哔哩哔哩：Revitalizing business model; intact breakeven target

M 24 May 2024 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) Revitalizing business model; intact breakeven target Target Price US$20.50 BiliBili reported 1Q24 results: total revenue increased by 12% YoY to RMB5.67bn, Up/Downside 49.2% in line with our/consensus estimate; adjusted net loss narrowed by 56% YoY to Current Price US$13.74 RMB456mn, beating our/consensus estimate of RMB518/498mn, mainly due to better-than-expected GPM expansion. Bili’s share price correctio ...