传媒深度报告：从B站看内容与用户演变 B站兴趣爱好生活聚集地

Investment Rating - The report maintains a "Buy" investment rating for the industry, particularly focusing on Bilibili (B站) as a unique video platform with growth potential [2][10]. Core Insights - The core competitive advantage of Bilibili lies in its iterative ability to adapt its business model, transitioning from game revenue to advertising revenue, and optimizing its income structure through community engagement [3][5]. - Bilibili has evolved from a niche community for ACG (Animation, Comics, Games) to a broader interest-based platform, catering to diverse content needs of its users, which enhances its community vitality and user engagement [4][22]. - The report forecasts a narrowing of losses for Bilibili in 2024, with expectations of improved operational efficiency and continued commercial potential driven by user engagement and content supply [5][81]. Summary by Sections 1. Overview and Core Competitiveness of Bilibili - Bilibili serves as a vibrant video community for the younger generation, with a focus on high-quality content and user engagement, which forms its competitive barrier [22]. - The platform has a strong user base with an average age of 25, indicating a significant market for targeted advertising and content monetization [25][27]. 2. Business Segmentation and Outlook - Bilibili's revenue streams include value-added services (VAS), gaming, and advertising, with VAS contributing 55.8 billion HKD in H1 2024, gaming at 21.8 billion HKD, and advertising at 40.6 billion HKD [35][49]. - The advertising revenue has shown significant growth, increasing from 0.23 billion HKD in 2015 to 70.76 billion HKD in 2023, with a projected 31.4% of total revenue in H1 2024 [38][45]. 3. Valuation and Industry Investment Recommendations - Bilibili's total revenue is projected to grow from 249 billion HKD in 2023 to 356 billion HKD by 2026, with a compound annual growth rate (CAGR) of approximately 13% to 16% [72]. - The report emphasizes the potential for Bilibili to leverage its unique content and community to enhance its advertising and monetization strategies, positioning it favorably within the media industry [70][81].