2025, a significant increase from a loss of 39 million yuan in 2024 [9] - The company is expected to achieve an EPS (NON-GAAP) of 4.46 yuan in 2025, with a P/E ratio of 37.32 [10] - The gross margin is projected to improve from 32.7% in 2024 to 39.1% by 2026, indicating enhanced profitability [11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 7.7 billion RMB in Q4 2024, slightly exceeding Bloomberg consensus by 1%, with a year-on-year growth of 22%. The adjusted net profit was 450 million RMB, surpassing Bloomberg consensus by 15%, resulting in a profit margin of 6% [7] - For the full year 2024, the company reported a revenue of 26.8 billion RMB, a 19% year-on-year increase, with an adjusted net loss of 22 million RMB compared to a loss of 3.4 billion RMB in 2023. The operating cash flow was 6 billion RMB, significantly improved from 270 million RMB in 2023 [7] - The company continues to see growth in high-engagement users, with a Q4 2024 Monthly Active Users (MAU) of 340 million, a 1% year-on-year increase, and Daily Active Users (DAU) of 103 million, a 3% increase. The average daily usage time per user increased by 4 minutes to 99 minutes [7] - The gaming segment showed strong growth, with Q4 2024 gaming revenue reaching 1.8 billion RMB, a 79% year-on-year increase, driven by the success of the game "Three Kingdoms: Strategizing the World" [7] - Advertising revenue also maintained rapid growth, with Q4 2024 advertising income of 2.4 billion RMB, a 24% year-on-year increase, indicating potential for further growth in this area [7] - The company has launched its self-developed large language model and a commercial AIGC platform, which are expected to enhance community engagement and operational efficiency [7] - The adjusted net profit forecast for 2025 has been slightly raised to 1.786 billion RMB, while the 2026 forecast has been lowered to 2.542 billion RMB, with a new forecast for 2027 set at 3.137 billion RMB [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 22.528 billion RMB - 2024: 26.832 billion RMB - 2025E: 30.213 billion RMB - 2026E: 33.176 billion RMB - 2027E: 35.836 billion RMB - Adjusted net profit forecasts are: - 2023: -3.425 billion RMB - 2024: -0.022 billion RMB - 2025E: 1.786 billion RMB - 2026E: 2.542 billion RMB - 2027E: 3.137 billion RMB [3][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported better-than-expected performance in Q4 2024, with total revenue reaching 7.734 billion yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 6%, surpassing Bloomberg's consensus estimate of 7.639 billion yuan [3][9] - The advertising business is expected to continue its growth potential, with Q4 2024 advertising revenue of 2.389 billion yuan, up 24% year-on-year and 14% quarter-on-quarter. The company aims to consolidate its advertising budget in key industries while exploring new advertising demands from emerging sectors [3] - The gaming segment continues to operate with a long-term strategy, with Q4 2024 gaming revenue of 1.798 billion yuan, a year-on-year increase of 79%. The performance of the game "Three Kingdoms: Strategy" remains strong, and the company is focused on its long-term operation in the domestic market and overseas expansion [3] Summary by Relevant Sections Revenue and Profit Forecast - The company expects total revenue for 2025-2027 to be 29.858 billion yuan, 31.822 billion yuan, and 33.801 billion yuan respectively, with Non-GAAP net profits projected at 1.935 billion yuan, 3.027 billion yuan, and 4.201 billion yuan [3][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 36.02, 23.03, and 16.59 respectively, indicating a positive outlook for the company's profitability [3][10] Financial Metrics - The company achieved a gross margin of 36.1% in Q4 2024, an increase of 9.9 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, benefiting from higher-margin game and advertising revenues [9] - The company anticipates that gross margins could reach 40-45% in the medium to long term, with further cost control expected to improve operating profit margins to 15-20% [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][11]. Core Insights - The company has entered a profitable era, with Q4 2024 revenue reaching 7.734 billion CNY, a year-on-year increase of 22% and a quarter-on-quarter increase of 16%. The Non-GAAP net profit for Q4 was 0.452 billion CNY, marking a turnaround to profitability for the first time in GAAP quarterly results. For the full year, revenue was 26.832 billion CNY, up 19% year-on-year, with Non-GAAP net loss narrowing to 0.039 billion CNY, a 99% improvement year-on-year [3][4]. Financial Performance - Gross margin has been on an upward trend for 10 consecutive quarters, reaching 36.1% in Q4 2024, an increase of 10 percentage points year-on-year. This improvement is attributed to a higher proportion of high-margin businesses (advertising and gaming) and optimized operating costs. The sales, management, and R&D expense ratios decreased to 16%, 6.5%, and 11.9% respectively [4]. - The company generated a healthy operating cash flow of 6.015 billion CNY for the year, indicating a stable positive cash flow trend [4]. Revenue Breakdown - Advertising revenue grew rapidly, with Q4 revenue of 2.389 billion CNY, a year-on-year increase of 24%, accounting for 31% of total revenue. For the full year, advertising revenue reached 8.189 billion CNY, up 28% year-on-year [4]. - Gaming revenue saw significant growth, with Q4 revenue of 1.798 billion CNY, a year-on-year increase of 79%, driven by the success of the SLG mobile game "Three Kingdoms: Strategize the World" [5]. - Value-added services and IP ecosystem revenue reached 3.083 billion CNY in Q4, an 8% year-on-year increase, with a total of 22.7 million premium members [5]. Future Projections - The company is projected to achieve revenues of 30.684 billion CNY, 33.494 billion CNY, and 36.140 billion CNY for 2025, 2026, and 2027 respectively. Non-GAAP net profits are expected to be 1.972 billion CNY, 3.143 billion CNY, and 3.975 billion CNY for the same years. The current stock price corresponds to P/E ratios of 30.50, 19.14, and 15.13 for 2025, 2026, and 2027 respectively [6][10].