Investment Rating - The report maintains a "Buy" rating for the company, Bilibili (BILI US), with a target price adjusted to $24.00, reflecting a potential upside of 40.8% from the current price of $17.05 [1][2][12]. Core Insights - The report highlights that the gaming revenue is in line with expectations and expresses optimism about the potential for profit release. The company has achieved profitability, leading to a switch to PEG valuation based on comparable entertainment and gaming companies [1][6]. - The adjusted net profit forecast for 2025 has been slightly reduced by 3% to RMB 1.87 billion, while the revenue growth for 2025 is expected to be 19% for advertising and 9% for gaming [6][9]. - The report emphasizes the importance of revenue structure optimization and ongoing cost control to enhance profitability over the long term [6][9]. Financial Forecasts - The revenue projections for 2024E, 2025E, and 2026E are RMB 26,716 million, RMB 29,688 million, and RMB 31,936 million respectively, with a compound annual growth rate (CAGR) of 43% for adjusted net profit from 2025 to 2027 [5][14]. - The report anticipates a gross margin of 36% for Q4 2024, with adjusted operating profit expected to reach RMB 4 billion [6][9]. - The company’s market capitalization is approximately $5.55 billion, with a 52-week high of $29.66 and a low of $8.94 [4][12]. Revenue Breakdown - The revenue breakdown for Q4 2024E includes mobile games at RMB 1,768 million, value-added services (VAS) at RMB 2,989 million, and advertising revenue at RMB 2,389 million, reflecting a year-on-year growth of 24% for advertising [9][14]. - The report notes that the gaming segment is expected to contribute significantly to revenue, with a projected increase in revenue from games in 2025 [6][9]. Market Position - Bilibili is positioned favorably within the entertainment content sector, with a competitive edge in gaming and advertising, supported by product optimization and marketing strategies [1][6][12]. - The report suggests that the stock price has limited downside potential, reinforcing the "Buy" rating based on the company's growth prospects and market dynamics [1][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 177 HKD / 23 USD, indicating a potential upside of 29% from the current price of 137.2 HKD [4][5][7]. Core Insights - The company's revenue is expected to grow by 19% year-on-year in Q4 2024, with adjusted net profit reaching 400 million RMB and an adjusted net profit margin of 5.3% [3]. - The strong performance of the game "Three Kingdoms: Strategizing the World" is anticipated to drive a 76% year-on-year growth in game revenue for Q4 2024, with a focus on long-term operations and an overseas version launch planned for 2025 [3]. - Advertising revenue is projected to reach 2.4 billion RMB in Q4 2024, reflecting a 22% year-on-year increase, supported by the exploration of multi-scenario advertising models and a recent partnership with the Central Radio and Television Station [3]. Financial Projections - The financial model forecasts the following revenue and profit figures (in million RMB): - FY22 Revenue: 21,899 - FY23 Revenue: 22,528 - FY24E Revenue: 26,679 - FY25E Revenue: 29,700 - FY26E Revenue: 32,254 - Adjusted Net Profit FY25E: 1,825 - Adjusted Net Profit FY26E: 2,911 [5].

Market Strategy - US investors seeking "growth at a reasonable price" have two options: investing in struggling companies with turnaround potential or looking for better deals overseas [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and working in Silicon Valley [2] - He serves as an outside adviser to several seed-round startups and has deep exposure to industry-shaping themes [2] - His articles are widely syndicated, appearing on platforms like Robinhood and various web publications [2]

Core Insights - The Matchless Kungfu, an open-world sandbox martial arts game inspired by Chinese culture, is currently available at a 25% discount during the Steam Winter Sale, priced at $14.99 instead of the regular $19.99 [1] - Developed by HuanMos Game and published by Bilibili HK Limited, the game allows players to create their own martial arts hero and explore a vast, dynamic world with no predefined roles [2] - Since its release on November 5, 2024, The Matchless Kungfu has quickly become one of Steam's top-selling early access games, maintaining an 85% Very Positive rating from players [3] Gameplay Features - The game incorporates the mystical art of Qinggong, allowing players to run across water and scale cliffs, enhancing the sense of freedom in gameplay [4] - A unique combat system features five basic attacks and special moves, alongside a "verbal combat" system that adds strategic depth to encounters [4] - The homestead system enables players to build various structures, interact with NPCs, and create a thriving environment that evolves based on player actions [5] Community and Accessibility - The release of version 1.0 was supported by community feedback, and the game now includes Russian and German translations to reach a broader audience [6] - Players can engage with the community through Discord and follow updates on social media platforms, enhancing player interaction and experience [7] Company Background - Bilibili Games, a subsidiary of Bilibili Inc., focuses on delivering interactive gaming experiences and has a diverse portfolio that includes popular mobile games and indie titles [8]

