BILIBILI(09626) 国海证券·2024-11-17 12:06Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved its first quarterly profit since going public, with a revenue of 7.3 billion yuan in Q3 2024, representing a year-over-year increase of 26% and a quarter-over-quarter increase of 19% [1][3] - The mobile gaming segment saw significant growth, with revenue increasing by 84% year-over-year to 1.823 billion yuan, driven by the success of the exclusive game "Three Kingdoms: Strategy" [3] - The advertising business also performed well, with revenue growing by 28% year-over-year to 2.094 billion yuan, supported by improved advertising products and efficiency [3][5] Summary by Sections Operating Performance - Monthly Active Users (MAU) grew by 2% year-over-year to 348 million, while Daily Active Users (DAU) increased by 4% to 107 million [3] - User engagement metrics improved, with average daily usage time rising from 100 minutes to 106 minutes, and Average Revenue Per User (ARPU) increasing by 23% to 21 yuan [3] Financial Metrics - The company reported a gross margin of 34.9%, up 9.9 percentage points year-over-year and 4.9 percentage points quarter-over-quarter [3] - Adjusted net profit for Q3 2024 was 240 million yuan, a significant improvement from a loss of 860 million yuan in Q3 2023 [3] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" ranked in the top three of the iOS game sales chart for three consecutive seasons, contributing to the mobile gaming revenue surge [3] Value-Added Services - Revenue from value-added services increased by 9% year-over-year to 2.821 billion yuan, driven by growth in live streaming and other services [3] Advertising Business - The advertising revenue growth was primarily attributed to enhancements in advertising products and increased efficiency, with significant contributions from the gaming, e-commerce, and automotive sectors [5]