BILIBILI(BILI) 东吴证券·2025-05-22 04:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance in Q1 2025, achieving revenue of 7.003 billion yuan, a year-on-year increase of 24%, and an adjusted net profit of 363 million yuan, surpassing Bloomberg's consensus estimate [8] - User traffic reached new highs, with daily active users (DAU) at 107 million and monthly active users (MAU) at 368 million, along with an average daily usage time of 108 minutes [8] - The company's gross margin improved for the 11th consecutive quarter, reaching 36.3%, driven by a higher proportion of high-margin business revenue and the dilution of fixed costs [8] - Advertising revenue grew by 20% year-on-year to 1.998 billion yuan, with strong growth in performance-based advertising exceeding 30% [8] - Mobile game revenue increased by 76% year-on-year to 1.731 billion yuan, primarily due to contributions from the game "Three Kingdoms: Strategy of the World" [8] Financial Projections - The company expects adjusted net profits of 1.935 billion yuan, 3.027 billion yuan, and 4.201 billion yuan for the years 2025, 2026, and 2027, respectively [1] - Corresponding price-to-earnings (P/E) ratios for the current stock price are projected to be 29, 18, and 13 times for the years 2025, 2026, and 2027 [1]