BILIBILI(09626) 东方财富证券·2024-06-12 08:31Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company reported a revenue of 5.665 billion yuan for Q1 2024, representing a year-on-year growth of 11.74%. Gross profit reached 1.605 billion yuan, up 45.42% year-on-year, while net profit was -0.765 billion yuan, compared to -0.630 billion yuan in the same period last year. Adjusted net profit was -0.456 billion yuan, an improvement from -1.031 billion yuan year-on-year [2][3]. - The user ecosystem is steadily improving, with daily active users reaching 102 million, a year-on-year increase of 9.28%. Monthly active users were approximately 342 million, up 8.34% year-on-year. The average user engagement time reached 105 minutes, a historical high [2]. - The advertising business is experiencing rapid growth, with Q1 2024 advertising revenue of 1.669 billion yuan, a year-on-year increase of 31.20%. The revenue from performance-based advertising grew by over 50% [2][3]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a gross margin of 28.34%, an increase of 6.56 percentage points year-on-year, marking seven consecutive quarters of positive growth. The overall operating expense ratio decreased to 42.79%, down 6.10 percentage points from the same period in 2023 [3]. - The company’s revenue forecast for 2024-2026 is projected to be 25.067 billion yuan, 28.273 billion yuan, and 30.134 billion yuan, respectively, with adjusted net profits expected to be -1.554 billion yuan, 0.418 billion yuan, and 1.397 billion yuan [8]. User Engagement - The platform's daily average video views exceeded 5 billion, a year-on-year increase of 22%, and monthly interactions surpassed 16.4 billion, up 15% year-on-year. Over 1.5 million creators earned income, with a more than 50% increase in the number of creators earning through advertising [2]. Business Segments - The value-added services segment generated 2.529 billion yuan in revenue, a year-on-year increase of 17.28%. The advertising segment continues to optimize its products and expand advertising scenarios. The mobile gaming segment saw a revenue decline of 13.15% to 0.983 billion yuan due to the natural decline in older games, but new game launches are expected to boost future revenues [2].