公司研究 | 季报点评 爱奇艺 IQ.O 买入（维持） AI 助力内容 ROI 持续提升 股价（2024年05月17日） 5.26美元 目标价格 7.76美元 52周最高价/最低价 6.47/3.06美元 ——爱奇艺（IQ.O）24Q1点评 总股本/流通股（亿股） 9.60/5.25 美股市值（亿美元） 50.48 核心观点 国家/地区 中国 行业 传媒 ⚫ 24Q1营收79亿(yoy+5.1%, qoq+2.9%)，增长主要系内容分发收入增长驱动。我 报告发布日期 2024年05月19日 们预期Q2或达77亿。24Q1毛利率29% (yoy+0.30pp, qoq+0.76pp)；销售及一般 行政费用为9.2亿（yoy-16.6%，qoq-2.7%）；研发费用为4.3亿（yoy+0.2%， 1周 1月 3月 12月 qoq-5.0%）；GAAP归母净利润6.6亿（yoy+6.0%，qoq+40.6%）；Non-GAAP 绝对表现% 7.57 26.14 46.52 -3.49 归母净利润8.4亿（yoy-10.1%，qoq+23.8%）。24Q2因竞品较多，我们预期 相对表现% 5.46 19.75 40. ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月17日 美元5.79 美元6.70↑ +15.7% 爱奇艺 (IQ US) AIGC 赋能效率提升，运营利润率创新高  1季度利润超预期：爱奇艺2024年1季度总收入为79亿元（人民币，下 个股评级 同），同比降5%/环比增3%，符合我们/市场预期。调整后运营利润11亿 买入 元，好于我们/市场预期的8/7亿元，对应调整后运营利润率14%，同/环 比+1.3/1.7个百分点，受益于成本费用优化好于预期。 1年股价表现  ARM 持续环比优化，奠定长期高质量增长基石。1 季度会员收入同比降 IQ US MSCI中国指数 13%至48亿元，符合预期，主要因去年同期爆款剧效应带来高基数。ARM 20% （单会员月均付费）连续第六个季度环比增长，创历史新高。公司不再披 10% 0% 露订阅会员数，关注叠加ARM、会员生命周期等因素共同驱动的高质量 -10% 会员收入增长。海外会员收入同环比增长，中国香港/英国等地会员收入 -20% 增80%+，公司适度加强本地内容布局战略不变。考虑去年2季度高基数 -30% -40% 影响延续以及2季度内容竞 ...

Investment Rating - The report assigns a neutral rating to iQIYI (IQ.O) with a price target based on expected earnings per share (EPS) growth and market performance [1]. Core Insights - iQIYI's Q1 2024 performance exceeded expectations, with revenue of 7.927 billion yuan, a year-over-year decrease of 5.0%. The operating profit was 0.945 billion yuan, with an operating margin of 11.9% [1]. - The report highlights the continuous improvement in Average Revenue per Member (ARM), which has increased for six consecutive quarters. The company aims to enhance ARM through refined operations and value-added services [1]. - The content distribution revenue saw a significant year-over-year increase of 27.6%, driven by the release of key content [1]. - iQIYI maintains the highest market share in the drama segment for nine consecutive quarters, with over 70% of new key dramas being original content [1]. - The company has successfully transitioned to profitability, achieving positive GAAP net profit for the first time in 2023 and maintaining positive Non-GAAP net profit for nine consecutive quarters [1]. Summary by Sections Financial Performance - Q1 2024 revenue was 7.927 billion yuan, with a breakdown showing membership revenue at 4.799 billion yuan (60.5% of total revenue), advertising revenue at 1.482 billion yuan (18.7%), content distribution revenue at 0.928 billion yuan, and other revenue at 0.718 billion yuan [1]. - The operating cost was 5.6 billion yuan, with content costs at 4 billion yuan, reflecting a year-over-year decrease of 4.8% [1]. - The gross margin improved to 29.0%, with GAAP and Non-GAAP operating margins at 12% and 14%, respectively, significantly exceeding market expectations [1]. Market Position - iQIYI's drama market share remains the highest in the industry, with a focus on enhancing original content and expanding into various genres [1]. - The introduction of new content formats, such as micro-theater and children's programming, is expected to strengthen its competitive position [1]. Future Outlook - The report suggests that iQIYI's content pipeline is robust, with anticipated releases like the "Fox Demon Little Red Lady" series, indicating a positive outlook for continued growth [1].

Investment Rating - The investment rating for the company is "Buy" with a market price of USD 5.26 and a sector rating of "Outperform" [1][2]. Core Views - The company experienced a slight decline in membership revenue due to a high base effect from the previous year, but maintained high operational efficiency, achieving the best quarterly operating profit [2]. - The company is expected to focus on maximizing long-term membership revenue rather than just increasing membership numbers, with new growth opportunities anticipated from overseas business, IP derivative payments, and AIGC [2][3]. Financial Performance Summary - In Q1 2024, the company's operating revenue was CNY 79.27 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 3% [2]. - Non-GAAP operating profit reached CNY 10.86 billion, with an operating profit margin of 14%, marking the best quarterly performance [2][4]. - GAAP net profit was CNY 6.55 billion, up 6% year-on-year and 41% quarter-on-quarter [2]. - Membership revenue for Q1 2024 was CNY 47.99 billion, down 13% year-on-year but stable quarter-on-quarter [2][4]. - Advertising revenue was CNY 14.82 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 10% [2]. - Content distribution revenue surged to CNY 9.28 billion, up 27% year-on-year and 83% quarter-on-quarter, primarily due to increased important copyright sales [2][4]. Valuation and Future Projections - The company is projected to continue building a stable production system with a focus on profit and cash flow performance [2]. - Expected non-GAAP net profits for 2024, 2025, and 2026 are CNY 40.0 billion, CNY 45.8 billion, and CNY 51.5 billion respectively, with corresponding EPS of CNY 4.09, CNY 4.64, and CNY 5.21 [3][4].

