收入端。1）B 站24Q3 广告业务收入20.9 亿元，同比增长28%。a）平台设施不断完善，匹配算法持续优化、广告产品矩阵不断丰富，品牌/效果/原生广告均带来不错增量。b）内容与广告相结合带来新增长动力，2024“双十一”期间，公司视频及直播带货GMV 同比+150%。c）3 季度广告收入贡献前五行业分别为游戏/电商/数码/网服/汽车，消费类内容日均广告用户数据超4 千万。2）B 站24Q3 增值服务业务收入为28.2 亿元，同比增长9%。B 站用户保持高粘性，截至24Q3 正式会员达到2.51 亿，同比增长12%，第12 个月留存率约80%；大会员达到2197 万，其中年度订阅或自动续订用户超80%。3）B 站24Q3 移动游戏业务收入为18.2 亿元，同比增长84%。主要得益于公司长线化运营游戏《三国：谋定天下》表现亮眼，其连续3 个季度进入iOS 游戏畅销榜前三。预计2024 年11 月16 日，《三国：谋定天下》开启S4 赛季，高流水有望持续。Description of the event
Station B announced financial results for 24Q3. Station B achieved revenue of 7.306 billion yuan, up 26% year on year; achieved gross profit of 2.547 billion yuan, up 76% year on year; gross margin increased 9.9 pct year on year to 34.9%, achieving the 9th consecutive quarterly increase; non-GAAP net profit was 0.236 billion yuan, achieving a single quarter profit for the first time. The company announced that it will cumulatively repurchase shares worth no more than $0.2 billion over the next 24 months.
Incident comments
Revenue side. 1) Station B's 24Q3 advertising revenue was 2.09 billion yuan, an increase of 28% over the previous year. a) Platform facilities are continuously improved, matching algorithms are continuously optimized, advertising product matrices are constantly being enriched, and brand/effect/native advertising have all brought good increases. b) The combination of content and advertising brought new growth impetus. During the 2024 “Double Eleven” period, the company's video and live broadcasts brought GMV +150% year-on-year. c) The top five industries that contributed advertising revenue in the 3rd quarter were games/e-commerce, digital/online services/automobiles, and the average daily advertising user data for consumer content exceeded 40 million. 2) Station B's 24Q3 value-added service business revenue was 2.82 billion yuan, an increase of 9% over the previous year. Station B users maintained high stickiness. As of 24Q3, regular members reached 0.251 billion, an increase of 12% over the previous year, and the retention rate for the 12th month was about 80%; membership reached 21.97 million, of which more than 80% were annual subscription or automatic renewal users. 3) Station B's 24Q3 mobile game business revenue was 1.82 billion yuan, an increase of 84% over the previous year. Mainly due to the outstanding performance of the company's long-term operation game “Three Kingdoms: Determining the World”, it has been in the top three best-selling iOS games for 3 consecutive quarters. It is expected that on November 16, 2024, “Three Kingdoms: Determining the World” will begin the S4 season, and the high level of traffic is expected to continue.
Operating data. The ecosystem of Station B community continues to prosper. 24Q3DAU reached 0.107 billion, MAU reached 0.348 billion, and the average daily usage time was 106 minutes, all of which reached record highs. The Station B community continued to grow healthily, and the average daily video broadcast volume in 24Q3 increased 23% year over year. Station B provides creators with multiple monetization channels. In the first three quarters of 24, nearly 2.7 millionUp mainly received revenue on Site B. Among them, the number of UP owners who received revenue through flower sales orders was +37%, and the number of UP owners who received revenue through video and live streaming was +74%.
Profit side. 1) Along with the growth and effective cost control of high-margin businesses such as advertising and games, Station B's 24Q3 gross profit increased 76% year on year to 2.547 billion yuan, driving gross margin to increase 9.9 pcts year on year to 34.9%, achieving 9 consecutive quarters of increase. Due to the increase in game purchases, 24Q3 sales expenses were +21% year over year, and R&D expenses fell sharply year on year (-15%), mainly due to the impact of base period utility. 2) Station B's 24Q3 non-GAAP net profit was 0.236 billion yuan, achieving a single quarter profit for the first time; net operating cash flow was 2.226 billion yuan, achieving 5 consecutive quarters of positive operating cash flow, indicating that the business has entered a virtuous cycle. Furthermore, driven by strong performance in mobile games and advertising, deferred revenue for Q3 '24 was $0.381 billion, +159% year over year.
Profit forecast: Station B optimizes commercialization capabilities and operating efficiency, and the advertising and gaming business drives high-quality growth. We expect revenue of 2024-2025 to reach 26.7/30.6 billion yuan, respectively, maintaining a “buy” rating.
Risk warning
1. The market competition pattern intensifies risks;
2. Short-term profits and medium- to long-term growth cannot balance risk.
