Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company reported a revenue of 5.665 billion yuan for Q1 2024, representing a year-on-year growth of 11.74%. Gross profit reached 1.605 billion yuan, up 45.42% year-on-year, while net profit was -0.765 billion yuan, compared to -0.630 billion yuan in the same period last year. Adjusted net profit was -0.456 billion yuan, an improvement from -1.031 billion yuan year-on-year [2][3]. - The user ecosystem is steadily improving, with daily active users reaching 102 million, a year-on-year increase of 9.28%. Monthly active users were approximately 342 million, up 8.34% year-on-year. The average user engagement time reached 105 minutes, a historical high [2]. - The advertising business is experiencing rapid growth, with Q1 2024 advertising revenue of 1.669 billion yuan, a year-on-year increase of 31.20%. The revenue from performance-based advertising grew by over 50% [2][3]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a gross margin of 28.34%, an increase of 6.56 percentage points year-on-year, marking seven consecutive quarters of positive growth. The overall operating expense ratio decreased to 42.79%, down 6.10 percentage points from the same period in 2023 [3]. - The company’s revenue forecast for 2024-2026 is projected to be 25.067 billion yuan, 28.273 billion yuan, and 30.134 billion yuan, respectively, with adjusted net profits expected to be -1.554 billion yuan, 0.418 billion yuan, and 1.397 billion yuan [8]. User Engagement - The platform's daily average video views exceeded 5 billion, a year-on-year increase of 22%, and monthly interactions surpassed 16.4 billion, up 15% year-on-year. Over 1.5 million creators earned income, with a more than 50% increase in the number of creators earning through advertising [2]. Business Segments - The value-added services segment generated 2.529 billion yuan in revenue, a year-on-year increase of 17.28%. The advertising segment continues to optimize its products and expand advertising scenarios. The mobile gaming segment saw a revenue decline of 13.15% to 0.983 billion yuan due to the natural decline in older games, but new game launches are expected to boost future revenues [2].

Investment Rating - The report assigns a "Buy" rating for both US and Hong Kong stocks of Bilibili (BILI), with a current price of 13.74 USD / 106.3 HKD and a fair value of 24.75 USD / 193.28 HKD [1][18]. Core Insights - The company reported a total revenue of 56.65 billion RMB for Q1 2024, exceeding consensus expectations and showing a year-over-year growth of 12% [7][9]. - The gross margin improved to 28.3%, up 6.6 percentage points year-over-year, indicating effective cost management and revenue growth strategies [7][13]. - The net loss attributable to shareholders was 7.5 billion RMB, which was better than the expected loss of 8.15 billion RMB, reflecting a significant reduction in losses [7][9]. User Growth and Engagement - In Q1 2024, Daily Active Users (DAU) reached 102.4 million, a year-over-year increase of 9%, while Monthly Active Users (MAU) were 34.2 million, also up 8% [3][4]. - The average daily time spent per user was 105 minutes, marking a new high and a 9% increase year-over-year [3][4]. Revenue Breakdown - Advertising revenue for Q1 2024 was 16.69 billion RMB, up 31% year-over-year, driven by improved product efficiency and healthy overall traffic growth [9][11]. - Live streaming and Value-Added Services (VAS) revenue reached 25.29 billion RMB, a 17% increase year-over-year [9][11]. - Game revenue was 9.83 billion RMB, down 13% year-over-year, primarily due to a lack of new product launches [11][12]. Profitability and Cost Management - The report highlights a strategy focused on increasing gross profit while reducing losses, with operational expenses showing a slight decrease year-over-year [7][15]. - The management expenses were reported at 5.3 billion RMB, down 7% year-over-year, while sales expenses were 9.27 billion RMB [13][15]. Future Projections - The company expects advertising revenue to grow by 30% and 23% in 2024 and 2025, respectively, reaching 83 billion RMB and 102 billion RMB [18][19]. - Total revenue is projected to grow by 14% and 15% in 2024 and 2025, reaching 256 billion RMB and 296 billion RMB [18][19]. - The report anticipates a gradual improvement in profitability, with a forecasted non-GAAP net loss of 12.24 billion RMB in 2024 and a potential profit of 11.29 billion RMB in 2025 [18][19].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨哔哩哔哩 （ ） -W 9626.HK [BTa站bl2e0_2T4itQle1] 财报点评：广告收入高速增长，亏 损持续收窄 报告要点 [5Ta月ble2_3S日umBm站ary公]布 24Q1 财报。B 站 24Q1 实现营收 56.65 亿元，同比增长 12%；毛利润 16.05亿元，同比增加45%；毛利率达28.3%，较去年同期的21.8%增加6.5pct，实现连续第 7个季度环比提升；Non-GAAP净利润为亏损4.56亿元，同比收窄56%。收入端，广告业务 收入同比增长31%至16.69亿元，持续高速增长。同时B站24Q1实现经营现金流流入6.38 ...

