交银国际研究 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 22,528 | 26,832 | 30,321 | 32,245 | 34,465 | | 同比增长 (%) | 2.9 | 19.1 | 13.0 | 6.3 | 6.9 | | 净利润 (百万人民币) | (3,425) | (22) | 2,316 | 3,298 | 4,145 | | 每股盈利 (人民币) | (8.29) | (0.05) | 5.47 | 7.86 | 9.93 | | 同比增长 (%) | -51.1 | -99.4 | -10,402.4 NA | 43.8 | 26.3 | | 前EPS预测值 (人民币) | | | 5.46 | 7.49 | 9.97 | | 调整幅度 (%) | | | 0.1 | 5.0 | -0.4 | | 市盈率 (倍) | ns | ns | 24.0 | 16.7 | 13.2 | ...

Investment Rating - The report assigns a "Buy" rating for the company Bilibili (BILI US) with a target price of $26.00, indicating a potential upside of 43.3% from the current price of $18.15 [4][24]. Core Insights - The first quarter profits exceeded expectations, driven by growth in gaming and advertising, with a revenue of 7 billion RMB, representing a year-on-year increase of 24% [2][7]. - The report highlights that the company's monthly active users (MAU) increased by 28 million quarter-on-quarter, with a year-on-year growth of 8% [7][19]. - The gaming revenue saw a significant year-on-year increase of 76%, primarily due to the success of the game "Three Kingdoms" [7][19]. - Advertising revenue also grew by 20% year-on-year, benefiting from increased traffic and improved marketing efficiency through AI technology [7][19]. Financial Overview - Revenue projections for the company are as follows: - 2023: 22,528 million RMB - 2024: 26,832 million RMB - 2025E: 30,321 million RMB - 2026E: 32,245 million RMB - 2027E: 34,465 million RMB - The net profit is expected to turn positive in 2025, with estimates of 2,316 million RMB, 3,298 million RMB in 2026, and 4,145 million RMB in 2027 [3][25]. - The adjusted net profit for 2025 is projected at 2,316 million RMB, with an adjusted earnings per share of 5.47 RMB [3][25]. User Engagement Metrics - The report indicates that the number of paid users reached 32 million, with a stable payment rate [12][14]. - The average daily usage time per user has shown consistent year-on-year growth, contributing to overall user engagement [9][10]. Market Position and Future Outlook - The company is expected to maintain high growth in gaming, with a projected increase of 59% in the second quarter of 2025, driven by upcoming game updates and new releases [7][19]. - The advertising revenue is anticipated to grow by 18% year-on-year, supported by traffic growth and product optimization [7][19]. - The report maintains a positive outlook on the company's content positioning and user value enhancement, which are expected to drive user engagement and commercialization [7][19].

（文/陈济深 编辑/张广凯） 在B站发布一季报继续盈利同日，一个名为"难评H2S"的新账号发布了第一条视频《12万的萤火虫，它贵吗？》，对蔚来旗下萤火虫汽车进行了详细的评 测，迅速登上B站热门。 "铁秀IRONSHOW"团队由5人构成，以视频制作精良、内容创意丰富著称，是少数又能幽默整活还能输出干货的汽车自媒体博主。其自创的"铁秀坡"甚至成 为了体现汽车底盘优秀与否的一个验证场地，令其在B站拥有了百万粉丝和1.2亿的视频播放量。 然而两个月前的3月15日，"铁秀IRONSHOW"突然宣布解散。 对于解散的原因，团队负责人自称由于创作能力不断消散，在公司经济层面也没进入正向循环，最终做出了立刻停止的决定。 相比陌生的账号名，不少观众意外的发现，视频的评测人正是B站知名汽车区UP主"铁秀IRONSHOW"团队两位原成员。 铁秀负责人在粉丝群解释解散原因 鉴于铁秀运营重心和收入来源均来自B站（抖音粉丝仅有10万），其突然解散和公司经济的困境彼时也引发了诸多网友对于B站商业化环境的反思。 而除了"难评H2S"中的两位原铁秀成员外，在其发布视频前10分钟，原铁秀团队的另外两位成员也通过自己的账号发布了视频《让萤火虫带着 ...

