公司研究 | 季报点评 爱奇艺 IQ.O 买入（维持） 现金流稳定增长，剧集 ROI 提升 股价（2024年03月01日） 3.82美元 目标价格 6.80美元 52周最高价/最低价 7.86/3.06美元 ——爱奇艺（IQ.O）23Q4点评 总股本/流通股（亿股） 9.57/5.22 美股市值（亿美元） 36.55 核心观点 国家/地区 中国 行业 传媒 ⚫ 23Q4营收77亿(yoy+1.50%, qoq-3.85%)，同比增长主要系会员收入增长驱动。我 报告发布日期 2024年03月04日 们预期24Q1或达78亿。Q4毛利率28% (yoy-0.65pp, qoq+1.06pp)；销售及一般 行政费用为9.5亿（yoy-3.31%，qoq-3.42%）；研发费用为4.5亿（yoy-5.04%， 1周 1月 3月 12月 qoq+1.00%）；GAAP归母净利润4.67亿（yoy+53.24%，qoq-2.04%）；Non- 绝对表现% 8.83 16.11 -13.18 -44.23 GAAP归母净利润6.82亿（yoy+20.36%，qoq+9.64%）。24Q1为广告淡季，我们 相对表现% 7.0 ...

Investment Rating - The report maintains a "Buy" rating with a target price of $7.75 [3][4]. Core Insights - The company's Q4 performance met expectations, with steady growth in membership and advertising revenue, and a new high in Average Revenue per Member (ARM) [3]. - Revenue for Q4 2023 reached 77.06 billion RMB, a year-on-year increase of 1%, driven by membership and advertising income [3]. - Adjusted net profit for Q4 2023 was 6.82 billion RMB, with an adjusted net profit margin of 9%, reflecting strong growth across multiple operational metrics [3]. Summary by Sections Financial Overview - The company achieved a Q4 operating profit of 7.4 billion RMB, with an operating profit margin of 10.0%, up 0.7 percentage points quarter-on-quarter [3]. - Adjusted operating profit was 9.28 billion RMB, with an adjusted operating profit margin of 12%, up 0.9 percentage points quarter-on-quarter [3]. Membership Revenue - Membership revenue for Q4 2023 was 48.09 billion RMB, a year-on-year increase of 1%, primarily driven by ARM growth [3]. - The average revenue per member (ARM) reached 15.98 RMB, a year-on-year increase of 9%, marking a new high [3]. Advertising Revenue - Advertising revenue for Q4 2023 was 16.51 billion RMB, a year-on-year increase of 6%, continuing a positive growth trend [3]. - Brand advertising and performance advertising both showed healthy growth, with content-targeted advertising accounting for over 50% of brand advertising revenue [3]. Other Business Segments - Content distribution revenue for Q4 2023 was 5.06 billion RMB, a year-on-year decrease of 21%, mainly due to content distribution scheduling and reclassification of film revenue [3]. - Other business revenue reached 7.41 billion RMB, a year-on-year increase of 13%, benefiting from contributions from third-party collaborations [3]. Profit Forecast - The report adjusts profit forecasts for 2024-2026, expecting adjusted net profits of 37 billion RMB, 47 billion RMB, and 56 billion RMB respectively [3].

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29 Feb 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Improving profitability with solid guidance iQIYI (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat margin. Looking into 1Q24E, we expect both revenue and earnings to see sequential growth, with solid ARM trend. We keep confident on IQ's previous FY24E OP target (at RMB5bn), with disciplined content cost and ARM expansion. Given already-low expectation and clear profitab ...

传媒 | 证券研究报告 — 调整盈利预测 2024年2月29日 IQ 爱奇艺 买入 2023 年业绩表现创历史最好水平 原评级：买入 市场价格:美元 3.67 爱奇艺 2023 全年业绩创历史最好水平；领先全网剧集播放排行榜，新增长点有 望来自于海外业务、IP衍生付费和AIGC。维持“买入”评级。 板块评级:强于大市 支撑评级的要点 股价表现  公司2023全年业绩表现创历史最好水平。爱奇艺23Q4营业收入77.1亿元， 同比+1.5%，环比-3.9%；GAAP净利润4.66亿元，同比+53.2%，环比-2.0%； non-GAAP净利润6.82亿元，同比-20.4%，环比+9.6%。2023年全年收入318.7 亿元，同比+9.9%；non-GAAP净利润28.4亿元，同比+121%，净利润率8.9%， 同比+4.5ppts。根据业绩会管理层发言，公司 2024年继续注重利润表现，预 期利润增长幅度仍将高于收入增长；新增长点有望来自于海外业务、IP衍生 付费和AIGC。  平均会员月付费持续提升，爱奇艺领先全网剧集播放表现。23Q4 会员收入 (%) 今年 1 3 12 48.1亿元，同比+1.4%，环 ...

