嗶哩嗶哩：經調整淨利潤首次轉正，三謀驅動遊戲收入持續增長

Bilibili發佈2024Q3財報。24Q3收入為73.1億元，超彭博一致預期2.3%。毛利為25.5億元，超彭博一致預期2.9%；毛利率達34.9%，超彭博一致預期0.16pct。經調整淨利潤為2.4億元，yoy扭虧轉正。

運營數據良好。用戶端：本季度DAU 1.07億，去年同期為1.03億；MAU 3.48億；MTU 3000萬。用戶日均使用時長達106分鐘。創作者端：24H1，通過花火商單獲得收入的UP主數量同比增長37%，通過視頻及直播帶貨獲得收入的UP主數量同比增長74%。

24Q3E delivers a better-than-expected performance and net profit turnaround

Bilibili recently released its 24Q3E unaudited financial report:

Key metrics: 

•Revenue rose 26% yoy to RMB7.31bn in 24Q3E, exceeding the Bloomberg consensus estimate (BBG) by 2.3%. 

•Gross profit increased 76% yoy to RMB2.55bn, surpassing BBG by 2.9%, while gross margin was 34.9%, 0.16ppt better than BBG. 

•Adjusted net profit was RMB236m, turning around the yoy loss trend to profit.

Users:

•Daily active users (DAUs) grew to 107m in Q3E, vs 103m a year ago.

•Monthly active users (MAUs) numbered 348m, while monthly tracked users (MTUs) came in at 30m. 

•Average daily time spent per user clocked in at 106 minutes.

Content creators: 

•The number of uploaders who earned income through business orders on Bilibili’s Huahuo (花火) platform increased 37% yoy in 24H1.

•The number of uploaders who earned income through videos and livestreaming products rose 74% yoy.

分業務來看：

-移動遊戲：本季度收入18.2億元，超彭博一致預期9.8%，yoy+84%。主要由於公司獨家授權的策略遊戲《三國：謀定天下》的強勁表現驅動。

-廣告：本季度收入20.9億元，超彭博一致預期0.3%，yoy+28%。主要由於公司廣告產品的優化以及廣告效率的提升驅動。公司現階段已具備將高質量流量轉換為廣告收入的能力，主要來源於B站廣告模型已經具備從建立心智到深度種草，再進一步轉化為交易的全鏈路整合營銷廣告模式。

-VAS：本季度收入28.2億元，低於彭博一致預期1.2%，yoy+9%。主要由於直播和其他增值服務的收入增加驅動。在雙十一期間視頻及直播帶貨的 GMV 同比增長超150%。我們認為隨著更多直播產品和直播功能的擴建，或帶動直播供給端大幅提升，帶動直播收入提升及直播毛利的持續優化。

-IP及衍生品：本季度收入5.7億元，超彭博一致預期7.8%，yoy-2%。

Revenue profile: Conquering the World drove robust growth in games business

Mobile games: revenue grew 84% yoy to RMB1.82bn in 24Q3E, 9.8% better than BBG, driven mainly by strong performance at the company’s exclusively licensed strategy game Three Kingdoms: Conquering the World.

Advertising: ad revenue rose 28% yoy to RMB2.09bn, 0.3% better than BBG, driven mainly by efforts to improve advertising products and raise advertising efficiency. We feel Bilibili has honed an ability at this point to convert premium traffic to ad revenue, mainly driven by its advertising model, which encompasses full-chain integrated marketing that covers multiple stages from mindshare expansion to deep plowing and extends to sales conversions.

VAS: revenue from value-added services grew 9% yoy to RMB2.82bn, 1.2% lower than BBG, driven mainly by revenue increases from livestreams and other VAS. During the Double-11 shopping festival, gross merchandise value (GMV) of video and livestream sales increased more than 150% yoy. We believe supply will be strongly boosted as more products and functions become available in livestreams and help to generate more revenue, along with segmental gross profit enhancement.

IP merchandise and others: revenue dipped 2% yoy to RMB567m, which is 7.8% better than BBG.

成本結構持續優化，毛利率同比大幅提升，虧損同比收窄。成本端，營業成本為47.6億元，其中收入分成成本為29.1億元。毛利端，毛利率達34.9%，yoy+9.9pcts。利潤端，經調整淨利潤為2.4億元，同比扭虧為盈。

持續優化廣告產品，提升廣告效率。1）公司增加廣告庫存，快速增長了主頁信息流、故事模式等廣告位。2）公司進一步優化廣告投放系統。本季度移動智能應用廣告投放客戶數量同比增長700%。3）公司推出創意中心和AIGC，提升了廣告效率，公司計劃推出更多AIGC工具，幫助廣告主自動創建或修改廣告素材，降低成本和入門門檻。

《三國：謀定天下》驅動本季度遊戲收入增長。《三國：謀定天下》是公司代理發行的SLG手遊。公司致力於將三謀打造成常青遊戲，包括與 B 站遊戲社區聯動協同，不斷優化遊戲體驗，快速迭代賽季。今年下半年，公司開始準備三謀的國際版發佈。我們預期這款遊戲將為公司的遊戲業務帶來新的流水增量，同時SLG作為一款長線運營遊戲，有望驅動公司遊戲業務持續增長。

Profitability: better gross margin; net earnings in the black; ad product boosts

Tighter cost structure: Bilibili continued to optimize its cost structure, which widened gross margin and narrowed losses yoy:

•Costs: cost of revenues came to RMB4.76bn, with revenue-sharing costs amounting to RMB2.91bn. 

•Margins: gross margin came to 34.9%, expanding 9.9ppt yoy. The company managed to post adjusted net profit of RMB236m, turning around from an adjusted net loss of RMB864m a year ago. 

Better ad products and efficiencies: 

•Inventory and market expansion: Bilibili increased advertising inventory and rapidly expanded its advertising market space through homepage data flows and Story Mode, its short videos business.

•Delivery system: the company improved its advertising delivery system and mobile smart application advertising customers increased 700% yoy in Q3E.

•AIGC: the launch of Bilibili’s artificial intelligence generated content (AIGC) functionalities at its Creative Center helped raise advertising efficiency. It plans to add more AIGC tools to help advertisers automatically create or modify advertising materials, which would reduce cost as well as lower entry barriers.

Major driver SLG: Three Kingdoms: Conquering the World is Bilibili’s first mobile strategy game (SLG), which had a beta release on 13 June. The company wants to build up the game into a perennial title by establishing linkages and collaborations with the Bilibili gaming community. On another route, it wants to step up launches of seasonal iterations to boost user experience. The company started preparing for the game’s international release in 24H2, which we expect will add incremental revenue growth to the gaming business. SLG offerings typically have longer life-cycles and we believe they boost growth stability.