BILIBILI(09626) 东方证券·2024-04-18 12:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 141.14 HKD (127.89 CNY) [3][5] Core Insights - The company is expected to achieve total revenue of 5.67 billion in Q1 2024, representing a year-over-year increase of 12% and a quarter-over-quarter decrease of 11% [2] - The advertising revenue is projected to reach 1.63 billion in Q1 2024, with a year-over-year growth of 27.9% [2] - The live streaming and value-added services (VAS) revenue is anticipated to be 2.48 billion in Q1 2024, showing a year-over-year increase of 15% [2] - The gaming revenue is expected to be 1 billion in Q1 2024, reflecting a year-over-year decline of 11.5% [2] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 25.98 billion, 28.74 billion, and 31.01 billion respectively, with a year-over-year growth of 15.34% in 2024 [3][4] - The company is expected to achieve a gross margin of 27.9% in Q1 2024, an increase of 6.2% year-over-year [2] - Non-GAAP operating profit is projected to be -580 million in Q1 2024, a decrease of 45% year-over-year, with expectations of turning positive by Q3 2024 [2][3] Revenue Breakdown - Advertising revenue is expected to account for 29% of total revenue in Q1 2024, up from 25% in the same period last year [2] - Live streaming revenue is projected to be the main driver of growth in VAS, with stable membership income [2] - The gaming segment is anticipated to see new product launches in Q2 2024, which are expected to contribute to revenue growth [2]