BILIBILI(09626) 开源证券·2024-11-15 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved its first quarterly profit in Q3 2024, driven by continuous growth in gaming and advertising sectors [3][4] - Revenue for the first three quarters of 2024 reached 19.097 billion, a year-on-year increase of 18.04%, with Q3 revenue at 7.306 billion, up 25.85% year-on-year and 19.23% quarter-on-quarter [3] - The adjusted net profit for Q3 2024 was 236 million, marking a turnaround from previous losses [3] - The company is optimistic about the growth potential in gaming, membership, advertising, and IP monetization, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance - In Q3 2024, the gross margin was 34.9%, an increase of 9.9 percentage points year-on-year and 5 percentage points quarter-on-quarter [4] - The sales expense ratio was 16.5%, management expense ratio was 6.9%, and R&D expense ratio was 12.4%, indicating effective cost control [4] - The company expects net profits of -1.227 billion, 302 million, and 1.359 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of -2.9, 0.7, and 3.2 [3][6] User Engagement and Growth - Daily Active Users (DAU) reached 1.07 million in Q3 2024, a year-on-year increase of 4%, while Monthly Active Users (MAU) reached 3.48 million, up 2% year-on-year [5] - The DAU/MAU ratio was 30.75%, indicating improved user engagement [5] - Average daily usage time per user was 106 minutes, a historical high, suggesting increased user retention and potential for enhanced monetization [5]