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. ...

Bilibili Inc. (NASDAQ:BILI) Q4 2023 Results Conference Call March 7, 2024 7:00 AM ET Company Participants Juliet Yang - Executive Director-Investor Relations Xin Fan - Chief Financial Officer Rui Chen - Chairman of the Board & CEO Carly Lee - Vice Chairwoman and Chief Operating Officer Conference Call Participants Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Felix Liu - UBS Lei Zhang - Bank of America Securities Operator Good day, and welcome to the Bilibili's 2023 Fourth Quarter and Fiscal Year ...

证券研究报告 公 2024年03月08日 司 报 告 哔哩哔哩-W(09626) 行 业： 传媒/数字媒体 │ 港 投资评级： 买入（维持） 股 当前价格： 85.65港元 广告业务表现亮眼，亏损持续收窄 - 公 目标价格： 136.65港元 司 事件：2024年3月7日，公司发布2023年第四季度业绩公告。2023年Q4 季 基本数据 报 营业收入63.5亿元，同比增长3.4%；报告期内归母净利润为亏损12.96亿 点 总股本/流通股本(百万股) 412.16/412.16 元，亏损率 20.4%，较2022 年同期收窄3.9pct；经调整净亏损为5.56亿 评 流通市值(百万港元) 35,301.23 元，同比收窄58%。 每股净资产(元) 48.38  亏损持续收窄 资产负债率(%) 57.08 报告期内，公司毛利润16.6亿元，同比增长32.9%；毛利率相比2022年同 一年内最高/最低(港元) 204.00/67.80 期上升 5.8pct 至 26.1%，毛利率连续 6 个季度提升。归属母公司净亏损 12.96亿元，对应亏损率比2022年同期收窄3.9pct至20.4%，其中调整后 股价相对走势 ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月8日 美元10.60 美元13.00 +22.6% 哔哩哔哩 (BILI US) 游戏下半年可见性增强，2024 年 3 季度或实现扭亏为盈，维持买入 个股评级  4季度业绩符合预期，全年经营现金流转正。哔哩哔哩2023年4季度收入 为63亿元人民币（下同），同/环比增3%/9%，符合我们/市场预期。调整 买入 后归母净亏损为5.6亿元，同/环比收窄58%/36%，对比我们/市场预期的 5.7亿元/6.5亿元，主要受益于毛利率提升（同比+6/环比+1百分点至26% 1年股价表现 ）。全年首次实现正向经营现金流2.7亿元。 BILI US  4季度业绩概览：1）广告/VAS收入维持快速增长，分别同比增28%/22% 23 00 %% MSCI中国指数 ，效果广告同比增60%+ 。2）交易场景成为广告收入增长的主要支撑之一 10% 0% ，2023年全年电商带货GMV 100亿元，日均2600万用户观看带货内容， -10% -20% 渗透率26%，4季度日均超6万UP主参与带货。3）DAU/日均视频观看量 -30% 同比增8%/10%，较 ...

IT之家 3 月 7 日消息，据新浪科技报道，在今天公布 2023 年第四季度及全年财报后，B站（哔哩哔哩）董事长兼 CEO 陈睿、副董事长兼首席运营官李旎、首席财务官樊欣等公司高管出席了财报电话会议。 陈睿在回复分析师的直播业务相关提问时表示，平台的很多直播都是有关于B站的“特色和优势品类”，和公司在视频领域的竞争优势相一致。 陈睿声称，“比如虚拟主播这一块，我们在国内应该是最强势，遥遥领先。再比如我们在知识类的，像法律类的直播，在其他平台上是不太可能有的，但在B站上是非常流行的。”同时，陈睿还谈到了今年直播领域的规划：今年工作重点是“会更强调直播业务经营的质量”，“我们会更关注毛利润和毛利率的提升，真正把我们业务的增长质量做得更好。” 据IT之家今天早些时候报道，B站（哔哩哔哩）董事长兼首席执行官陈睿在 2023 年第四季度财报电话会上表示，有信心在 2024 年 Q3 实现利润转正，并且开始盈利。 B站今日发布了截至 12 月 31 日的 2023 年第四季度及全年财报。第四季度，总净营收为 63 亿元，同比增长 3%。净亏损 13 亿元，同比收窄 13%。不按照美国通用会计准则，调整后的净亏损为 5. ...

