BILIBILI(09626) 开源证券·2025-02-21 10:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4][5] - The revenue for 2024 reached 26.832 billion yuan, a year-on-year increase of 19%, with Q4 revenue at 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter [4] - The adjusted net profit for Q4 2024 was 4.52 million yuan, indicating a turnaround from losses in previous periods [4] - The company is expected to continue its growth trajectory with projected net profits of 5.13 billion yuan, 19.19 billion yuan, and 27.29 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - The company reported a gross margin of 36.1% in Q4 2024, an increase of 10.0 percentage points year-on-year [5] - The sales expense ratio was 16.0%, management expense ratio was 6.5%, and R&D expense ratio was 11.9% in Q4 2024, indicating effective cost control [5] - The company’s daily active users (DAU) reached 103 million, with a monthly active user (MAU) count of 340 million, reflecting a stable and growing community ecosystem [6] - The average daily video views reached 4.8 billion, with a monthly interaction count of 15.5 billion, showcasing strong user engagement [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.2 yuan, 4.6 yuan, and 6.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.2, 36.9, and 26.0 [7]