中金表示，哔哩哔哩运营效率继续增强，现金流改善明显，关注3Q24利润端表现。2Q24毛利率同增6.8ppt至29.9%，该行判断主要为游戏、广告的高毛利业务持驱动，该行认为毛利率后续仍有增长空间。费用控制有效，2Q24销售/管理/研发费用率同降0.4/2.2/5.1ppt至16.9%/8.0%/14.6%，其中销售费用中部分为《三谋》的营销投入。现金流改善明显，公司2Q24实现正向经营现金流为17.5亿元(1Q24：6.4亿元)。业绩会上，公司表示维持Non-GAAP营业利润或于3Q24转正目标，并展望未来于净利润层面的利润释放。CICC believes that bilibili-W (09626) has maintained user stickiness well with its unique content community, and the commercial value of users is expected to continue to be released.
According to the Zhongjin Finance app, CICC released a research report stating that it maintains a 'outperform' rating on bilibili-W (09626) with a target price of HKD 151. The company's 2Q24 performance: revenue of 6.127 billion yuan, a year-on-year increase of 15.5%, basically in line with market (6.1 billion yuan) and the bank's (6.3 billion yuan) expectations. 2Q24 DAU and MAU were 0.102 billion and 0.336 billion respectively, with a DAU-to-MAU ratio of 30.4%, an increase of 0.6/0.4ppt compared to the same/previous quarter; the average daily usage time in 2Q24 was 99 minutes, a year-on-year increase of 5.3%. The bank believes that the company has maintained user stickiness well with its unique content community, and the commercial value of users is expected to continue to be released.
The report states that bilibili's advertising continues to perform well, and the gaming business has regained growth. Advertising: 2Q24 revenue increased by 30% to 2.037 billion yuan. The company stated that it further improved its advertising products and infrastructure in the second quarter, and enhanced commercialization efficiency. At the same time, during the '618' marketing event in the second quarter, the advertising placement of e-commerce clients on Bilibili increased by 300%. The bank believes that the effectiveness of the company's commercialization infrastructure will gradually be released, which may drive continued strong growth in the advertising business in 2H24. Gaming: 2Q24 revenue increased by 13% to 1.007 billion yuan. The bank judged that the quarterly contribution of confirmed revenue in the game 'Three Kingdoms: Fate Changer' increased. The company stated that 'Three Kingdoms' will focus on long-term operation. In early August, the game started the S2 season, and its ranking on the iOS best-selling games chart rose to third place. The bank suggests paying attention to the sustainability of subsequent revenue performance. Value-added services: 2Q24 revenue increased by 11.5%.
CICC stated that bilibili's operating efficiency continues to improve, and cash flow has improved significantly, focusing on the performance of 3Q24 profits. 2Q24 gross margin increased by 6.8ppt to 29.9%. The bank believes that this is mainly driven by the high-gross-margin business of gaming and advertising, and it believes that there is still room for gross margin growth in the future. Expense control is effective, with sales/management/R&D expense ratios in 2Q24 decreasing by 0.4/2.2/5.1ppt to 16.9%/8.0%/14.6%, among which part of the sales expenses is marketing investment for 'Three Kingdoms'. Cash flow has improved significantly, with the company achieving positive operating cash flow of 1.75 billion yuan in 2Q24 (1Q24: 0.64 billion yuan). During the earnings conference, the company stated that it maintains the goal of achieving Non-GAAP operating profit in 3Q24, and it looks forward to profit release at the net income level in the future.