财联社3月7日讯（记者 彭科峰）继前日黄金大涨攻占热搜后，今日和黄金相关的两则新闻又再冲上百度热搜榜前列：其一为“多家金店足金报价突破650元每克”，其二为“内地游客挤爆香港金店”。近期的这波追金热还能持续多久？ 财联社记者注意到，国内外主流机构目前仍然普遍看好黄金。但和机构普遍看好黄金不同，在微博、B站等平台上，不少自媒体、写手发文看低黄金。有人认为国际黄金的价格容易被交易商等操纵，投资者不能上当。公共舆论场与社交媒体之间对黄金的看法其实已经有所分歧。 对此，某券商宏观分析师向财联社记者表示，黄金投资当然有风险，但主要针对黄金期货、黄金FTE，因为此类投资极易低价高倍杠杆，但实物黄金则不同，长期来看仍有一定升值空间，在世界局势不稳定的大背景下，不可用刻舟求剑的思维看待黄金未来走势。 内地金价暴涨，投资客南下香港购金 财联社记者注意到，今日冲上热搜的两则黄金相关的新闻有着一定程度上的内在联系。今日上午，多家品牌金店的实时零售继续上探。据了解到，当前老庙黄金的足金金价为658元/克，周大福、周大生的足金金价为655元/克。 而据上海黄金交易所数据显示，今日黄金价格高开高走。今日开盘，上海金为502.98元，午盘 ...

B站董事长兼首席执行官陈睿在2023年第四季度财报电话会上表示，预计将在2024年第三季度实现调整后运营利润转正。 陈睿表示，2024年B站最重要的工作有两个：第一，实现盈利的目标，B站将会持续加强商业化能力，提升经营效率，进一步优化毛利率，合理地管理开支，有信心在2024年第三季度实现调整后运营利润转正，并且开始盈利。第二，B站将会在保证盈利的基础上，保持内容生态的健康发展，确保在高质量内容方面的口碑和心智。 2023年B站全年总营收达225.3亿元人民币，其中第四季度总营收达63.5亿元，毛利率连续6个季度环比提升至26.1%，调整后净亏损同比大幅收窄58%。第四季度经营现金净流入6.4亿元人民币，并实现了全年正向经营现金流。 免责声明：此文内容为本网站刊发或转载企业宣传资讯，仅代表作者个人观点，与本网无关。仅供读者参考，并请自行核实相关内容。 ...

Bilibili (BILI) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to loss of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -18.75%. A quarter ago, it was expected that this Chinese video sharing website would post a loss of $0.24 per share when it actually produced a loss of $0.29, delivering a surprise of -20.83%.Over the last four quarters, the com ...

Core Viewpoint - Bilibili Inc. reported a 3% increase in total net revenues for both the fourth quarter and fiscal year 2023, highlighting growth in advertising and value-added services despite a net loss that narrowed significantly compared to the previous year [2][11][15]. Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million) and RMB22.5 billion (US$3.2 billion) for the full year, both reflecting a 3% increase year-over-year [2][11]. - Advertising revenues reached RMB1.9 billion (US$271.7 million) in Q4 2023, up 28% year-over-year, and RMB6.4 billion (US$903.1 million) for the year, up 27% [2][11]. - Value-added services (VAS) revenues were RMB2.9 billion (US$402.4 million) in Q4 2023, a 22% increase, and RMB9.9 billion (US$1.4 billion) for the year, a 14% increase [2][11]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), up 33% year-over-year, with a gross profit margin of 26.1%, improving from 20.3% in the same period last year [2][11][12]. - The net loss narrowed to RMB1.3 billion (US$182.6 million) in Q4 2023, a 13% improvement, and RMB4.8 billion (US$677.7 million) for the year, a 36% improvement [2][11][15]. Operational Efficiency - Operating cash flow was positive at RMB640.4 million (US$90.2 million) in Q4 2023, compared to negative RMB707.3 million in the same period last year [10][12]. - The company reduced operating expenses by 17% year-over-year in Q4 2023 and 14% for the full year, contributing to improved financial metrics [3][12][13]. User Engagement - Average daily active users (DAUs) exceeded 100 million in Q4 2023, representing an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform [3][11]. - Over 3 million content creators earned income on Bilibili in 2023, a 30% increase compared to 2022, indicating a strengthening community ecosystem [3][11]. Future Outlook - The company aims to continue enhancing its commercialization strategy and monetization products in 2024, focusing on creating value for users, creators, and shareholders [3][11].