Investment Rating - Maintains a "Buy" rating with an adjusted target price of $16.8 USD / 131 HKD [3][6][7] Core Views - Revenue in 1Q24 reached RMB 5.67 billion, a 12% YoY increase, surpassing market expectations by 1% [3] - Adjusted net loss narrowed to RMB 440 million, better than the market expectation of RMB 500 million, with a 57% YoY improvement [3] - Adjusted loss margin improved by 12.5 percentage points YoY to 7.8% [3] - Daily active users (DAU) grew 9.3% YoY to 100 million, while monthly active users (MAU) reached 342 million, an 8% YoY increase [3] - Advertising revenue grew 31% YoY in 1Q24, with expectations of maintaining a high growth rate of 27% YoY in 2Q24 [3] - Game revenue declined 13% YoY due to the decline of older games, but is expected to recover with the launch of the new game "Three Kingdoms: Strategic World" on June 13 [3] - Gross margin improved to 28.3% in 1Q24, up 6.5 percentage points YoY and 2.2 percentage points QoQ, driven by the optimization of revenue structure [3] - The company aims to achieve adjusted operating profit breakeven in 3Q24 [3] Financial Forecasts - 2024E revenue is forecasted at RMB 24.94 billion, with 2025E revenue expected to reach RMB 27.35 billion [3][4] - Adjusted net loss for 2024E is projected at RMB 395 million, turning to a profit of RMB 984 million in 2025E [4] - Target P/S ratio for 2024E is 2.0x, with a slight decline to 1.8x in 2025E [4] User Metrics and Advertising - Average daily usage time reached a record high of 105 minutes in 1Q24 [3] - Advertising growth is supported by increased traffic, expanded ad inventory, and improved e-commerce ecosystem [3] Game Business Outlook - Game revenue is expected to return to positive growth in 2Q24 with the launch of the new game "Three Kingdoms: Strategic World" [3] Valuation and Target Price - The target price is based on a 2024E P/S ratio of 2.0x, reflecting confidence in the company's steady traffic growth and improving advertising ecosystem [3][6][7] Industry Context - The report covers the internet industry, with a focus on companies like Bilibili, Tencent, and NetEase, highlighting their performance in gaming and advertising sectors [16]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong performance in advertising growth, with a notable focus on the upcoming game "Three Kingdoms: Strategizing the World" set to launch in June [1][2] - The Q1 2024 financial results showed a revenue of 5.7 billion RMB, representing a year-over-year increase of 12% but a quarter-over-quarter decrease of 11% [2] - The adjusted net profit for Q1 2024 was a loss of 440 million RMB, significantly narrowing compared to the previous year [2] Financial Performance - The company's Q1 2024 revenue breakdown includes: - Mobile gaming revenue of 983 million RMB, down 13% year-over-year - Value-added services revenue of 2.529 billion RMB, up 17% year-over-year - Advertising revenue of 1.669 billion RMB, up 31% year-over-year - IP derivatives and other business revenue of 484 million RMB, down 5% year-over-year [4][6] - The overall gross margin improved to 28.3%, an increase of 6.6 percentage points year-over-year [4] - The monthly active users (MAU) grew by 8% year-over-year to 341.5 million, while daily active users (DAU) increased by 9% to 102 million [4][6] Future Projections - Revenue forecasts for FY2024-2026 are projected at 25.9 billion, 29.5 billion, and 33.6 billion RMB respectively, with a non-GAAP net profit forecast of -360 million, 1.57 billion, and 2.41 billion RMB [5][7] - The target price for 2024 is set at 129 RMB or 142 HKD, with a valuation based on MAU and price-to-sales ratios [4][7]

公司研究 | 季报点评 哔哩哔哩-W 09626.HK 买入（维持） 广告算法更新驱动收入利润超预期 股价（2024年05月24日） 106.3港元 目标价格 154.08港元 52周最高价/最低价 151.3/67.8港元 ——哔哩哔哩（9626.HK）24Q1点评 总股本/流通H股（万股） 42,126/33,755 H股市值（百万港币） 44,780 核心观点 国家/地区 中国 行业 传媒 ⚫ 总收入：24Q1达56.6亿（yoy+11.74%，qoq-10.78%），广告和直播助推公司主 报告发布日期 2024年05月26日 要增长。24Q1毛利率达28.3%（yoy+6.56%，qoq+2.20%）。24Q1销售费用为 9.3亿（yoy+5.33%，qoq-17.63%），管理费用为5.3亿（yoy-6.98%， 1周 1月 3月 12月 qoq+3.88%），研发费用为9.7亿（yoy-6.00%，qoq-27.29%）。24Q1Non-gaap 绝对表现% -17.6 8.14 31.8 -23.25 归母净利润达-4.4亿（yoy-57.25%，qoq-20.84%），实现持续减亏。24Q1N ...

