公司点评报告 ·传媒互联网行业 单季首次实现扭亏,社区商业化不断推进 2024年三季报业绩点评 2024 年 11月 14日 核心观点 ● 事件 公司发布 2024 年度三季报：2024 年第三季度公司实现营业收入 73.06 哔哩哔哩-W (9626.HK) 亿元,同比增长 26%;归母净利润为-0.80 亿元,同比收窄94%;经调整后净 利润为 2.36亿元,公司首次实现非公认会计准则下的扭亏为盈。公司 2024年 第三季度单季度毛利率 34.9%,同比增长接近 5pct,单季毛利率实现连续九 分析师 个季度环比增长。 推荐 维持评级 盤：010-8092-7630 國：yuezheng_yj @chinastock.com.cn 分析师登记编码：S0130522030006 ☎: 010-8092-7603 网: qitianrui_yj @chinastock.com.cn 岳铮 《三谋》稳健运营,贡献长期增量业绩 公司年内新游《三国:谋定天下》 表现良好,上线后在 App Store 游戏畅销榜排行前列,9月末开启 S3赛季后, 最高排名游戏畅销榜第二名。在 S4赛季开启更多玩法、剧情后,产品流水有 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 1 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 內幕消息 2024 年第三季度 未經審計的財務業績公告 嗶哩嗶哩股份有限公司（「嗶哩嗶哩」或「本公司」）欣然宣佈其根據美國證券交易委員會 （「美國證交會」）的適用規則刊發的截至2024年9月30日止第三季度未經審計財務業績（「第 三季度業績」）。 本公告隨附的附表I為本公司於2024年11月14日（美國東部時間）刊發的有關第三季度業 績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法》中的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼續」或其他類似陳述加 以識別。其中，本公告內的展 ...

2024 中期報告 2024 INTERIM REPORT 嗶哩嗶哩股份有限公司 港交所代號：9626 納斯達克代號：BILI （於開曼群島註冊成立以不同投票權控制的有限責任公司） BILIBILI INC. HKEX: 9626 NASDAQ: BILI (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) 2024 BILIBILI INC. INTERIM REPORT 嗶哩嗶哩股份有限公司 中期報告 嗶哩嗶哩股份有限公司 2024中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 業務回顧及前景 | 5 | | 管理層討論及分析 | 9 | | 企業管治 | 14 | | 其他資料 | 20 | | 中期財務資料審閱報告 | 31 | | 未經審計中期簡明合併資產負債表 | 32 | | 未經審計中期簡明合併經營狀況及全面虧損表 | 35 | | 未經審計中期簡明合併股東權益變動 ...

Investment Rating - The report assigns a "Buy" rating for Bilibili with a target price of $21.00 USD / 163.77 HKD, indicating a potential upside of 36.61% / 35.01% from the current stock price [2][6][3]. Core Insights - Bilibili's Q2 revenue reached 6.13 billion RMB, a year-on-year increase of 15.5%, slightly above market expectations. The gross margin improved to 29.9%, up 6.8 percentage points, primarily driven by the growth in high-margin advertising and gaming businesses [2][4]. - The company expects to achieve Non-GAAP operating profit in Q3, with revenue projected to grow by 22.4% year-on-year to 7.1 billion RMB, and gross margin expected to increase to 35% [2][4]. - The advertising business is benefiting from increased demand in gaming and e-commerce, with annual advertising revenue expected to grow by 24% [2][4]. - User metrics show steady growth, with DAU increasing by 5.2% to 100 million and MAU growing by 3.7% to 340 million [2][4]. - The gaming segment is projected to generate significant revenue, with expectations of 2.5 billion RMB in 2024 and 5 billion RMB in 2025 from the game "Three Kingdoms" [2][4]. Financial Summary - Total revenue for the fiscal year ending December 31 is forecasted to grow from 22.53 billion RMB in 2023 to 31.25 billion RMB by 2026, reflecting a compound annual growth rate (CAGR) of 17.8% [4][5]. - The net profit is expected to improve from a loss of 1.3 billion RMB in 2024 to a profit of 1.58 billion RMB in 2026, with net profit margins turning positive by 2025 [4][5]. - The gross margin is projected to increase significantly from 24.2% in 2023 to 34.6% by 2026, indicating improved operational efficiency [4][5]. Market Position - Bilibili's market capitalization stands at $6.365 billion USD, with major shareholders including Chen Rui at 12% [3][4]. - The stock has a 52-week high of $18.19 and a low of $8.80, indicating volatility in its market performance [3][4].

| --- | --- | --- | |-------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 24Q2 | | 点评：三谋助力游戏业务重回正增长， 24Q3 有望实现 NON-GAAP OP 盈利 | | 投资评级：买入 ( | 维持） | 主要观点： | | [Table_Rank] 报告日期： 2024-08-28 | | ⚫ 事件： | | [T ...

