哔哩哔哩-W：实现首次盈利，游戏和广告增长强劲

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 177, indicating a potential upside of 9% from the current price of HKD 162.4 [9][24]. Core Insights - The company achieved its first adjusted profit in Q3 2024, reporting revenue of RMB 7.31 billion, a year-on-year increase of 26%, surpassing market expectations by 2%. The adjusted net profit for the same quarter was RMB 236 million, with an adjusted profit margin of 3.2% [7][8]. - The company announced a share buyback plan worth USD 200 million, approximately 2.3% of its current market capitalization [7]. - Strong growth in gaming and advertising segments was highlighted, with daily active users increasing by 4.4% year-on-year to 107 million and monthly active users rising by 2.1% to 348 million, both reaching new highs [8]. - The advertising business grew by 28% year-on-year, driven by increased traffic and the gradual release of user commercial value, with expectations for a 22% year-on-year growth in Q4 advertising revenue [8]. - Gaming revenue surged by 84% year-on-year to RMB 1.82 billion, supported by the success of the game "Three Kingdoms: Strategize the World," with expectations for a 76% year-on-year growth in Q4 gaming revenue [8]. Financial Projections - Revenue projections for the company are as follows: FY22 at RMB 21.9 billion, FY23 at RMB 22.5 billion, FY24E at RMB 26.7 billion, FY25E at RMB 29.5 billion, and FY26E at RMB 32.5 billion [6][12]. - The company is expected to achieve an operating profit of RMB 590 million in FY25 and RMB 1.6 billion in FY26, with adjusted net profits projected to reach RMB 2.2 billion in FY25 and RMB 3.2 billion in FY26 [6][12]. - The gross margin for Q3 2024 was reported at 34.9%, with expectations for further improvement to 36% in Q4 [8]. Market Performance - The company's stock has a 52-week price range of HKD 67.8 to HKD 238.8, with a total market capitalization of HKD 62.05 billion [9][24]. - The report indicates a potential upside of 24% for the US-listed shares, with a target price of USD 23, compared to the current price of USD 18.59 [9][24]. Conclusion - The report emphasizes the company's strong performance in gaming and advertising, alongside its first adjusted profit, as key drivers for maintaining a positive outlook and "Buy" rating [9][24].