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]

Rokid不仅是技术的提供者，更是体验的创新者。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，由哔哩哔哩（以下简称"B站"）和头部AR公司Rokid联合打造的时光代理人沉浸 式AR主题快闪于11月21日在上海静安大悦城全球首发。 在为期半个多月的快闪活动中，Rokid精心策划了多个还原经典剧情场景的沉浸式AR互动游戏，为 《时光代理人》粉丝，二次元爱好者提供充满趣味的沉浸式互动体验。 体验者戴上Rokid AR眼镜，就可以置身《时光代理人》的异次元世界，并且通过手势交互，重走精 彩剧情，和剧中人物零距离互动。整个互动体验约15分钟，体验者现场领取实体的AR委托书后，即 进入"时光照相馆"（剧中关键场景），进行三个还原动画经典桥段的AR游戏挑战。 走到相应的动画墙面前，就会触发游戏剧情。这是因为Rokid的点云技术可以通过采集物体表面的三 维坐标信息来构建三维空间模型。在"时光照相馆"内，点云技术被用来创建室内环境的三维模型。 当体验者走到指定地点，眼镜内置的摄像头会通过图像识别，实现在人流密集的封闭场所的精准定 位，为用户提供流畅的导览体验。 三 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili, with an expected price increase of over 20% within the next six months [1]. Core Insights - Bilibili achieved its first positive adjusted net profit, driven by strong growth in game revenue from the game "Three Kingdoms: Strategy" [1]. - The company's Q3 2024 revenue reached 73.1 billion yuan, exceeding Bloomberg's consensus estimate by 2.3% [1]. - Adjusted net profit for the quarter was 2.4 billion yuan, surpassing Bloomberg's consensus estimate by 2.9%, with a gross margin of 34.9%, also above expectations [1]. Revenue Breakdown - **Mobile Games**: Revenue was 18.2 billion yuan, exceeding Bloomberg's estimate by 9.8%, with a year-over-year growth of 84%, primarily driven by the performance of "Three Kingdoms: Strategy" [1]. - **Advertising**: Revenue reached 20.9 billion yuan, slightly above expectations by 0.3%, with a year-over-year increase of 28%, attributed to improved advertising products and efficiency [1]. - **Value-Added Services (VAS)**: Revenue was 28.2 billion yuan, below expectations by 1.2%, with a year-over-year growth of 9% [1]. - **IP and Derivatives**: Revenue was 5.7 billion yuan, exceeding expectations by 7.8%, but showed a year-over-year decline of 2% [1]. Profitability - Adjusted net profit was 2.4 billion yuan, marking a significant improvement from previous losses, with a gross margin increase of 9.9 percentage points year-over-year [1]. - Operating costs were 47.6 billion yuan, with revenue-sharing costs accounting for 29.1 billion yuan [1]. Future Outlook - The report suggests that Bilibili's cost reduction and efficiency improvements are significant, and the company is expected to benefit from its strategy of developing high-quality self-researched games for global distribution [1]. - Revenue forecasts for FY24E-FY26E are projected at -1.3 billion, 20.6 billion, and 38.6 billion yuan respectively [1].

Core Insights - Bilibili (BILI) reported third-quarter 2024 non-GAAP earnings of 8 cents per share, missing the Zacks Consensus Estimate by 20%, while revenues increased to $1.02 billion, surpassing the estimate by 0.76% [1] - The company's shares have appreciated 52.8% year to date, outperforming the Zacks Computer & Technology sector, which returned 29.3% [2] Revenue Breakdown - Revenues from mobile games, accounting for 24.9% of total revenues, increased 83.8% year over year to RMB 1.82 billion [3] - Value Added Services (VAS) revenues, making up 38.6% of total revenues, increased 8.7% year over year to RMB 2.82 billion [3] - Advertising revenues, which represent 28.7% of total revenues, increased 27.8% year over year to RMB 2.09 billion [3] - Revenues from IP Derivatives and others, comprising 7.8% of total revenues, decreased 2.2% year over year to RMB 567.31 million [3] Operating Performance - The gross profit margin improved to 34.9% from 25% in the year-ago quarter [4] - Research and development (R&D) expenses decreased 15% year over year to RMB 906.1 million, representing 12.4% of sales, a decrease of 600 basis points [4] - Sales & Marketing (S&M) expenses increased 21.2% year over year to RMB 1.2 billion, accounting for 16.5% of sales, a decrease of 60 basis points [4] - General & Administrative (G&A) expenses increased 1.3% year over year to RMB 505.4 million, representing 6.9% of sales, a decrease of 170 basis points [5] - Total operating expenses were RMB 2.61 billion, up 2.2% from the year-ago quarter, with a non-GAAP loss from operations of RMB 272.2 million, improved from RMB 755.4 million in the prior year [5] Financial Position - As of September 30, 2024, cash and cash equivalents totaled RMB 11.7 billion, up from RMB 8.76 billion as of June 30, 2024 [6] - Total debt decreased to RMB 5.02 billion from RMB 5.58 billion as of June 30, 2024 [6] - Cash flow from operating activities was RMB 2.23 billion for the reported quarter, significantly up from RMB 277.4 million in the prior quarter [7] Market Position - BILI currently holds a Zacks Rank 2 (Buy) [8] - Other top-ranked stocks in the sector include Tuya (TUYA), NVIDIA (NVDA), and NetApp (NTAP) [8]

