BILIBILI(09626) 开源证券·2025-02-21 10:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4] - For the full year 2024, the company reported revenue of 26.832 billion yuan, a year-on-year increase of 19%, and a narrowed net loss of 0.39 billion yuan compared to a loss of 33.75 billion yuan in the previous year [4] - Q4 2024 revenue reached 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter, with a net profit of 0.89 billion yuan, marking a return to profitability [4] - The company expects continued growth in gaming, membership, advertising, and IP monetization, leading to revised profit forecasts for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 30.731 billion yuan for 2025, with a year-on-year growth of 14.5% [7] - The adjusted net profit for 2025 is estimated at 0.513 billion yuan, with an EPS of 1.2 yuan, and a P/E ratio of 138.2 times [7] - The gross margin for Q4 2024 was 36.1%, reflecting a 10.0 percentage point increase year-on-year, indicating improved monetization efficiency [5] - Daily active users (DAU) reached 103 million in Q4 2024, with a monthly active user (MAU) count of 340 million, showing a stable and growing community ecosystem [6]