BILIBILI(09626) 长江证券·2024-08-26 13:44Investment 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].