Investment Rating - Buy (Maintained) [1] Core Views - Bilibili achieved its first positive Non-GAAP net profit in 2024Q3, with revenue of RMB 7.306 billion, up 26% YoY and 19% QoQ, surpassing Bloomberg consensus estimates of RMB 7.144 billion [1] - Non-GAAP net profit reached RMB 236 million, exceeding Bloomberg consensus estimates of RMB 217 million [1] - The company announced a share repurchase plan of up to USD 200 million within the next 24 months [1] Financial Performance - Gross margin increased significantly to 34.9% in 2024Q3, up 9.9pct YoY and 4.9pct QoQ, marking the ninth consecutive quarter of sequential improvement [2] - Sales/management/R&D expense ratios were 16.5%, 6.9%, and 12.4% respectively, showing YoY and QoQ declines [2] - Revenue from gaming business surged to RMB 1.823 billion in 2024Q3, up 84% YoY and 81% QoQ, driven by the success of the SLG game "Three Kingdoms: Strategic Conquest" [3] - Advertising revenue reached RMB 2.094 billion in 2024Q3, up 28% YoY and 3% QoQ, with strong growth in performance advertising [4] - Value-added services revenue was RMB 2.821 billion in 2024Q3, up 9% YoY and 10% QoQ, supported by growth in live streaming and premium membership services [4] Business Outlook - The company's gaming and advertising businesses are expected to continue their upward trajectory, with further potential for high-margin growth [2][4] - The game "Three Kingdoms: Strategic Conquest" is expected to maintain strong performance domestically and explore overseas markets in the coming years [3] - New game releases, such as "Jujutsu Kaisen," are anticipated to contribute to future growth, with a focus on younger demographics [3] - Advertising business is projected to sustain high growth rates, driven by improved commercialization infrastructure and increased advertiser budgets [4] Financial Forecasts - Revenue for 2024-2026 is forecasted at RMB 26.7 billion, RMB 30.2 billion, and RMB 32.6 billion respectively [4] - Non-GAAP net profit for 2024-2026 is expected to be RMB -103 million, RMB 1.935 billion, and RMB 3.027 billion respectively [4] - The 2025-2026 Non-GAAP PE ratios are estimated at 29x and 19x based on the current stock price [4] Market Data - Closing price: USD 18.59 [6] - 52-week low/high: USD 8.80/31.77 [6] - Market capitalization: USD 7.831 billion [6] - Price-to-book ratio: 4.04x [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of USD 25.00, indicating a potential upside of 34.5% from the current price of USD 18.59 [5][15]. Core Insights - The company achieved its first operational profit in Q3 2024, with revenues of RMB 7.3 billion, reflecting a year-on-year growth of 26% and a quarter-on-quarter growth of 19% [1][2]. - The adjusted operational profit reached RMB 272 million, surpassing market expectations, driven by improved revenue structure and cost management [1][3]. - Game revenue surged by 84% year-on-year, significantly contributing to overall revenue growth, while advertising revenue grew by 28% [2][3]. Financial Overview - Total revenue projections for 2024E are RMB 26.7 billion, with a year-on-year growth of 18.6% [4]. - The company is expected to achieve a net profit of RMB 1.9 billion in 2025, reflecting a significant turnaround from previous losses [4]. - The gross margin is anticipated to improve to 36% in Q4 2024, supported by high-margin game and advertising revenues [2][13]. User Engagement Metrics - Monthly active users (MAU) reached 30 million, with a stable user engagement reflected in daily average usage time [11]. - The company reported a 10% year-on-year increase in total user hours, indicating strong content consumption growth [10]. Market Position and Valuation - The company’s market capitalization stands at approximately USD 6.17 billion, with a year-to-date stock price increase of 52.75% [6]. - The report suggests that the stock price has limited downside potential, with a reasonable target price range of USD 20-28 based on normalized profit margins [3][14].

