BILIBILI(09626) 申万宏源·2025-02-24 01:18Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 7.7 billion RMB in Q4 2024, slightly exceeding Bloomberg consensus by 1%, with a year-on-year growth of 22%. The adjusted net profit was 450 million RMB, surpassing Bloomberg consensus by 15%, resulting in a profit margin of 6% [7] - For the full year 2024, the company reported a revenue of 26.8 billion RMB, a 19% year-on-year increase, with an adjusted net loss of 22 million RMB compared to a loss of 3.4 billion RMB in 2023. The operating cash flow was 6 billion RMB, significantly improved from 270 million RMB in 2023 [7] - The company continues to see growth in high-engagement users, with a Q4 2024 Monthly Active Users (MAU) of 340 million, a 1% year-on-year increase, and Daily Active Users (DAU) of 103 million, a 3% increase. The average daily usage time per user increased by 4 minutes to 99 minutes [7] - The gaming segment showed strong growth, with Q4 2024 gaming revenue reaching 1.8 billion RMB, a 79% year-on-year increase, driven by the success of the game "Three Kingdoms: Strategizing the World" [7] - Advertising revenue also maintained rapid growth, with Q4 2024 advertising income of 2.4 billion RMB, a 24% year-on-year increase, indicating potential for further growth in this area [7] - The company has launched its self-developed large language model and a commercial AIGC platform, which are expected to enhance community engagement and operational efficiency [7] - The adjusted net profit forecast for 2025 has been slightly raised to 1.786 billion RMB, while the 2026 forecast has been lowered to 2.542 billion RMB, with a new forecast for 2027 set at 3.137 billion RMB [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 22.528 billion RMB - 2024: 26.832 billion RMB - 2025E: 30.213 billion RMB - 2026E: 33.176 billion RMB - 2027E: 35.836 billion RMB - Adjusted net profit forecasts are: - 2023: -3.425 billion RMB - 2024: -0.022 billion RMB - 2025E: 1.786 billion RMB - 2026E: 2.542 billion RMB - 2027E: 3.137 billion RMB [3][8]