Shenwan Hongyuan Securities·2026-03-08 08:31Investment Rating - The report maintains a "Buy" rating for Bilibili-W (09626) [3][8] Core Insights - Bilibili achieved a revenue of 8.32 billion CNY in Q4 2025, exceeding Bloomberg consensus by 2%, with a year-on-year growth of 8% [8] - The adjusted net profit for the full year 2025 was 2.59 billion CNY, with a profit margin of 8.5% [8] - The company experienced accelerated growth in its high-engagement community, with MAU exceeding 368 million and DAU approaching 112 million in 2025 [8] - Advertising revenue in Q4 2025 grew by 27% year-on-year, significantly outperforming other internet platforms [8] - The company plans to increase investment in AI in 2026, which is expected to enhance community engagement and advertising effectiveness [8] - The adjusted net profit forecast for 2026 is slightly revised to 3.00 billion CNY, with a long-term positive outlook for the company as a high-engagement community [8] Financial Data and Earnings Forecast - Revenue projections for Bilibili are as follows: - 2024: 26.83 billion CNY - 2025: 30.35 billion CNY - 2026E: 33.18 billion CNY - 2027E: 36.22 billion CNY - 2028E: 39.72 billion CNY [7][9] - Adjusted net profit forecasts are: - 2024: -22 million CNY - 2025: 2.59 billion CNY - 2026E: 3.00 billion CNY - 2027E: 4.03 billion CNY - 2028E: 5.02 billion CNY [7][9] - The company’s earnings per share (EPS) is projected to be: - 2024: -0.05 CNY - 2025: 6.18 CNY - 2026E: 7.14 CNY - 2027E: 9.58 CNY - 2028E: 11.93 CNY [7][9]