BILIBILI(BILI) 东吴证券·2024-05-26 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 5.7 billion yuan in Q1 2024, representing a year-over-year increase of 12% and a quarter-over-quarter decrease of 11%, with adjusted net loss narrowing to 456 million yuan, a 56% improvement compared to the same period last year [2][3] - The advertising business continues to show strong growth, with Q1 2024 revenue of 1.669 billion yuan, up 31% year-over-year, driven by optimized advertising products and improved efficiency [3] - The gaming business faced temporary pressure with Q1 2024 revenue of 983 million yuan, down 13% year-over-year, primarily due to the absence of new game launches [3] - The gross margin improved to 28.3%, up 6.6 percentage points year-over-year, indicating ongoing cost reduction and efficiency enhancement efforts [3] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected to be 21.899 billion yuan, with a year-over-year growth of 12% [2] - Non-GAAP net profit is expected to improve significantly from a loss of 4.822 billion yuan in 2023 to a loss of 1.726 billion yuan in 2024, and turning positive in 2025 with a profit of 274 million yuan [2][4] Business Segments - Advertising revenue is expected to continue growing due to seasonal events and improved product integration [3] - The gaming segment is anticipated to recover with new game launches, including "物华弥新" and "三国：谋定天下" [3] Financial Metrics - The company maintains a target of turning adjusted operating profit positive by Q3 2024, supported by improved operational efficiency [3][4] - The projected price-to-sales ratio for 2024 is 1.68, indicating a favorable valuation relative to expected revenue growth [4]