[Table_Page] 跟踪研究|媒体Ⅱ 证券研究报告 [T[【aTbalbel_eS_广uTmitlem] a发ry] 传媒&海外】爱奇艺（ IQ） [公Tab司le_评Inve级st] 买入 当前价格 3.61美元 Q4 前瞻：内容 ROI 优化，预计利润稳健 合理价值 7.52美元 前次评级 买入 核心观点： 报告日期 2024-02-23  预计23Q4收入表现稳健，利润环比优化。我们预计公司23Q4总收入 相[Ta对ble市_P场icQ表uot现e] 达76.72亿元，同比增长1%，环比下降4%。23Q4毛利率预计为28%， 同比下滑1pct，环比提升1pct。运营利润预计为7.54亿元，运营利润 50% SPX Index IQ US Equity 率为 10%；23Q4 经调整运营利润预计为 9.03 亿元（经调整运营利润 率为12%）。23Q4净利润预计为4.45亿元，经调整净利润预计为6.57 0% 亿元，同比下滑23%，环比提升6%，利润率对应为9%。  预计 23Q4会员收入受内容排播延迟影响，同比持平，ARM 同环比持 -50% 续增长。预计 23Q4 会员收入达 47.98 亿 ...

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（ ...

2024年农历春节已进入倒计时，近日多地春晚彩排花絮刷屏网络，引发热议。据悉，今年爱奇艺对央视春晚的直播、点播将引入帧绮映画MAX4KHDR超高清码流，这意味着观众在通过帧绮映画MAX设备认证的电视上看春晚，也能享受到“原汁原味”，如身临春晚节目现场的视听体验。 近年来，爱奇艺、优酷、抖音等长短视频平台均开始在赛事、晚会直播中应用超高清技术，较常规的1080P高清直播来说，能达到4KHDR这样的画质标准，意味着平台将投入更高的成本及资源去确保视听能力的实现。为何爱奇艺要在春晚直播上做这样的投入？ 除夕是最能将一家人聚集在大屏前的重要场景。作为国民级晚会，央视春晚连结着亿万观众的时代记忆。从2005年春晚21位聋哑演员惟妙惟肖演绎的《千手观音》，到2011年春晚周杰伦和林志玲以魔术和歌舞形式呈现的《兰亭序》，再到2022年春晚耗时1年8个月悉心编排才登上舞台的《只此青绿》，每年春晚“出圈”的节目，都会成为人们茶余饭后讨论的内容。如何将这些“国民记忆”，在观众阖家团圆之时无损呈现在电视里，成为电视厂商、视频平台们面临的挑战。 2005年央视春晚《千手观音》 而受限于各个播放终端设备的色彩显示差异、网络传输稳定性等 ...

BEIJING, Feb. 06, 2024 (GLOBE NEWSWIRE) -- iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced that it will report its financial results for the fourth quarter and fiscal year ended December 31, 2023 before the U.S. market opens on February 28, 2024. iQIYI's management will hold an earnings conference call at 6:30 AM on February 28, 2024, U.S. Eastern Time (7:30 PM on February 28, 2024, Beijing Time). Please register in adva ...

BEIJING, Feb. 06, 2024 (GLOBE NEWSWIRE) -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced that it will report its financial results for the fourth quarter and fiscal year ended December 31, 2023 before the U.S. market opens on February 28, 2024. iQIYI’s management will hold an earnings conference call at 6:30 AM on February 28, 2024, U.S. Eastern Time (7:30 PM on February 28, 2024, Beijing Time). Please register in adv ...

Exhibit 99.1 iQIYI Announces Third Quarter 2023 Financial Results BEIJING, CHINA, November 21, 2023 – 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 third quarter ended September 30, 2023. Third Quarter 2023 Highlights • Total revenues were RMB8.0 billion (US$1.1 billion1), increasing 7% year over year. • Operating income was RMB746.7 million (US$102.4 million) and operating inco ...

iQIYI, Inc. (NASDAQ:IQ) Q3 2023 Earnings Call Transcript November 21, 2023 6:30 AM ET Company Participants Chang You - Director of Investor Relations Yu Gong - Founder, Director & Chief Executive Officer Jun Wang - Chief Financial Officer Youqiao Duan - Senior Vice President, Membership Business Xiaohui Wang - Chief Content Officer Wenfeng Liu - Chief Technology Officer Conference Call Participants Xueqing Zhang - CICC Lincoln Kong - Goldman Sachs Daniel Chen - JPMorgan Thomas Chong - Jefferies Maggie Ye - ...

iQIYI, Inc. (NASDAQ:IQ) Q2 2023 Earnings Conference Call August 22, 2023 8:00 AM ET Company Participants Chang You - Director of Investor Relations Yu Gong - Founder, Director & Chief Executive Officer Jun Wang - Chief Financial Officer Xiaohui Wang - Chief Content Officer Wenfeng Liu - Chief Technology Officer Youqiao Duan - Senior Vice President, Membership Business Gang Wu - Senior Vice President of Brand Advertising Business Conference Call Participants Xueqing Zhang - CICC Lei Zhang - Bank of America S ...

Exhibit 99.1 iQIYI Announces Third Quarter 2023 Financial Results BEIJING, CHINA, November 21, 2023 – 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 third quarter ended September 30, 2023. Third Quarter 2023 Highlights • Total revenues were RMB8.0 billion (US$1.1 billion1), increasing 7% year over year. • Operating income was RMB746.7 million (US$102.4 million) and operating inco ...

iQIYI, Inc. (NASDAQ:IQ) Q1 2023 Earnings Conference Call May 16, 2023 7:00 AM ET Company Participants Chang You - Director of Investor Relations Yu Gong - Founder, Director & Chief Executive Officer Jun Wang - Chief Financial Officer Xiaohui Wang - Chief Content Officer Wenfeng Liu - Chief Technology Officer Youqiao Duan - Senior Vice President, Membership Business Conference Call Participants Xueqing Zhang - CICC Lincoln Kong - Goldman Sachs Daniel Chen - JPMorgan Alicia Yap - Citigroup Operator Thank you ...