哔哩哔哩-W：扭亏为盈，游戏业务增长强劲

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company achieved profitability for the first time since its listing, with a significant increase in gross profit margin and a strong performance in its gaming and advertising segments [1][2]. - The gaming revenue reached 1.82 billion HKD in Q3 2024, representing a year-on-year growth of 84%, driven by the success of the game "Three Kingdoms: Strategy of the World" [1]. - Advertising revenue also saw a robust increase of 28% year-on-year, totaling 2.09 billion HKD in Q3 2024, supported by enhanced capabilities in the e-commerce sector [1]. Financial Performance Summary - In Q3 2024, the company reported revenue of 7.31 billion HKD, a year-on-year increase of 16%, and a Non-GAAP net profit of 236 million HKD, marking a turnaround from losses [1]. - The gross profit margin improved to 34.9%, up 9.88 percentage points year-on-year, with gross profit increasing by 76% to 2.55 billion HKD [1]. - The company plans to repurchase up to 200 million USD of its publicly traded securities over the next 24 months, enhancing shareholder returns [1]. User Engagement and Community Development - The company reported an average of 107 million daily active users in Q3 2024, a 4% increase year-on-year, with an average usage time of 106 minutes per day, up 6% [1]. - Monthly interactions within the community reached 19.3 billion, reflecting a 14% year-on-year growth, indicating a healthy ecosystem [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 26.74 billion HKD, 31.21 billion HKD, and 34.76 billion HKD, respectively [2]. - Non-GAAP net profits are expected to improve significantly, with projections of -0.07 billion HKD in 2024, 2.24 billion HKD in 2025, and 3.76 billion HKD in 2026 [2].