智通财经网·2025-12-30 08:54Core Viewpoint - Zhongtai Securities projects Bilibili (09626) to achieve total revenue of 29.96 billion, 32.62 billion, and 35.32 billion yuan for 2025-2027, representing year-on-year growth of +12%, +9%, and +8% respectively, with adjusted net profit expected to be 2.26 billion, 3.26 billion, and 4.32 billion yuan, showing significant growth of +44% and +33% in 2026 and 2027 [1] Group 1: Company Overview - Bilibili is a leading video community in China, driven by a unique operational model and has become a significant player in the IP derivative market, operating nearly 200 self-owned and authorized IPs by the end of 2024 [2] - The company has developed an "IP incubation and content empowerment" model, leveraging its high-engagement community and content ecosystem, and has established a brand for derivative products since 2020 [2] Group 2: Business Highlights - AI marketing is enhancing content production and optimizing ad placements, with the launch of the "Peanut" AIGC tool expected to improve content quality and increase traffic [3] - Bilibili's advertising revenue is projected to grow by 27.7% and 20% in 2024 and the first half of 2025, reaching 8.2 billion and 4.4 billion yuan respectively, with a daily active user (DAU) count of 117 million in Q3 2025, reflecting a 9% year-on-year increase [4] - The gaming segment is benefiting from both long-term operations of existing games and new game launches, with gaming revenue reaching 3.3 billion yuan in the first half of 2025, marking a 68% year-on-year increase [4]