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]

B站新版激励计划的影响 - B站新版"视频创作激励计划"于4月实施，重点扶持近半年月均收入不足5000元的个人UP主，原有UP主收入减少或无法获得激励金 [1][2] - 激励计划细则包括：原创稿件发布时间限制、视频基础激励上限2000元、月度激励活动针对月均收入不足2万的UP主、爆款小目标活动面向10万粉丝以下的UP主 [2] - 影视区UP主受影响最严重，因长视频制作成本高且难以接商单，部分UP主选择停更 [6] - 中腰部UP主面临生存困境，部分UP主表示收入依赖创作激励，新版计划导致收入大幅减少 [5] B站调整激励计划的原因 - 减少低质低创内容和营销号刷量行为，维护平台生态环境 [7] - 2024年以来，B站对732个违规账号采取视频激励降权、终止结算或永久清退等措施 [7] - 推动UP主拓宽变现模式，减少对平台补贴的依赖，鼓励自力更生 [8] B站的商业化进展 - 2023年B站实现全年正向经营现金流，毛利润同比增长33%，毛利率达26.1%，调整后净亏损同比收窄49% [9] - B站CEO预计2024年第三季度调整运营利润后实现盈利 [10] - 2023年日均活跃UP主数量同比增长24%，月均视频投稿量近2150万，同比增长46%，超300万UP主获得收入，同比增长30% [11] UP主收入结构变化 - 广告和直播成为UP主主要收入来源，超180万UP主通过直播获得收入，超95万UP主加入广告计划，视频和直播带货收入UP主数量同比增长133% [1][12] - B站积极扶持UP主参与直播带货，部分UP主单场直播GMV超5000万元，半年内总GMV破亿 [12] - B站推出六种变现方式，包括花火平台、悬赏带货、直播、充电计划、哔哩哔哩课堂等 [11] B站的电商战略 - B站通过广告位售卖与淘宝、京东等电商平台合作，推进"大开环战略"，获取广告费用并参与直播带货 [13] - 充电计划允许观众付费支持UP主，部分塔罗占卜区UP主收费较高，风评两极分化 [15]

SHANGHAI, China, April 09, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today published a circular (the "AGM Circular") to provide shareholders with information on the proposals that will be put forward at the Company's annual general meeting of the shareholders (the "AGM") for shareholders' approval and a notice of the AGM (the "AGM Notice"). The AGM will be held at Building 3, Guozheng Cent ...

SHANGHAI, China, April 09, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it has published its 2023 Environmental, Social and Governance ("ESG") Report and is accessible on the Company's investor relations website at http://ir.bilibili.com. The initiatives described in the report speak to the Company's long-standing commitment to sustainable development, covering the impact ...

