智通财经网·2025-12-03 10:12Group 1 - JOYY Inc. has attracted market attention following the release of its Q3 2025 earnings, with strong growth in its advertising business being a key focus [1][2] - Several international investment banks have raised their target prices for JOYY, reflecting optimism about the company's growth potential in the coming years [1] - Notable target price increases include Huatai Securities raising it from $71.9 to $84.2, and Citi from $59 to $70, among others [1] Group 2 - JOYY's advertising revenue has become a market highlight, with BIGO Ads achieving 33% year-over-year growth and 19.7% quarter-over-quarter growth in Q3 2025 [2] - The third-party advertising revenue saw a significant quarter-over-quarter increase of 25%, outpacing major competitors in the global ad tech sector [2] - Investment firms are recognizing the independent value of JOYY's advertising business by incorporating it into their SOTP (Sum of the Parts) valuation models [2] Group 3 - Citi's latest report emphasizes the exceptional performance of JOYY's advertising business, driven by traffic expansion and market development, with expectations for continued double-digit growth [3] - Forecasts for JOYY's revenue have been raised by 2%/4%/6% for 2025-2027 due to strengthened advertising momentum and improved revenue structure [3] - Analysts predict that JOYY's advertising business will achieve over 30% year-over-year growth in FY 2026 [3] Group 4 - JOYY's stable live streaming business continues to provide cash profits, supporting the company's revenue growth alongside its accelerating advertising business [4] - The company has maintained a strong financial position with a net cash reserve of $3.3 billion, facilitating future business expansion and shareholder returns [4] - In Q3 2025, JOYY executed approximately $240 million in buybacks and dividends, resulting in a shareholder return rate of 7.7% [4] Group 5 - Analysts from Lyon highlight JOYY's dual attributes of "yield + growth," maintaining an "outperform" rating due to the combined effects of stable live streaming and growing advertising revenue [5] - The overall profitability of JOYY is expected to improve as the advertising business grows and the revenue structure evolves, leading to a positive long-term outlook [5]