嗶哩嗶哩: 降本增效下虧損收窄,三謀驅動遊戲收入同比增長

（以下内容从天风国际证券《嗶哩嗶哩: 降本增效下虧損收窄,三謀驅動遊戲收入同比增長》研报附件原文摘录）
　　Bilibili (BILI US) 降本增效下亏损收窄，三谋驱动遊戏收入同比增长 24Q2E results: losses narrowed on cost cuts and efficiency measures; game revenue beat expectations BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis Bilibili发布2024Q2财报。24Q2收入爲61.3亿元，超彭博一致预期0.6%。毛利爲18.3亿元，超彭博一致预期2.9%；毛利率达29.9%，yoy+6.8pcts。经调整净亏损爲2.7亿元，yoy大幅缩窄72%。 24Q2E results: revenue rose 16% yoy; adjusted net loss shrank 72% yoy Bilibili released unaudited 24Q2E results on 22 August 2024: Key metrics: revenue rose 16% yoy to RMB6.13bn, exceeding the Bloomberg consensus estimate (BBG) by 0.6%. Gross profit grew 49% to RMB1.83bn, exceeding BBG by 2.9%. The gross margin reached 29.9%, up 6.8ppt yoy. The adjusted net loss narrowed significantly by 72% yoy to RMB271m. 运营数据良好。用户端：本季度DAU超1.02亿，yoy+6%；MAU3.36亿；用户日均使用时长达99分钟。 创作者端：24H1，通过花火商单获得收入的UP主数量同比增长34%，通过视频及直播带货获得收入的UP主数量同比增长76%。 Users: Bilibili saw solid user growth in Q2E as daily active users (DAU) exceeded 102m (up 6% yoy) while monthly active users (MAU) reached 336m, with average daily time spent per user rising to 99 minutes. Creators: the number of uploaders who received income through Bilibili’s Huahuo platform increased by 34% yoy in Q2E. Notably, the number of uploaders who earned income through video and live streaming products increased by 76% yoy. 分业务来看： - 遊戏：本季度收入1亿元，超彭博一致预期5.5%，yoy+13%。主要由於公司独家授权的策略遊戏《三国：谋定天下》驱动。 - 广告：本季度收入4亿元，超彭博一致预期2.0%，yoy+30%。主要由於公司广告效率的提升以及广告产品优化。公司现阶段已具备将高质量流量转换爲广告收入的能力，主要来源於B站广告模型已经具备从建立心智到深度种草，再进一步转化爲交易的全链路整合营销广告模式。 - VAS：本季度收入7亿元，低於彭博一致预期3.1%，yoy+11%。主要由於大会员、直播和其他增值服务的付费用户数量有所增加。在618期间视频及直播带货的GMV同比增长140%+。我们认爲随着更多直播产品和直播功能的扩建，或带动直播供给端大幅提升，带动直播收入提升及直播毛利的持续优化。 - IP及衍生品：本季度收入2亿元，超彭博一致预期5.4%，yoy-4%。 Revenue profile: both games and advertising achieved sturdy growth Games: the segment saw revenue increase 13% yoy to RMB1.01bn in Q2E, exceeding BBG by 5.5%. Growth was driven mainly by the company’s exclusively licensed strategy game, Three Kingdoms: Conquer the World, launched in June 2024. Advertising: revenue from this business grew 30% yoy to RMB2.04bn, exceeding BBG by 2.0%, as the company continued to improve its advertising efficiency and optimize its advertising products. We feel that Bilibili has demonstrated its ability to convert premium user traffic into ad revenue. For this segment, it has transitioned from building mindshare to boosting market traction gains, with full-value-chain transactions being driven by an integrated marketing and advertising business model. VAS: revenue from value-added services rose 11% yoy to RMB2.57bn, lower than BBG by 3.1%. The main reason was an increase in the number of paying users for premium memberships, livestreaming and other VAS. During the 618 mid-year shopping festival, gross merchandise value of video and livestreaming products shot up 140% yoy. As more products and functionalities become available for livestreams, supply could improve significantly and help increase revenue and optimize gross profit in this segment. IP derivatives & others: revenue slipped 4% to RMB516.4m but still beat BBG by 5.4%. 