游戏收入超预期增长，盈利可期 ——哔哩哔哩（9626.HK）24Q2 点评 核心观点 ⚫ 总收入：24Q2 达 61.27 亿（yoy+16%，qoq+8.17%），广告和增值业务驱动公司 主要增长。24Q2 毛利率达 29.9%（yoy+6.78pp，qoq+1.58pp）。24Q2 销售费用 为 10.4 亿（yoy+12.79%，qoq+11.71%），管理费用为 4.9 亿（yoy-9.57%，qoq8.22%），研发费用为 8.9 亿（yoy-14.57%，qoq-7.30%）。24Q2Non-gaap 归母 净利润达-2.7 亿（yoy-71.79%，qoq-38.26%），实现持续减亏。24Q2Non-gaap 营业利润为-2.8 亿，我们预期 24Q3non-gaap 营业利润达 2 亿，首次转正。 ⚫ 广告: 24Q2 达 20.4 亿（yoy+29.54%,qoq+22.11%）。广告收入占整体收入比例由 去年同期 30%提升至 33%，有效带动公司毛利润的提升。供给端： DAU 稳定增长 叠加商业化产品的持续整合，促使变现效率不断提高。需求端：随着 B 站用户成 熟，消费能力快速释放。电 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili [2][3] Core Views - Bilibili's revenue shows steady growth with a significant improvement in gross margin, driven by an increase in high-margin advertising business [1] - The company aims to achieve non-GAAP breakeven in Q3 2024 and continue enhancing profitability thereafter [1] - User engagement remains strong, with a daily active user (DAU) growth of 6% year-on-year, reaching 102 million [1] - Advertising revenue is expected to grow, with a 29.5% year-on-year increase in Q2 2024, supported by improved advertising products and efficiency [1] - The gaming segment remains stable, with the new game "Three Strategies" performing exceptionally well, achieving over 100 million in revenue within its first week [1] Financial Summary - For 2024, Bilibili's projected revenue is 25.998 billion, with a year-on-year growth of 15.4% [5][10] - Non-GAAP net profit is expected to improve from a loss of 6.692 billion in 2022 to a loss of 232 million in 2024, with a significant turnaround anticipated in 2025 [5][10] - The gross margin is projected to increase from 24.2% in 2023 to 32.2% in 2024, reflecting improved operational efficiency [10] - The company expects to maintain a user retention rate of 80% for its formal membership, indicating strong user loyalty [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported Q2 2024 revenue of 6.127 billion yuan, a year-on-year increase of 16%. Gross profit reached 1.833 billion yuan, up 49% year-on-year, with a gross margin increase of 6.8 percentage points to 29.9%, marking the eighth consecutive quarter of sequential improvement. The Non-GAAP net loss was 271 million yuan, narrowing by 72% year-on-year, also achieving eight consecutive quarters of continuous narrowing. The operating cash flow net amount was 1.751 billion yuan, achieving positive operating cash flow for four consecutive quarters [5][6]. Revenue Breakdown - In Q2 2024, advertising revenue was 2.04 billion yuan, a year-on-year increase of 30%. The number of advertisers on the platform grew by over 50% year-on-year in H1 2024. The e-commerce GMV during the 618 shopping festival increased by 146% year-on-year, with the number of advertisers growing by 313% [5][6]. - The value-added services revenue was 2.57 billion yuan, up 11% year-on-year, with an increase in paid users for premium memberships and live streaming services. The number of official members reached 243 million, a 13% year-on-year increase [5][6]. - Mobile gaming revenue was 1.01 billion yuan, a 13% year-on-year increase, with stable performance from long-term products [5][6]. User Engagement Metrics - Daily active users grew by 6% year-on-year to 102 million, while monthly active users increased by 3.7% to 336 million. The average daily usage time rose from 94 minutes in the same period last year to 99 minutes [5][6]. Profitability Analysis - The gross profit increased by 49% year-on-year to 1.833 billion yuan, with a gross margin increase of 6.8 percentage points to 29.9%. General and administrative expenses, as well as research and development expenses, decreased by 10% and 15% year-on-year, respectively [6]. - The Non-GAAP net loss narrowed to 271 million yuan, with positive operating cash flow indicating a healthy business cycle. Deferred revenue increased by 738 million yuan compared to the end of March 2024 [6]. Earnings Forecast - The company is expected to optimize its commercialization capabilities and operational efficiency, with revenue projections of 26.6 billion yuan and 30 billion yuan for 2024 and 2025, respectively, maintaining the "Buy" rating [6].

上 市 公 司 传媒 2024 年 08 月 25 日 哔哩哔哩-W (09626) 公 司 点 评 / 公 司 点 评 ——24Q2 游戏、广告、扭亏超预期，商业化有望继续加 速 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 107.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 145.60/67.80 | | H 股市值（亿港币） | 451.17 | | 流通 H 股（百万股） | 337.55 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -41% 9% 59% HSCEI 哔哩哔哩-W 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 联系人 夏嘉励 (8621)232978 ...

传媒/数字媒体 公 司 研 究 广告及游戏拉动收入加速增长，单季度盈利可期 哔哩哔哩-W（09626.HK） 2024 年 08 月 23 日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/22 | | 当前股价(港元) | 106.30 | | 一年最高最低(港元) | 145.60/67.800 | | 总市值(亿港元) | 447.80 | | 流通市值(亿港元) | 440.23 | | 总股本(亿股) | 4.21 | | 流通港股(亿股) | 4.14 | | 近 3 个月换手率(%) | 58.1 | 营收加速增长，亏损大幅缩窄，单季度扭亏为盈可期，维持"买入"评级 公司 2024Q2 营业收入为 61.27 亿元（同比+15.5%），实现毛利率 29.9%（同比 + ...