BILIBILI(BILI) 交银国际证券·2024-06-20 01:31Investment Rating - The report maintains a "Buy" rating for Bilibili (BILI US) with a target price of 15.71 [8]. Core Insights - Bilibili's first SLG mobile game, "Three Kingdoms: Strategizing the World," has exceeded revenue expectations since its public launch on June 13, 2024, with projected first-month revenue between 500-800 million RMB [1][2]. - The game has achieved a high ranking on the iOS game download and sales charts, indicating strong user acceptance with an App Store rating of 4.4, slightly above competitors [1]. - The report highlights the long-term operational potential of SLG mobile games, suggesting that effective content updates and event operations could sustain revenue growth [2]. Summary by Sections Game Performance - "Three Kingdoms: Strategizing the World" has maintained a top position in the iOS game download rankings and sales charts, with a projected first-month revenue exceeding previous expectations [1]. - Comparatively, other SLG games like Alibaba's "Three Kingdoms Strategy Edition" have achieved a maximum monthly revenue of 1.2 billion RMB, showcasing the competitive landscape [1][3]. Market Strategy - The game differentiates itself by reducing time-consuming operations and enhancing player experience through lower spending requirements, which may attract a broader user base [1]. - Marketing strategies include multi-channel promotions and collaborations with content creators to engage core SLG players [1]. Future Growth Potential - The report anticipates that the new game could open up opportunities in overseas markets, referencing the international success of similar titles [1]. - Revenue contributions from "Three Kingdoms" are expected to accelerate in the second half of the year, potentially increasing overall game revenue by 12-20% in 2024, surpassing market expectations [2].