BILIBILI(09626) 华安证券·2025-02-24 08:23Investment Rating - Investment Rating: Buy (Maintained) [2] Core Views - The company achieved revenue of 77.34 billion yuan in Q4 2024, representing a year-over-year increase of 21.8%. Adjusted net profit was 4.52 billion yuan, up 181.4% year-over-year, with growth potential driven by AI in gaming and advertising [5] - The long-term operational capability of the game "Three Kingdoms: Strategy" has been preliminarily validated, supporting sustained growth in the gaming business. The global market for SLG games is estimated at 70 billion yuan, with an average game lifespan exceeding 5 years [6] - Advertising business continues to show high growth, supported by core user growth. The company reported a DAU of 103 million, up 2.9% year-over-year, and a MAU of 340 million. Daily average usage time increased by 4.2% to 99 minutes, with daily video views exceeding 4.8 billion [7] - Revenue projections for 2025, 2026, and 2027 are 306.6 billion yuan, 336.2 billion yuan, and 359.6 billion yuan respectively, with adjusted net profits of 18.8 billion yuan, 33.2 billion yuan, and 40.4 billion yuan [7] Financial Summary - Total revenue for 2024 is projected at 26,832 million yuan, with a growth rate of 19%. Adjusted net profit is expected to be 1,878 million yuan in 2025, a significant increase from a loss of 39 million yuan in 2024 [9] - The company is expected to achieve an EPS (NON-GAAP) of 4.46 yuan in 2025, with a P/E ratio of 37.32 [10] - The gross margin is projected to improve from 32.7% in 2024 to 39.1% by 2026, indicating enhanced profitability [11]