哔哩哔哩-W：经调整净利润转负为正，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 7.306 billion yuan in Q3 2024, representing a year-over-year increase of 25.85% [5] - The adjusted net profit for Q3 2024 was 236 million yuan, marking a turnaround from loss to profit, successfully meeting the target for adjusted operating profit [5] - The mobile gaming segment exceeded expectations with revenue of 1.818 billion yuan, up 83.8% year-over-year [5] - The advertising business continued to show high growth, with a daily active user count of 107.3 million, a year-over-year increase of 4.4% [5] - The company is expected to achieve revenues of 26.74 billion, 30.17 billion, and 32.84 billion yuan in 2024, 2025, and 2026 respectively, with adjusted net profits projected at -37 million, 1.854 billion, and 2.897 billion yuan for the same years [6] Financial Performance Summary - Total revenue for 2023 was 22.528 billion yuan, with a projected increase to 26.742 billion yuan in 2024, reflecting a growth rate of 19% [7] - The adjusted net profit for 2023 was -3.412 billion yuan, with a significant recovery expected in 2024 to -37 million yuan [7] - The company’s gross margin is projected to improve from 24.2% in 2023 to 39.5% in 2026 [10] - The net profit margin is expected to turn positive in 2025, reaching 2.3% [10] - The company’s total assets are projected to grow from 33.159 billion yuan in 2023 to 35.463 billion yuan in 2026 [9]