Core Insights - Bilibili (BILI) shares have surged 59.2% year to date, outperforming the Zacks Computer & Technology sector and the Zacks Internet - Services industry [1] - The strong performance is attributed to robust mobile game revenues, creator monetization, and high user engagement metrics [2] Financial Performance - The Zacks Consensus Estimate for fourth-quarter revenues is $1.07 billion, indicating a year-over-year growth of 21.35% [3] - The consensus estimate for earnings is 19 cents per share, unchanged over the past 30 days [3] - For 2024, the revenue estimate is $3.71 billion, reflecting a year-over-year growth of 16.89%, with earnings pegged at 5 cents per share [3] Earnings Surprises - BILI shares have beaten the Zacks Consensus Estimate in two of the last four quarters, with an average negative surprise of 4.25% [4] Growth Drivers - Mobile game revenues increased by 83.8% year over year in Q3 2024, driven by a strong game portfolio [6] - Notable titles include San Guo: Mou Ding Tian Xia, which quickly grossed RMB 1 billion ($138 million) [6] - New game launches and updates are expected to expand the player base and drive revenue growth [7] User Engagement - The average daily time spent per user reached 106 minutes, with daily video views exceeding 5.7 billion, up 23% year over year [8] - The monetization of the creator ecosystem through initiatives like fan charging is enhancing income growth for creators [8] Investment Outlook - BILI is positioned for solid growth prospects due to strong mobile gaming revenues, user engagement, and creator monetization [9] - The company currently holds a Zacks Rank 2 (Buy) and a Growth Score of B, indicating a favorable investment opportunity [9]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 轮到车企研究 B 站了。 焦虑的车企，正在寻找营销的新解药。 车企过去靠配置来划分体验，进而在不同市场、不同用户中精准攫取利润。但新能源时代，产品差异化更 小，技术探索更深，车企需要在传播上花费更多精力，给用户讲清楚自己的产品特点和技术实力。 与此同时，消费者对车企的关注正在从意想不到的地方出现，品牌传播方式也随之变化。广州车展，最火 的是雷军的串场视频，"雷军的移动城堡" 话题上了热搜；再往前，特斯拉把 Cybertruck 直接开到了 B 站 大楼；还有更多车企高管走进直播间，主动跟用户互动。 汽车作为大件消费，天生需要更长的决策路线。碎片化的文字信息、短视频等内容，很难提供系统性的组 织和梳理，让用户对产品形成有效判断。 相比之下，B 站的长视频内容生态，更适合呈现深度内容。根据尼尔森发布的汽车营销趋势报告，9 成的 用户在购车前刷 B 站的深度内容，在所有主要平台中渗透率第一。 在其他平台做视频要做减法，但在 B 站需要做加法。从保镖的车库做 3 年 UP 主的经验来看， ...

Core Viewpoint - Bilibili Inc. has successfully completed a repurchase right offer for its 0.50% Convertible Senior Notes due 2026, with a total principal amount of US$419,107,000 being validly surrendered [1] Company Overview - Bilibili is a leading video community in China, targeting young generations with a mission to enrich their everyday lives through diverse video content [3] - The company is known for its "bullet chatting" feature, enhancing user engagement by allowing real-time comments during video viewing [3] - Bilibili aims to promote Chinese culture globally while fostering a strong community among its users and content creators [3]

Core Insights - Persistent earnings growth is crucial for company profitability and stock price appreciation, with studies indicating that successful stocks often experience earnings acceleration prior to stock price increases [1] - Earnings acceleration is defined as the incremental growth in a company's earnings per share (EPS), specifically when quarter-over-quarter growth rates increase over time [2] - Companies with increasing earnings growth percentages are fundamentally sound, while stagnant or declining growth can lead to price drops [4] Earnings Acceleration Screening - The screening parameters for identifying stocks with earnings acceleration include ensuring that the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, and projected EPS growth rates for the upcoming quarter are expected to surpass prior periods [5][6][7] - Additional screening criteria include a current stock price of at least $5 and an average 20-day trading volume of 50,000 or more, indicating adequate liquidity [8] Highlighted Companies - **Bilibili Inc. (BILI)**: An online entertainment platform in China, with an expected earnings growth rate of 104.3% for the current year and a Zacks Rank of 2 (Buy) [9] - **BrightSphere Investment Group Inc. (BSIG)**: A diversified multi-boutique asset management company, expected earnings growth rate of 45.5% for the current year, holding a Zacks Rank of 1 (Strong Buy) [10] - **Orchid Island Capital, Inc. (ORC)**: A specialty finance company investing in residential mortgage-backed securities, with an expected earnings growth rate of nearly 74% for the current year and a Zacks Rank of 2 (Buy) [11]