有多少资讯是真正有用的？FinGraph是中文财经世界唯一一家每日图形化早晚专栏，为专注于全球市场的专业人士提供简短、准确、全面的每日概览。每 天只需几分钟即可领先市场。文章内容不构成投资建议。 长期说明：本篇内容为早报，如需查看晚报、周末特辑及相关研究报告，请至知识星球内阅读。 公众号读者专属福利：文末限时限量领取星球新人叠加优惠券知识星球过往内容推荐: 网盘新增1251篇报告（外资报告带ChatGPT 4o中文总结） 中国房地产的真实需求→→（53图）｜会员周末特辑（5月17日） 彭博调查：美对华高关税将持续至年底（30图）｜会员晚报（5月16日） 美欧投资者对中国指数投资大幅减少（30图）｜会员晚报（5月15日） 全球资产史无前例的辉煌时期即将谢幕（30图）｜会员晚报（5月14日） 【续费礼发放】星球4月积分榜 Headline 中国财政收支缺口扩大，预算支出增速超收入增速 境外机构大幅增持中国国债和同业存单，规模创新高 中国青年失业率持续回落，但毕业季后可能上升 雀巢发行人民币点心债，认购火爆票息大幅收窄 哔哩哔哩季度业绩亮眼，转亏为盈超市场预期 美国评级下调后香港强积金可能被迫抛售美国国债 标普50 ...

从B站总营收增速来看，今年一季度增速是过去三年同期的最高增速，增长的态势逐渐明显。环比2024 年四季度总营收达到77.34亿元，一季度的总营收则有所回落，同样，经调整后的净利润环比也下滑了 近20%。 从业务板块来看，一季度，B站广告业务收入近20亿元，同比增长20%。其中效果广告同比增长超过 30%，游戏、网络服务、电商、家居家电、汽车成为了广告收入贡献前五的行业，特别是家居家电内 容，B站透露，超过1亿人在B站消费家居家电内容，带动相关广告收入增长近40%，母婴、宠物相关的 广告收入同比增长超过了3倍。AI类广告表现突出，收入同比增长近400%。不断生长的优质内容和持续 增长的用户价值，吸引更多的广告主在B站进行投放，一季度广告主数量同比增长超过35%。 5月20日晚，哔哩哔哩（以下简称"B站"）公布了截至2025年3月31日的第一季度财务报告。财报显示， 2025年一季度B站营收达70.03亿元，同比增长24%。经调整后的净利润为3.62亿元，2024年同期这部分 亏损达到4.56亿元，实现由亏转盈。 游戏和广告依然贡献了主要的收入增长，游戏收入的同比增速更是高达76%。日均活跃用户和上年同期 相比略 ...

Investment Rating - The report maintains a "BUY" rating for Bilibili, indicating a potential return of over 15% over the next 12 months [21]. Core Insights - Bilibili's total revenue for 1Q25 increased by 24% year-over-year to RMB7.0 billion, aligning with Bloomberg consensus estimates. The adjusted net income reached RMB362 million, a significant improvement from a net loss of RMB456 million in 1Q24, driven by gross profit margin expansion and controlled R&D expenses [1][2]. - For 2Q25, the expectation is for continued strong performance with a projected 20% year-over-year revenue growth, supported by advertising and mobile games [1]. - The target price has been fine-tuned to US$26.5, reflecting a 46% upside from the current price of US$18.15, based on a 25x FY26E non-GAAP PE [3][11]. Financial Performance Summary - **Revenue Growth**: - FY23A: RMB22,528 million - FY24A: RMB26,832 million (19.1% YoY growth) - FY25E: RMB30,584 million (14.0% YoY growth) [2][18]. - **Gross Margin**: - FY23A: 24.2% - FY24A: 32.7% - FY25E: 36.9% [2][18]. - **Adjusted Net Profit**: - FY23A: (RMB3,533.8 million) - FY24A: (RMB22.1 million) - FY25E: RMB2,243.8 million [2][18]. - **Earnings Per Share (EPS)**: - FY25E: 534.14 RMB cents, compared to consensus EPS of 4.53 RMB [2][18]. Business Segment Performance - **Value-Added Services (VAS)**: Revenue grew by 11% YoY to RMB2.81 billion, driven by live streaming and innovative monetization methods [7]. - **Advertising Revenue**: Increased by 20% YoY to RMB2.00 billion, with performance ads growing over 30% YoY [7]. - **Mobile Games Revenue**: Strong growth of 76% YoY to RMB1.73 billion, attributed to the success of the game "SanMou" [7]. Margin Expansion - The overall gross profit margin improved by 8 percentage points YoY to 36.3% in 1Q25, with adjusted operating profit margin rising by 14 percentage points YoY to 4.9% [7][8]. Valuation and Target Price - The SOTP-derived target price of US$26.5 reflects the valuation of different business segments: - Advertising: US$12.7 (48% of total valuation) - VAS: US$6.4 (24%) - Mobile Games: US$7.2 (27%) [11][12][13]. Market Data - Market capitalization stands at approximately US$7.62 billion, with a 52-week high of US$29.66 and a low of US$12.96 [3]. - The average trading volume over the past three months is US$65.4 million [3]. User Engagement Metrics - Monthly Active Users (MAUs) grew by 8% YoY to 368 million, with average daily time spent on the platform increasing by 3% YoY to 108 minutes [7]. Future Outlook - Management is optimistic about sustaining growth in mobile games, particularly with upcoming content releases for "SanMou" [7]. - For 2Q25, total revenue is expected to reach RMB7.36 billion, with mobile games, advertising, and VAS revenue projected to grow by 63%, 18%, and 11% YoY, respectively [7].

