BILIBILI(09626) 国盛证券·2024-08-27 04:01Investment 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]