BILIBILI(09626) 华鑫证券·2025-03-17 09:20Investment Rating - The report assigns a "Buy" investment rating for the company [2][9] Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools to unlock commercial value from its extensive corpus [3][4] - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both segments. The revenue structure has improved significantly, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4][5] - The company is forecasted to continue its growth trajectory, with a strong community sense and user engagement driving its commercial potential. The shift from niche culture to a broader community platform is expected to sustain its growth in the AI era [5] Financial Projections - Revenue projections for the company are estimated at 298.8 billion, 332.5 billion, and 358.5 billion yuan for 2025, 2026, and 2027, respectively. The earnings per share (EPS) are forecasted to be 1.93, 4.01, and 5.74 yuan for the same years [9][11] - The company is expected to achieve a net profit of 812 million yuan in 2025, with a significant growth rate of 107.8% in 2026 [11][12] - The current price-to-earnings (P/E) ratios are projected to be 92.7, 44.6, and 31.1 for 2025, 2026, and 2027, indicating a favorable valuation as the company continues to grow [9][11]