Exhibit 99.1 iQIYI Announces Fourth Quarter and Fiscal Year 2023 Financial Results BEIJING, CHINA, February 28, 2024 – iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights Fourth Quarter 2023 Operating Highlights Footnotes: [1] Unless otherwise noted, RMB to USD was converted at an exchange rate of R ...

iQIYI, Inc. (NASDAQ:IQ) Q4 2023 Earnings Conference Call February 28, 2024 6:30 AM ET Company Participants Chang Yu - IR Director Tim Gong - Founder, CEO & Director Jun Wang - CFO Xiaohui Wang - Chief Content Officer Wenfeng Liu - CTO Conference Call Participants Xueqing Zhang - CICC Lincoln Kong - Goldman Sachs Group Lei Zhang - Bank of America Merrill Lynch Operator Good day and welcome to the iQIYI Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. [Operator Instructions]. I would now like to ...

BEIJING, China, Feb. 28, 2024 (GLOBE NEWSWIRE) -- iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights Total revenues were RMB7.7 billion (US$1.1 billion1), increasing 1% year over year.Operating income was RMB773.7 million (US$109.0 million) and operating income margin was 10%, compared to operating ...

Investment Rating - The report maintains a "Buy" rating for iQiyi (IQ) with a target price of $7.52 per ADS [4] Core Views - iQiyi's Q4 2023 revenue is expected to reach RMB 7.672 billion, up 1% YoY but down 4% QoQ [2] - Q4 2023 gross margin is projected at 28%, down 1pct YoY but up 1pct QoQ [2] - Operating profit for Q4 2023 is estimated at RMB 754 million, with an operating margin of 10% [2] - Adjusted operating profit is forecasted at RMB 903 million, representing a 12% margin [2] - Net profit for Q4 2023 is expected to be RMB 445 million, with adjusted net profit at RMB 657 million, down 23% YoY but up 6% QoQ [2] Membership Business - Q4 2023 membership revenue is projected at RMB 4.798 billion, flat YoY and down 4% QoQ [2] - Average Revenue per Membership (ARM) is expected to reach RMB 15.9, up 12% YoY and 2% QoQ [2] - Membership revenue is forecasted to grow 15% in 2023 and 5% in 2024 [10] Advertising Business - Q4 2023 advertising revenue is estimated at RMB 1.641 billion, up 6% YoY [2] - Advertising revenue is expected to grow 17% in 2023 and 4% in 2024 [10] Content Strategy - iQiyi continues to focus on self-produced content, with a structural shift towards top-tier content [2] - Content cost is projected to account for 51% of revenue in 2023 and 50% in 2024 [10] Financial Projections - 2023 revenue is forecasted at RMB 31.838 billion, up 10% YoY, with 2024 revenue expected to reach RMB 33.305 billion, up 5% YoY [10] - Non-GAAP net profit is projected at RMB 2.813 billion in 2023 and RMB 3.448 billion in 2024 [10] - The company is valued at 15x 2024 PE, implying a fair value of $7.52 per ADS [10] Industry Comparison - Compared to Netflix and Disney, iQiyi's valuation is relatively lower, with a 2024 PE of 15x versus Netflix's 33.1x and Disney's 23.5x [13]

公司研究 | 动态跟踪 爱奇艺 IQ.O 买入（维持） 内容质量持续提升，ARM 保持增长 股价（2024年02月22日） 3.61美元 目标价格 6.57美元 52周最高价/最低价 7.86/3.06美元 ——爱奇艺（IQ.O）23Q4前瞻点评 总股本/流通股（亿股） 9.57/5.22 美股市值（亿美元） 34.54 核心观点 国家/地区 中国 行业 传媒 ⚫ 我们预期公司23Q4营收或达77亿(yoy+1%, qoq-4%)，同比增长主要系会员、广 报告发布日期 2024年02月23日 告收入增长双驱动。 GAAP营业利润或达7.5亿（yoy-4%，qoq+1%）；Non- GAAP营业利润或达9亿（yoy-8%，qoq+1%）。GAAP归母净利润或达4亿 1周 1月 3月 12月 （yoy+32%，qoq-15%）；Non-GAAP归母净利润6.5亿（yoy-24%，qoq+5%）。 绝对表现% 1.55 -0.82 -24 -50.68 我们预期23年全年GAAP营业利润或达30亿（yoy+126%），Non-GAAP营业利 相对表现% 0.7 -5.26 -36.45 -90.09 润或达36亿（ ...