Investment Rating - The report maintains a "BUY" rating for Bilibili with a target price of US$22.00, reflecting an upside potential of 18.3% from the current price of US$18.59 [3][7]. Core Insights - Bilibili reported a total revenue of RMB7.31 billion for 3Q24, representing a 26% year-over-year increase, which exceeded both the report's and Bloomberg's consensus estimates [1]. - The company achieved quarterly breakeven with an adjusted net income of RMB236 million, a significant improvement from an adjusted net loss of RMB878 million in 3Q23 [1]. - The strong performance is attributed to the success of the new game title SanMou and effective cost optimization initiatives [1]. - For 4Q24, total revenue is expected to grow by 21% year-over-year, with adjusted net margin projected to expand to 5.3% [1]. Revenue Performance - Mobile games revenue surged by 84% year-over-year to RMB1.82 billion in 3Q24, driven primarily by SanMou's performance [1]. - Advertising revenue increased by 28% year-over-year to RMB2.09 billion, supported by approximately 50% growth in performance-based ads [1]. - Value-Added Services (VAS) revenue rose by 9% year-over-year to RMB2.82 billion, mainly due to growth in premium membership and Fan Charging revenue [1]. Future Outlook - The report forecasts continued revenue growth momentum into 4Q24, with mobile games, advertising, and VAS revenues expected to grow by 78%, 24%, and 5% year-over-year, respectively [1]. - SanMou's upcoming Season 4 launch is anticipated to further boost mobile game revenue in 4Q24 [1]. - Management expects advertising revenue to maintain faster-than-industry growth, supported by increasing ad inventories and improving monetization efficiency [1]. Margin Expansion - The overall gross profit margin expanded by 9.9 percentage points year-over-year to 34.9% in 3Q24, attributed to cost optimization and strong mobile game performance [1]. - Adjusted net margin improved by 18.4 percentage points year-over-year to 3.2% in 3Q24, with expectations for further expansion to 5.3% in 4Q24 [1]. Financial Forecasts - The report updates the revenue forecasts for FY24-26, increasing them by 1-5% due to robust game performance [1]. - For FY24E, total revenue is projected at RMB26.78 billion, with a gross margin of 32.8% and an adjusted net profit of RMB68 million [2][4].

京东三季度利润率改善，但经营活动现金流净流出。 三季度，京东集团收入加速增长至 2604 亿元，归母净利润在确认被投公司收益后，同比增长 47.8%、达到 117 亿元。但是因为今年三季度和去年三季度的工作日数量差异导致的应付账款跨季 度支付，以及为确保足够的库存以支持以旧换新计划而即时支付的款项，三季度京东经营活动现金 流为净流出 62 亿元，去年同期是净流入 150 亿元。受此影响，京东季度自由现金流亦净流出 138 亿元。 网易三季度收入、利润双降。 今年 7 月到 9 月间，网易营收为 262 亿元，同比减少 3.9%。最核心的游戏及相关增值服务净收入 为 209 亿元，同比减少 4.2%。因此，尽管网易有效控制了销售费用的增长（季度销售费用 93，同 比减少 1%），季度净利润降至 65 亿元，同比减少 14%。 紫金矿业回应超 3 吨黄金被掠夺，称对整体业绩影响较小。 有媒体报道称，紫金矿业（601899.SH）在哥伦比亚的一处金矿遭到贩毒集团掠夺，损失 3.2 吨黄 金，价值 2 亿美元。紫金矿业回应称，盗采在 2020 年紫金矿业进入该矿山前就已经存在，但实际 数量难以统计，对整体业绩影响较小 ...

Financial Data and Key Metrics Changes - No specific financial data or key metrics changes mentioned in the provided content [1][2][3][4][5] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes mentioned in the provided content [1][2][3][4][5] Market Data and Key Metrics Changes - No specific market data or key metrics changes mentioned in the provided content [1][2][3][4][5] Company Strategy and Development Direction and Industry Competition - No specific company strategy, development direction, or industry competition mentioned in the provided content [1][2][3][4][5] Management Commentary on Operating Environment and Future Outlook - The company will discuss its business outlook and make forward-looking statements during the call, but no specific commentary on the operating environment or future outlook is provided in the content [3] Other Important Information - The non-GAAP financial measures provided are for comparison purposes only, with definitions and reconciliation tables available in the news release [4] - The conference is being recorded, and an investor presentation and webcast replay will be available on the Bilibili IR website [4] Summary of Q&A Session - No Q&A session content provided in the documents [1][2][3][4][5]