2025年5月21日 星期三 驱动中国昨夜今晨 格力前秘书孟羽童或重返公司直播 有消息称，格力电器前秘书孟羽童可能与董明珠一同参与公司的直播活动。对此，格力方面表示具体情 况尚在确认中。孟羽童于20日下午通过个人社交平台分享了她与董明珠的聊天记录，并提到"时隔两 年，终于收到了来自前老板的微信"。格力电器官方账号也在该帖文下留言："欢迎回家吃饭"。 联想自研芯片规格曝光 根据数码博主@数码闲聊站的消息，联想正在开发一款名为"SS1101"的自研芯片。该芯片采用了十核 CPU架构，配备高性能GPU，单核GeekBench 6跑分超过2000，多核得分突破6700，性能接近天玑8400 水平。 美的前副总裁殷必彤加盟海信集团担任新职务 雷军：小米玄戒O1芯片进入量产阶段 小米集团董事长雷军宣布，小米自主研发设计的3nm旗舰芯片——玄戒O1已开始大规模量产。这款芯片 将搭载于高端手机小米15s Pro和超高端OLED平板小米平板7 Ultra上。高通CEO安蒙指出，尽管小米推 出了自研芯片，但高通仍是其重要的芯片供应商。 零跑汽车创始人朱江明回应身故谣言 零跑汽车创始人兼董事长朱江明针对近期关于他去世的不实传言进行 ...

Group 1 - HSBC upgraded Bilibili Inc.'s H-shares rating from Hold to Buy [1] - The target price for Bilibili Inc. is set at HKD 175.50 [1]

Group 1: Hong Kong Monetary Environment - The President of the Hong Kong Monetary Authority, Yu Weiwen, stated that the current low interest rate environment for the Hong Kong dollar may not be sustainable, and citizens should consider potential risks when making property, investment, or borrowing decisions [1] - The supply of Hong Kong dollar funds has become abundant due to a significant increase in surplus, but future fluctuations in the Hong Kong dollar exchange rate and interest rates remain uncertain [1] Group 2: Financial Data and Tax Revenue - From January to April, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%, with tax revenue at 65,556 billion yuan, down 2.1% [3] - The securities transaction stamp duty reached 53.5 billion yuan, marking a year-on-year increase of 57.8% [3] Group 3: Company Developments - Xinhua Insurance is set to participate in the third batch of insurance fund long-term investment reform pilot projects, aiming to increase its allocation to Hong Kong stocks [3] - Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [4] - CNOOC Defense expects the current shipbuilding market cycle to continue, supported by a balanced global shipyard capacity and demand for fleet renewal [5] - GCL-Poly Energy's assistant vice president indicated that the cost of granular silicon still has room for reduction, with inventory levels remaining low [5] - Nongfu Spring's chairman stated that while the company does not oppose outsourcing, all current products cannot be outsourced due to high dependency on water sources and customized production systems [6] - Hisense Visual released the industry's first "projection-level" home theater equipment, featuring advanced laser projection technology [7] - Huyou-B's CSF-1R inhibitor has been prioritized for review by the National Medical Products Administration for treating TGCT [8] - Shanghai Pharmaceuticals received FDA approval for its rivaroxaban tablets [9] - Tencent launched the first industrial-grade AIGC game content production engine, significantly enhancing game asset generation efficiency [10] Group 4: Financial Performance - ZTO Express reported a 40.9% year-on-year increase in net profit for Q1, reaching 2.0392 billion yuan, with a 19.1% increase in package volume [10] - Gome Retail achieved a profit of 405 million yuan, turning around from a loss, despite a 1.4% decrease in revenue [10] - Huazhu Group's Q1 net profit increased by 35.66% to 894 million yuan, with total revenue rising by 2.22% [11] - Bilibili reported a 24% increase in total revenue for Q1, reaching 7.003 billion yuan, with an adjusted net profit of 362 million yuan, marking a return to profitability [12]

Group 1 - Bilibili Inc. is a leading video social platform targeting the young generation in China, facilitating interaction between users and content creators [1] - The platform provides advanced technology to assist creators in generating video content [1]