Investment Rating - The report maintains a "Buy" rating for Bilibili (BILI.O) with a current price of $18.83 [2] Core Insights - Bilibili's game "Three Kingdoms: Strategy" (referred to as "S4") has had a strong start, achieving its first quarterly profit in Q3 2024 with total revenue of 73.06 billion yuan, a year-over-year increase of 26% [1] - The company is focusing on enhancing its advertising revenue, which reached 20.94 billion yuan in Q3, up 28% year-over-year, driven primarily by performance advertising [1] - The user engagement metrics are at an all-time high, with daily active users reaching 107 million and monthly active users at 348 million [1] Summary by Sections Financial Performance - Q3 2024 total revenue was 73.06 billion yuan, with game revenue at 18.23 billion yuan (up 84% year-over-year) and advertising revenue at 20.94 billion yuan (up 28% year-over-year) [1] - The adjusted net profit for Q3 was 2.36 billion yuan, marking the company's first quarterly profit since going public [1] - The gross margin improved by 9.9 percentage points to 34.9% due to an optimized revenue structure [1] User Engagement - Daily active users reached 107 million, and monthly active users reached 348 million, both setting new records [1] - The average daily usage time per user increased to 106 minutes, a 6-minute increase year-over-year [1] - The number of creators earning income from the platform reached 2.7 million, with total creator income growing by 24% [1] Future Outlook - The company has slightly adjusted its 2024 net profit forecast to -1.36 billion yuan, while increasing the forecasts for 2025 and 2026 to 4.1 billion yuan and 19.7 billion yuan, respectively [1] - Bilibili plans to continue exploring new game genres and enhance its advertising infrastructure, integrating AI technology to improve efficiency [1]

Investment Rating - The report maintains a "Buy" rating for the company, based on improvements in profitability and revised revenue forecasts for 2024-2026 [5][8]. Core Insights - The company achieved its first quarterly profit, with a significant revenue increase of 26% year-on-year, reaching 7.3 billion yuan in Q3 2024. The revenue breakdown includes value-added services (2.8 billion yuan), advertising (2.1 billion yuan), games (1.8 billion yuan), and IP derivatives (600 million yuan) [3][4]. - The gross margin improved to 35%, a 10 percentage point increase from the previous year, attributed to substantial revenue growth while keeping operational costs stable [3]. - The company expects to continue enhancing its profitability, focusing on commercial monetization through high-margin businesses like advertising and gaming, while also fostering community growth [4]. Financial Performance Summary - Revenue for 2024 is projected at 26.69 billion yuan, with a year-on-year growth rate of 18.5%. The forecasts for 2025 and 2026 are 30.31 billion yuan and 34.07 billion yuan, respectively, with growth rates of 14% and 12% [5][20]. - Non-GAAP net profit is expected to improve significantly, with projections of -175 million yuan in 2024, followed by positive net profits of 1.99 billion yuan in 2025 and 3.36 billion yuan in 2026 [5][20]. - The company’s gross profit margin is anticipated to rise to 32.7% in 2024, further increasing to 36.6% in 2025 and 38% in 2026 [20][23]. Advertising and Game Revenue Growth - Advertising revenue grew by 28% year-on-year to 2.1 billion yuan in Q3 2024, driven by enhanced advertising products and efficiency. The company is implementing a multi-faceted advertising strategy to expand its market reach [4]. - Game revenue saw an impressive 84% year-on-year increase, reaching 1.8 billion yuan, with notable contributions from popular titles [3][4]. Future Outlook - The company aims to maintain a dual focus on commercial growth and community user growth post-profitability, leveraging its monetization strategies to support content creators and enhance community engagement [4]. - The target price for the company's stock is set at 21 USD or 162 HKD, reflecting a P/E ratio of 32x for 2025 and 19x for 2026 [5].