传媒 | 证券研究报告 — 调整盈利预测 2024年5月24日 09626.HK 哔哩哔哩-W 买入 广告收入增长加速，重点新游6月将上线 原评级：买入 市场价格:港币119.80 根据公司 24Q1 未审计业绩公告，哔哩哔哩 24Q1 营业收入 56.65 亿元，同比 +12%；经调整后归母净亏损 4.40 亿元，同比收窄 57%。广告收入快速增长， 板 块评级:强于大市 新游已定档6月上线，毛利率连续7个季度提升。维持买入评级。 股价表现 支撑评级的要点 8%  调整后净亏损持续收窄，AI内容播放量同比增长 81%。哔哩哔哩 24Q1 (4%) 营业收入 56.65 亿元，同比+12%；归母净亏损 7.49 亿元，同比扩大 (16%) 19%，主要因为 23Q1 录得债务抵消产生了一次性收益；经调整后归母 (27%) 净亏损 4.40亿元，同比收窄 57%；经营性现金流入达到 6.4亿元。24Q1 (39%) B 站 DAU/MAU 达到 1.02/3.42 亿，同比+9%/+8%，日均使用时长 105 分 钟，月活和日均使用时长创历史新高。日均视频播放量 50亿，同比+22%； (51%) ya 3M ...

公[T司abl点e_H评ea报der告] ●传媒互联网行业 2024年 5月 23日 [Table_Title] [Table_StockCode] 哔哩哔哩(9626.HK) 亏损大幅收窄，关注代理新游上线表现 [Table_InvestRank] 推荐 维持评级 --公司 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]公 布 2024 年度一季报：2024 年第一季度公司实现营业收入 56.65 [岳Ta铮b le_Authors] ：010-8092-7630 亿元，同比增长 11.74%，归母净利润为亏损 7.49亿元，经调整后净亏损为 4.56 ：yuezheng_yj @chinastock.com.cn 亿元（QoQ-17.98%，YoY-55.77%），经调整后净亏损同比环比均有明显收窄， 分析师登记编码：S0130522030006 同时单季度毛利率 28.34%，毛利率实现连续七个季度增长。 ⚫ 日均使用时长创新高，社区活跃度保持高位稳定：2024年一季度哔哩哔哩 研究助理 祁天睿 日均活跃用户达 1.02亿（YoY+9%），月活跃用户达 3.4 ...

公[T司abl点e_H评ea报der告] ●传媒互联网行业 2024年 5月 23日 [Table_Title] [Table_StockCode] 哔哩哔哩(9626.HK) 亏损大幅收窄，关注代理新游上线表现 [Table_InvestRank] 推荐 维持评级 --公司 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]公 布 2024 年度一季报：2024 年第一季度公司实现营业收入 56.65 [岳Ta铮b le_Authors] ：010-8092-7630 亿元，同比增长 11.74%，归母净利润为亏损 7.49亿元，经调整后净亏损为 4.56 ：yuezheng_yj @chinastock.com.cn 亿元（QoQ-17.98%，YoY-55.77%），经调整后净亏损同比环比均有明显收窄， 分析师登记编码：S0130522030006 同时单季度毛利率 28.34%，毛利率实现连续七个季度增长。 ⚫ 日均使用时长创新高，社区活跃度保持高位稳定：2024年一季度哔哩哔哩 研究助理 祁天睿 日均活跃用户达 1.02亿（YoY+9%），月活跃用户达 3.4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 內 幕 消 息 2024 年 第 一 季 度 未 經 審 計 的 財 務 業 績 公 告 嗶哩嗶哩股份有限公司（「嗶哩嗶哩」或「本公司」）欣然宣佈其根據美國證券交易委員會 （「美國證交會」）的適用規則刊發的截至2024年3月31日止第一季度未經審計財務業績 （「2024年第一季度業績」）。 本公告隨附的附表I為本公司於2024年5月23日（美國東部時間）刊發的有關2024年第一季 度業績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法中》的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼 ...