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Bilibili (BILI US) 降本增效成果顯著，關注新遊戲上線進度 Cost and efficiency measures made good headway in Q1E; we would monitor future progress of online game launches BUY (maintain) 投資要點/Investment Thesis 投资要点/Investment Thesis Bilibili發佈2024Q1業績。24Q1總收入爲56.6億元，超彭博一致預期1%。毛利爲16.1億元，毛利率達28.3%，yoy+6.5pcts，經調整淨虧損爲4.6億元，yoy大幅縮窄56%。 運營數據穩健增長，吸引更多優質創作者。用戶端：本季度DAU爲1.02億，yoy+9%；MAU3.41億，用戶日均使用時長達105分鐘。 Q1E yoy net loss trend softens as gross margin spikes 6.5ppt yoy to 28.3% Key metrics: Bilibili’s unaudited 24Q1E results show substantial narrowing of the adjusted net loss trend by 56% yoy to RMB460m. Revenue rose 1% yoy in the quarter to RMB5.66bn, 1% better than the Bloomberg consensus estimate (BBG); gross profit came in at RMB1.61bn, with gross margin at 28.3%, up 6.5ppt y
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