Financial Performance - Net revenue for 2023 was RMB 22,527,987, representing a 2.9% increase from RMB 21,899,167 in 2022[5] - Gross profit increased by 41.4% to RMB 5,441,865 in 2023, up from RMB 3,849,295 in 2022[5] - The net loss for 2023 was RMB 4,811,713, a reduction of 35.9% compared to RMB 7,507,653 in 2022[5] - Adjusted operating loss improved by 45.9% to RMB 3,384,962 in 2023 from RMB 6,257,476 in 2022[5] - Total revenue for 2023 increased to RMB 22.5 billion, with advertising revenue growing by 27% and contributing 28% of total revenue, up from 23% in 2022[14] - Gross profit margin improved significantly from 17.6% in 2022 to 24.2% in 2023, driven by a 41% increase in gross profit[14] - The adjusted net loss narrowed by 49% year-on-year, with operating cash flow turning positive in 2023, generating RMB 640 million in the fourth quarter[14] - Operating expenses decreased by 14% to RMB 10.5 billion in 2023 from RMB 12.2 billion in 2022, reflecting effective cost control measures[38] - The company's operating loss narrowed by 39% to RMB 5.1 billion in 2023 from RMB 8.4 billion in 2022[42] Assets and Liabilities - Total assets decreased by 20.7% to RMB 33,159,067 in 2023, down from RMB 41,830,570 in 2022[5] - Total liabilities also decreased by 29.5% to RMB 18,754,800 in 2023, compared to RMB 26,590,983 in 2022[5] - The total equity attributable to shareholders decreased by 5.5% to RMB 14,404,267 in 2023 from RMB 15,239,587 in 2022[5] - Current assets decreased by 23.4% to RMB 18,727,039 in 2023 from RMB 24,452,888 in 2022[5] - Non-current assets decreased by 17.0% to RMB 14,432,028 in 2023, down from RMB 17,377,682 in 2022[5] User Engagement and Content - Average daily active users reached over 98 million in 2023, with monthly active users growing to 329 million, reflecting year-on-year increases of 14% and 5% respectively[13] - The average daily usage time per user on the platform reached 97 minutes, with total user interaction increasing by 14% year-on-year[18] - Monthly average submissions from content creators rose by 46% to approximately 21.5 million, with over 3 million creators earning income through various channels, a 30% increase from the previous year[17] - The average daily video views increased by 25% to 4.3 billion, with significant growth in specific content categories such as parenting, automotive, and fashion[15] Revenue Streams - Value-added services revenue reached RMB 9.9 billion in 2023, marking a 14% increase, primarily driven by live streaming income[20] - Value-added services revenue increased by 14% to RMB 9.9 billion in 2023 from RMB 8.7 billion in 2022, driven by growth in live streaming and other services[32] - In 2023, the company's advertising revenue reached RMB 6.4 billion, a 27% increase from RMB 5.1 billion in 2022, driven by strong growth in performance advertising, which increased over 50% year-on-year[33] - Mobile game revenue totaled RMB 4 billion in 2023, a 20% decrease from RMB 5 billion in 2022, primarily due to a lack of new game launches and reduced contributions from several existing games[34] Corporate Governance and Structure - The company operates under a dual-class share structure, allowing Class Y shareholders to have ten votes per share, while Class Z shareholders have one vote per share[119] - The board of directors is composed of key members including Chairman and CEO Chen Rui, Vice Chairman and COO Li Ni, and independent directors such as JP Gan and He Zhenyu[187][188] - The company has confirmed compliance with all applicable corporate governance codes during the reporting period, with the exception of the separation of roles between the Chairman and CEO[181] - The board believes that the dual role of Chairman and CEO held by Chen Rui ensures consistent leadership and effective strategic planning[181] - The company has received annual independence confirmations from all independent directors, affirming their independence[176] Risks and Uncertainties - The company is facing significant uncertainties in implementing commercialization strategies and developing new strategies to generate sustainable revenue and profits[65] - The company has incurred substantial losses and may continue to face losses in the future[65] - Increased content costs on the platform may adversely affect the company's business, financial condition, and operating performance[65] - Regulatory uncertainties regarding the management of online live streaming and e-commerce live streaming may impact the company's operations[66] - The company faces risks related to its corporate structure and potential penalties if its operational agreements are deemed non-compliant with Chinese laws[67] Strategic Initiatives - The company plans to enhance its commercialization capabilities by strengthening technical infrastructure and improving products, particularly in advertising and value-added services, in 2024[28] - The company aims to replicate its successful vertical advertising solutions in gaming and e-commerce across more industries[33] - The company has adopted a "community-first" development strategy, continuously investing in high-quality content to maintain its appeal to the younger generation[161] Shareholder Information - The company did not declare any annual dividends for the fiscal year ending December 31, 2023[138] - The company has no plans to distribute cash dividends in the foreseeable future, opting to retain most of its available funds for business operations and expansion[182] - The group made charitable donations amounting to RMB 4.0 million during the reporting period[135] Related Party Transactions - The agreements with Tencent include payment services, cloud services, and other technical services, enhancing the company's operational capabilities[105][108] - The independent auditor confirmed that all related party transactions were conducted in the normal course of business and adhered to fair pricing policies[117] - The maximum annual revenue generated from related parties under these agreements was RMB 1,869.9 million, with the actual transaction amount being RMB 84.2 million for the same period[109]