BILIBILI(HK:09626) SINOLINK SECURITIES·2024-08-23 07:43Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [7]. Core Views - The company reported a revenue of 6.127 billion yuan in Q2 2024, representing a year-on-year increase of 16%, with a Non-GAAP net loss of 271 million yuan, narrowing by 72% year-on-year [2]. - The company experienced healthy growth in daily active users and video views, with an average of 102.3 million daily active users, up 6% year-on-year, and daily video views reaching 4.8 billion, up 18% year-on-year [2]. - The gaming segment is expected to see strong growth in the upcoming quarters, driven by the launch of new games, particularly the SLG game "Three Kingdoms: Strategizing the World," which ranked in the top 5 of the iOS game sales chart for 21 consecutive days after its launch [2]. - The company’s gross margin improved to 29.9%, up 6.78 percentage points year-on-year, indicating a positive operational cash flow [2]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 26.6 billion, 30.4 billion, and 33.8 billion yuan, respectively, with Non-GAAP net profits expected to be -15 million, 203 million, and 328.5 million yuan [2][5]. - The company’s P/E ratios for 2025 and 2026 are projected to be 20.20 and 12.49, respectively [2][5].