成本结构持续优化，毛利率持续提升，费用同比下降，亏损同比收窄。成本端，营业成本爲42.9亿元，其中收入分成成本爲24.9亿元。毛利端，毛利率达29.9%，yoy+6.8pcts。费用端，一般及行政开支/研发费用同比分别下降10%/15%。利润端，运营亏损爲5.9亿元，同比收窄54%，经调整净亏损爲2.7亿元，同比大幅缩窄72%。 《三国：谋定天下》驱动本季度遊戏收入增长。《三国：谋定天下》是公司代理发行的SLG手遊。公司致力於将三谋打造成常青遊戏，包括与 B 站遊戏社区联动协同，不断优化遊戏体验，快速迭代赛季。根据七麦数据，遊戏发布以来表现良好，一直位於iPhone遊戏-策略（畅销）榜单前十。我们预期这款遊戏将爲公司的遊戏业务带来新的流水增量，同时SLG作爲一款长线运营遊戏，有望驱动公司遊戏业务持续增长。 Continued cost cuts helped improve gross margin and narrow losses As Bilibili continued to optimize its cost structure, its gross margin increased further, while expenditure decreased yoy and losses narrowed yoy. Cost of revenues +5% yoy to RMB4.29bn in Q2E, while revenue-sharing costs came to RMB2.49bn. General & administrative expenses decreased 10% yoy and R&D expenses fell 15% yoy. Gross margin widened to 29.9%, up 6.8ppt yoy. Operating losses narrowed 54% yoy to RMB585.1m, while adjusted net losses shrank significantly 72% yoy to RMB271m. Growth driver: newly released strategy game to help boost long-term revenue In Q2E, revenue growth was driven largely by Three Kingdoms: Conquering the World, the company’s first mobile simulation game (SLG). Bilibili is committed to building the game into an evergreen title, through linkages and collaboration with the game community from the Bilibili website, and by optimizing the user experience while rapidly pushing out seasonal iterations. According to Qimai.cn, Conquering the World has performed well since its release and has been on the top 10 iPhone strategy games list. We expect the game to continue bringing in incremental revenue for Bilibili’s game business. In general, we believe SLG offerings, which tend to have a longer life-cycle, will continue to help drive growth. 投资建议/Investment Ideas 投资建议：维持“买入”评级。我们认爲，公司降本增效成果显著，经调整净亏损同比大幅度收窄，长期或将受益於“自研精品，全球发行”战略，未来建议持续关注商业化进程。考虑到公司新遊戏表现良好，我们预测FY24E-FY26E的收入分别爲266/294/325亿（前值258/290/322亿元），non-GAAP净利润爲-1.5/21.4/35.9亿（前值-5.6/13.8/26亿元），维持“买入”评级。 Valuation and risks We believe Bilibili’s efforts to reduce costs and enhance efficiency have achieved excellent results, helping to significantly narrow the adjusted net loss yoy. We also expect its proprietary premium products and global distribution strategy to continue raking in gains over the long term. We suggest that investors monitor how it fares in product monetization over time. In light of Bilibili’s new games performance, we forecast revenue at RMB26.6/29.4/32.5bn for 24/25/26E (previously RMB25.8bn/29.0bn/32.2bn) and non-GAAP net profit at RMB-150m/+2.14bn/+3.59bn (previously RMB-560m/+1.38bn/ +2.60bn). We maintain our BUY rating. 风险提示：MAU增长速度不及预期；中概股监管政策进一步趋严；数据监管政策进一步趋严；DAU/MAU进一步下滑；商业化恢复进程不达预期，遊戏研发和上线不及预期 Risks include: lower-than-expected MAU growth; tightening of regulatory policy on Chinese foreign-listed stocks; tightening of data regulations; further declines in DAU and MAU metrics; a worse-than-expected monetization recovery; and worse-than-expected game developments and launches. Email: research@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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