BILIBILI(HK:09626)2024-11-15 02:32Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 7.306 billion yuan in Q3 2024, representing a year-on-year growth of 26%. The net profit attributable to shareholders was -0.08 billion yuan, a 94% year-on-year reduction, and the adjusted net profit was 0.236 billion yuan, marking the first time the company turned profitable under non-GAAP standards [1][2]. - The gross margin for Q3 2024 was 34.9%, an increase of nearly 5 percentage points year-on-year, with nine consecutive quarters of sequential growth [1]. - The new game "Three Kingdoms: Strategy Determination" performed well, ranking second in the App Store's game sales chart after its launch, contributing positively to the company's gaming business [1][2]. - Daily Active Users (DAU) and Monthly Active Users (MAU) reached historical highs of 107 million and 348 million, respectively, with average daily usage time also hitting a record of 106 minutes [2]. - Advertising revenue for Q3 2024 was 2.094 billion yuan, a year-on-year increase of 28%, driven by product optimization and efficiency improvements [2]. Financial Projections - The company is expected to see revenue growth rates of 19.3%, 14.9%, and 8.4% for the years 2024, 2025, and 2026, respectively, reaching revenues of 26.876 billion yuan, 30.886 billion yuan, and 33.494 billion yuan [2][6]. - The forecasted Non-GAAP net profit for 2024 is projected to be -0.068 billion yuan, turning positive in 2025 with 0.531 billion yuan and further increasing to 1.392 billion yuan in 2026 [6][7].