Financial Performance - For Q4 2023, total net revenue reached RMB 6.3 billion (approximately $894.3 million), a 3% increase year-over-year[7] - Advertising revenue for Q4 2023 was RMB 1.9 billion (approximately $271.7 million), up 28% year-over-year, while for the full year 2023, it reached RMB 6.4 billion (approximately $903.1 million), a 27% increase[7] - Value-added services revenue for Q4 2023 was RMB 2.9 billion (approximately $402.4 million), a 22% increase year-over-year, and for the full year 2023, it totaled RMB 9.9 billion (approximately $1.4 billion), a 14% increase[7] - Gross profit for Q4 2023 was RMB 1.7 billion (approximately $233.8 million), a 33% increase year-over-year, with a gross margin of 26.1%, up from 20.3% in the same period last year[8] - The net loss for Q4 2023 was RMB 1.3 billion (approximately $182.6 million), narrowing by 13% year-over-year, while the full year net loss was RMB 4.8 billion (approximately $677.7 million), a 36% reduction[8] - Adjusted net loss for Q4 2023 was RMB 555.8 million (approximately $78.3 million), a 58% year-over-year reduction, and for the full year, it was RMB 3.4 billion (approximately $480.9 million), down 49%[8] - Net revenue for the fiscal year was RMB 22.5 billion (USD 3.2 billion), a 3% increase compared to 2022[14] - Net loss narrowed to RMB 4.8 billion (USD 677.7 million), a 36% improvement compared to the previous year[17] - Adjusted net loss was RMB 3.4 billion (USD 480.9 million), a 49% reduction year-over-year[17] - Operating loss was RMB 5.1 billion (USD 713.3 million), a 39% decrease from 2022[17] User Engagement - Daily active users (DAUs) reached 100.1 million in Q4 2023, an 8% increase compared to the same period in 2022[8] - The number of content creators earning revenue on the platform exceeded 3 million in 2023, a 30% increase from 2022[9] Cash Flow and Expenses - The company achieved positive operating cash flow for the full year 2023, with Q4 operating cash flow at RMB 640.4 million (approximately $90.2 million)[8] - Total operating expenses were RMB 3 billion (USD 417.6 million), a decrease of 17% year-over-year, with sales and marketing expenses down 11%[12] - R&D expenses were RMB 4.5 billion (USD 629.2 million), a decrease of 6% year-over-year, due to a reduction in R&D personnel[17] - Net cash provided by operating activities was RMB 266.6 million (USD 37.6 million), compared to RMB 3.9 billion used in 2022[18] Future Outlook - The company plans to continue driving community growth and commercialization in 2024, aiming to create value for users, creators, and shareholders[10] - The company will hold an earnings conference call on March 7, 2024, at 7:00 AM EST[19] Market and Investment - The total unredeemed principal amount of convertible preferred bonds was USD 861.8 million (RMB 6.1 billion) as of December 31, 2023[18] - The fair value change loss on investments in listed companies for the three months ended September 30, 2023, was RMB 137,358 thousand, an increase from RMB 59,688 thousand in the same period of 2022[33] Non-GAAP Measures - The company uses non-GAAP financial measures to assess its operating performance, excluding certain expenses[21] Currency and Exchange Rate - The exchange rate used for conversions is RMB 7.0999 to USD 1.00 as of December 29, 2023[23] Risks and Uncertainties - Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ significantly[24]