M N 17 May 2024 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Margin surprise on higher efficiency Target Price US$8.60 1Q24 beat on margin again, with adj. NP at RMB844mn (91% above Up/Downside 48.5% consensus) and top line 1% above consensus. For 2Q24E, we expect IQ’s Current Price US$5.79 revenue -1% YoY (in which subs revenue -5% YoY while ads +7% YoY), China Entertainment with a rich content pipeline ahead (e.g. Fox Spirit Matchmaker <狐妖小红 娘>). We forecast 2Q24E non- ...

IQIYI, Inc. (NASDAQ:IQ) Q1 2024 Earnings Conference Call May 16, 2024 7:00 AM ET Company Participants Chang Yu - IR Yu Gong - Founder, Director and CEO Jun Wang - CFO Xiaohui Wang - Chief Content Officer Wenfeng Liu - Chief Technology Officer Youqiao Duan - Senior Vice President of our Membership business WU Gang Lu - Senior Vice President of Brand Advertising business Conference Call Participants Xueqing Zhang - CICC Maggie Ye - CLSA Thomas Chong - Jefferies Lincoln Kong - Goldman Sachs Operator Thank you ...

BEIJING, May 16, 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 first quarter ended March 31, 2024. First Quarter 2024 Highlights Total revenues were RMB7.9 billion (US$1.1 billion1), decreasing 5% year over year.Operating income was RMB944.8 million (US$130.8 million) and operating income margin was 12%, compared to operating income of RMB858.6 million a ...

M N 2024 年 4 月 24 日 招银国际环球市场 | 睿智投资 | 公司更新 爱奇艺 (IQ US) 2024 世界大会: 超 300 部片单发布，精品内容上行 目标价 8.60美元 爱奇艺于 2024 年 4 月 23-24 日在北京举办以“同心同力、共创未来”为主题的 潜在升幅 87.8% “2024爱奇艺世界·大会”，共设主论坛、iJOY悦享会等九场论坛。会上公司管 当前股价 4.58美元 理层强调未来高品质多样化内容并进，并加强海外及一老一少市场开拓，内容端 中国传媒文娱 将更加注重“向下共情”，技术侧深化AIGC赋能。同时，爱奇艺发布超300部片 黄 群 单，精品头部剧集包括《狐妖小红娘》月红篇、竹业篇、王权篇、《云起时》、 (852) 3900 0889 《四方馆》、《孤舟》等。我们认为市场已逐步认可 ARM 提升驱动利润增长逻 sophiehuang@cmbi.com.hk 辑，期待后续内容供给上行带动会员边际改善，并进一步释放估值弹性。维持买 公司数据 入评级，目标价8.6美元。 市值(百万美元） 4,395  高品质与多样化并进，加强海外、一老一小市场开拓。爱奇艺 CEO 龚宇围绕 ...

交银国际研究 消息快报 互联网 2024年4月24日 爱奇艺 (IQ US) 内容储备丰富，聚焦精品制作及 AI 提效，探索衍生及海外增长空间  4月23日我们受邀参加爱奇艺（IQ US）世界大会，CEO龚宇等管理层围绕 赵丽,CFA “同心协力，共创未来”主题，分享最新业务战略，并发布2024-2025年片 zhao.li@bocomgroup.com 单，包括超300+剧、综、电影、动漫等。 (86)1088009788-8054  管理层分享：1）将适度加大内容投入，尤其头部内容，内容定位将继续 谷馨瑜,CPA 聚焦高品质、多样性内容，向上打开创作天花板。微短剧相关切入将主要 connie.gu@bocomgroup.com 着眼于广告及内容分发。2）商业模式上，除会员、广告外，继续探索IP (86)1088009788-8045 衍生业务，如西安大唐不夜城线下文娱沉浸式乐园等。3）海外布局方面， 孙梦琪 以优质内容寻求文化出海，基于审慎本地化投入，持续推动海外业务增 mengqi.sun@bocomgroup.com 长。4）广泛应用生成式AI提升内容制作全产业链工业化水平，如将虚拟 (86)10 ...

IQiyi, sometimes dubbed the "Netflix" of China, swung to a profit in 2023 for the first time since it listed in the U.S. in 2018.BEIJING — Chinese video streaming platform iQiyi is turning its attention to the country's aging population, while using artificial intelligence tools to bolster content production.One of iQiyi's near-term goals is to improve the product offering for older users, CEO and founder Gong Yu said Tuesday at the company's annual conference."It seems simple but it's not, because in the p ...