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<Research>CMS: BILIBILI-W 1Q Revenue In Line; Net Profit Beats
Recommend 4 Positive 6 Negative 8 |
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BILIBILI-W (09626.HK) reported 1Q revenue in line with expectations, while net profit beat forecasts, China Merchants Securities said in its report. Total revenue was RMB7.47 billion, up 7% YoY, meeting expectations. Advertising/ value-added services (VAS)/ gaming revenue added 30%/ 4% YoY and declined 12% YoY, respectively. Gross margin reached 37.1%, up 0.9 ppts YoY, meeting expectations. Non-GAAP operating profit was RMB524 million, up 53% YoY, beating expectations by 1%. Non-GAAP net profit was RMB593 million, up 63% YoY, exceeding expectations by 11%, mainly driven by operating leverage and better-than-expected expense optimization. Non-GAAP net margin expanded 2.8 ppts YoY to 7.9%. The broker maintained its Overweight rating and USD25 TP on Bilibili Inc. (BILI.US). The company repurchased USD60.3 million worth of shares during the quarter. The USD200 million buyback program approved in November 2024 is nearly fully utilized, and management expected to announce a new repurchase plan in the future. The broker remained optimistic about earnings growth driven by accelerated advertising monetization and operating leverage, while AI investment was expected to enhance the value of BILIBILI-W's content ecosystem and support stronger commercial revenue growth. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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