BILIBILI(09626) 国海证券·2025-05-23 07:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance in community engagement and gaming, leading to continuous improvement in profitability [1] - The Q1 2025 financial results indicate a significant year-over-year revenue growth of 24%, reaching 7.003 billion RMB, and a turnaround in net profit, achieving 362 million RMB compared to a loss of 512 million RMB in the same period last year [5][6] Summary by Relevant Sections Operating Performance - In Q1 2025, the platform's user traffic, engagement, and payment rates have all increased, with MAU growing by 8% to 368 million and DAU increasing by 5% to 107 million. The average daily usage time rose from 105 minutes to 108 minutes, and ARPU improved from 17 RMB to 19 RMB [6] Key Financial Metrics - The company reported Q1 2025 revenue of 7.003 billion RMB, with mobile gaming revenue at 1.731 billion RMB (YoY +76%), live streaming and value-added services at 2.807 billion RMB (YoY +11%), advertising revenue at 1.998 billion RMB (YoY +20%), and IP derivatives and other businesses at 467 million RMB (YoY -4%) [7][8] - Gross margin stood at 36%, an increase of 8 percentage points year-over-year, with continuous optimization in expense ratios [7] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" has performed exceptionally well, driving mobile gaming revenue up by 76% to 1.731 billion RMB in Q1 2025. The game is expected to maintain its appeal with upcoming updates [8] Live Streaming and Value-Added Services - Revenue from live streaming and value-added services grew by 11% year-over-year to 2.807 billion RMB, with a record high of 32 million monthly paying users [8] Advertising Business - Advertising revenue increased by 20% year-over-year to 1.998 billion RMB, with a significant rise in the number of advertisers. AI-driven advertising solutions have contributed to this growth, particularly in the gaming and e-commerce sectors [10] Financial Forecasts - The company is projected to achieve revenues of 30.505 billion RMB in 2025, with a non-GAAP net profit of 2 billion RMB. The target price for 2025 is set at 168 RMB, maintaining a "Buy" rating [12][14]