BILIBILI(09626) 华鑫证券·2025-03-17 09:20Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools to unlock commercial value from its extensive corpus [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved significantly, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Summary by Sections Current Financial Data - Current stock price is HKD 166.30, with a total market capitalization of HKD 700.6 billion and a total share count of 421.3 million [2]. - The average daily trading volume is HKD 710.1 million, with a 52-week price range of HKD 80.85 to HKD 238.8 [2]. Performance Forecast - Revenue projections for 2025 to 2027 are estimated at HKD 298.8 billion, HKD 332.5 billion, and HKD 358.5 billion, respectively. The earnings per share (EPS) are forecasted to be HKD 1.93, HKD 4.01, and HKD 5.74 for the same period [9]. - The company is expected to achieve a net profit of HKD 812 million in 2025, with a significant growth rate of 107.8% in 2026 [11]. Revenue Breakdown - For 2024, the company anticipates advertising revenue of HKD 110 billion and game revenue of HKD 81.9 billion, contributing to a diversified revenue structure [4]. - The company’s gross margin is projected to improve from 32.7% in 2024 to 40.6% by 2027, indicating enhanced profitability [11].