BILIBILI(09626) 国盛证券·2025-02-25 00:19Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved profitability in Q4 2024, with total revenue of 7.7 billion yuan, representing a year-over-year growth of 22%. Key revenue streams included value-added services, advertising, gaming, and IP derivatives, with respective revenues of 3.1 billion, 2.4 billion, 1.8 billion, and 460 million yuan, showing year-over-year growth rates of 8%, 24%, 79%, and a decline of 16% [1][2]. - The gross margin improved to 36.1%, an increase of approximately 10 percentage points year-over-year, attributed to revenue growth and reduced operating costs. The adjusted operating profit was 460 million yuan, with an adjusted operating profit margin of about 6.0% [1]. - The company is focusing on high-quality content as a key to entering the AI era, leveraging its rich user-generated content and proprietary IP [2]. Financial Summary - The company revised its revenue forecasts for 2025-2027 to 30.1 billion, 33.7 billion, and 37.6 billion yuan, respectively, with a consistent year-over-year growth rate of 12% [3][5]. - Non-GAAP net profit projections for the same period are 1.61 billion, 2.84 billion, and 4.01 billion yuan, indicating significant growth potential [3][5]. - The report highlights a projected EPS of 3.8 yuan in 2025, increasing to 9.6 yuan by 2027, reflecting a turnaround in profitability [5][12].