招商证券指出，公司社区生态健康，2024年多款代理游戏上线贡献业绩增量；广告方面，公司发布“发新品、年轻化、交易转化、大节点”等四大场景营销方案，同时表示将重视动态、热搜等更多大流量场景渗透，有望进一步推动收入增长，长期来看也有望受益于AI相关知识付费市场规模增长及AI应用相关营销预算增加；公司经调整净利润在24年三季度首次转正，考虑公司游戏产品流水表现超预期，高毛利的效果广告占比持续提升拉动利润率上升，直播及大会员业务毛利率有望持续提升，以及持续有效的控费措施，看好公司商业化加速及盈利能力提升。Bilibili-W (09626) rose over 5% in the late trading session. As of the time of writing, it has increased by 4.23%, priced at 155.3 HKD with a trading volume of 0.687 billion HKD.
According to the Zhichun Finance APP, Bilibili-W (09626) rose over 5% in the late trading session. As of the time of writing, it has increased by 4.23%, priced at 155.3 HKD with a trading volume of 0.687 billion HKD.
According to media reports, Alibaba's Taobao's official live-streaming e-commerce channel has expanded to Bilibili. The group's zhejiang Taote software recently opened a certified account named 'Taobao Seckill' on Bilibili for live sales. It is reported that Bilibili e-commerce has consistently adhered to the 'open-loop' global strategy, bringing over 50% new customer rates to all vertical industries. During the November 11 shopping festival-related, Bilibili's sales GMV grew rapidly by 154% year-on-year compared to last year's promotional period, and the number of advertisers is 6.6 times that of the same period last year.
China Merchants pointed out that the company's community ecosystem is healthy, with multiple agency games launching in 2024 contributing to performance growth. In terms of advertising, the company has released four major marketing plans for 'new product launch, youth focus, trade conversion, and major nodes,' and will emphasize penetration into dynamic, trending, and other high-traffic scenarios, likely further driving revenue growth. In the long term, it is also expected to benefit from the growth of the AI-related paid knowledge market and the increase in marketing budgets related to AI applications. The company's adjusted net income is expected to turn positive in the third quarter of 2024, considering that the performance of the company's game product flow exceeds expectations, the share of high gross margin effect advertising continues to increase, driving the rise in profit margins, live streaming and premium membership business gross margins are expected to continue improving, along with ongoing effective cost control measures. There is a bullish outlook for the company's commercialization acceleration and improvement in profitability.
