上 市 公 司 传媒 2025 年 08 月 25 日 哔哩哔哩-W (09626) 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,528 | 26,832 | 29,969 | 32,900 | 35,459 | | 同比增长率（%） | 2.9 | 19 | 12 | 10 | 8 | | 归母净利润（百万元） | -3,425 | -22 | 2,452 | 3,283 | 4,192 | | 同比增长率（%） | 48.8 | 99 | 11,192 | 34 | 28 | | 每股收益（元/股） | -8.29 | -0.05 | 5.83 | 7.80 | 9.96 | | 净资产收益率（%） | -23.78 | -0.16 | 12.16 | 12.14 | 12.06 | | 市盈率 | - | - | 29 | 22 | 17 | | 市净率 | 4.9 | 5.0 | 3.5 | 2.6 | 2.0 | | 注："每股收益 ...

Group 1 - The company expects revenue growth in the first half of 2025, primarily due to the strengthening brand effect of its postpartum care business and a diverse service product strategy that meets various customer needs [1] - The company anticipates a shift from net loss in 2024 to net profit in the reporting period, driven by increased revenue leading to higher gross profit and a positive change in the fair value of financial instruments issued to investors [1]

Core Insights - The company reported a revenue of 2.864 billion yuan for 2024, representing a year-on-year growth of 17% and a net profit of 122 million yuan, which is a slight increase of 1.24% compared to the previous year [2][5][6] Financial Performance - Revenue for 2024 was 2.864 billion yuan, up from 2.448 billion yuan in 2023, marking a 17% increase [3] - Net profit attributable to shareholders was 121.6 million yuan, a marginal increase from 120.1 million yuan in 2023, reflecting a growth of 1.24% [3][5] - The company’s cash flow from operating activities was 122.4 million yuan, down 42.36% from 212.3 million yuan in the previous year [3][11] - The gross profit margin for 2024 was 11.78%, a decrease of 3.36% year-on-year, while the net profit margin was 4.65%, down 12.29% [10] Business Segmentation - The company’s revenue is primarily derived from three segments: comprehensive property management services, government services, and value-added services [8] - In 2024, the comprehensive property management services segment generated 2.364 billion yuan, an 18.3% increase; government services brought in 286 million yuan, up 13.18%; and value-added services contributed 212 million yuan, a growth of 10.55% [8] Market Position and Competition - The company has maintained a record of "increasing revenue and profit" for five consecutive years since its listing in 2020, with revenue growth rates of 24.4%, 52.54%, 18.6%, 22.04%, and 17% from 2020 to 2024 [6] - The property management industry is experiencing intensified competition, particularly as residential projects enter a saturation phase, prompting companies to shift focus to non-residential sectors [8] Strategic Developments - The company secured significant contracts with major clients such as Huawei and Alibaba, including projects for facility operation services and property management [10] - The acquisition of a 51% stake in Chengdu Jiazi Ronghui Commercial Operation Management Co., Ltd. enhances the company's market position in the southwest region [10]