20250714-招银国际-2025_Investor_Day_improving_monetization_to_support_quality_earnings_growth_4页_1mb

报告摘要

Ad business achieves strong growth through enhanced commercial infrastructure, including expanded capabilities in mini programs and live streaming ads, now generating over RMB90mn in revenue.
Launch of intelligent ad platform BiliBili Bida to improve ad targeting and measurement, with revenue growth primarily from sectors like content (+90% YoY) and consumer goods (+30% YoY).
AI integration boosts monetization, with AI smart placement accounting for ~20% of Q2 ad spend and expected to rise to ~50% by year-end.
Overall, upbeat outlook for continued outperformance and market share gains in 2025.

Legacy games maintain momentum, with hits like Azur Lane (8 million MAUs) and FGO (31% revenue growth YoY).
New game releases planned for 2025 include Trickcal RE: VIVE and Escape from Duckov, targeting young audiences.
Strategy focuses on "youthification" of game genres to align with generational preferences.

AI tools enhance business operations, including recommendation algorithms, ad generation, and community ecosystem support.
Examples include AI ad placement, video translation, and content review, expected to drive quality earnings growth through improved efficiency and monetization.

Current price: US$21.46, target price: US$26.50, supporting a BUY rating from CMB International Global Markets.
Revenue projected to grow from RMB22.5 billion in FY23A to RMB35.3 billion by FY27E.
Gross margin increases from 24.2% to 40.3%, and adjusted net profit turns positive from FY25E onward.
P/S ratio decreases from 2.9x to 1.8x, reflecting growth potential.

CMBIGM recommends a BUY rating, expecting >15% potential returns over 12 months.
Underlying factors include improving monetization, AI empowerment, and strong future projections in ad and game segments.

展开完整摘要