BILIBILI(BILI) 光大证券·2025-01-24 05:56Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to generate revenue of 7.63 billion RMB in Q4 2024, representing a year-over-year growth of 20%. The revenue breakdown includes gaming at 1.79 billion RMB (yoy +78%), VAS at 3.00 billion RMB (yoy +5%), advertising at 2.36 billion RMB (yoy +23%), and e-commerce at 480 million RMB (yoy -15%) [1]. - The gross profit for Q4 2024 is projected to be 2.74 billion RMB, with a gross margin of 35.9%, and an adjusted net profit of 410 million RMB [1]. Summary by Sections Gaming Business - The new season of the game "Three Strategies" started on January 4, 2025, with new characters and gameplay features. The game ranked in the top five on the iOS revenue chart shortly after the season launch [2]. - The company has successfully launched the global version of "Jujutsu Kaisen," achieving significant download and revenue milestones, with expected overseas revenue nearing 80 million RMB within 30 days of launch [2]. - The gaming pipeline for 2025 includes the overseas version of "Three Strategies" and the domestic launch of "Jujutsu Kaisen" once it receives approval [2]. Advertising Business - The company is enhancing its commercial infrastructure, focusing on brand marketing and expanding into TV and automotive platforms. The introduction of "B Mini Programs" is aimed at improving advertising efficiency [3]. - The number of advertising partners is expected to grow by over 30% in 2024, with significant growth in GMV during promotional events [3]. - The company is committed to producing high-quality content, with a notable increase in viewership for its New Year's Eve gala and securing broadcasting rights for the 2025 Spring Festival Gala [3]. Financial Forecast and Valuation - The company is projected to have a revenue of 26.73 billion RMB in 2024, with a growth rate of 18.6%. The adjusted net profit is expected to improve to -90 million RMB in 2024, with a positive outlook for 2025 and 2026 [5][12]. - The report indicates a strong user engagement and potential for monetization in the C-end market, with a slight upward revision of the 2024 net profit forecast to -1.35 billion RMB [4][5].