BILIBILI(BILI) 华创证券·2025-04-02 14:40Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI) [1] Core Views - The profit exceeded expectations, and the company is expected to see stable revenue growth and advertising growth driving sustained profitability [1] - In Q4 2024, Bilibili achieved revenue of 7.7 billion yuan, a year-over-year increase of 22% and a quarter-over-quarter increase of 6% [1] - The company reported a NON-GAAP operating profit of 460 million yuan, turning profitable year-over-year and increasing by 70% quarter-over-quarter [1] - The total revenue for 2024 is projected to be 26.8 billion yuan, with a year-over-year growth of 19% [1] Financial Performance Summary - Revenue: - Q4 2024: 7.7 billion yuan, YOY +22%, QOQ +6% [1] - 2024 Full Year: 26.8 billion yuan, YOY +19% [1] - Profitability: - Q4 2024 NON-GAAP net profit: 450 million yuan, YOY turning profitable, QOQ +92% [1] - 2024 Full Year NON-GAAP net profit: -20 million yuan, YOY narrowing by 99% [1] - Future Projections: - 2025E Revenue: 29.7 billion yuan, YOY +10.6% [4] - 2026E Revenue: 32.2 billion yuan, YOY +8.4% [4] - 2027E Revenue: 34.4 billion yuan, YOY +6.8% [4] - Earnings Per Share (EPS): - 2025E: 1.47 yuan [4] - 2026E: 5.32 yuan [4] - 2027E: 8.52 yuan [4] Business Segment Performance - Mobile Game Business: - Q4 2024 revenue: 1.8 billion yuan, YOY +79%, QOQ -1% [8] - Growth driven by the core SLG product "Three Kingdoms: Strategy" [8] - Advertising Business: - Q4 2024 revenue: 2.39 billion yuan, YOY +24%, QOQ +14% [8] - Daily Active Users (DAU) and Monthly Active Users (MAU) reached 103 million and 340 million respectively [8] - Value-Added Services: - Q4 2024 revenue: 3.08 billion yuan, YOY +8%, QOQ +9% [8] Valuation and Target Price - The target price for Bilibili is set at $21.38, based on a 20x PE for the 2026 NON-GAAP net profit [8]