2季度会员增长超预期，再次上调全年经营利润率指引

Investment Rating - The report maintains a positive outlook on the company, indicating an investment rating of "Buy" with a target price not specified [19]. Core Insights - The company exceeded market expectations with a net addition of 8.05 million subscribers in Q2 2024, significantly higher than the market forecast of 4.77 million, driven by strong content performance and the impact of paid sharing accounts [17][18]. - The management has raised the revenue growth guidance for 2024 to 14-15% and the operating profit margin guidance to 26% [2][4]. - Advertising is expected to become a major growth driver starting in 2026, with a notable increase in ad-supported subscription numbers [3][18]. Summary by Sections Financial Performance - Q2 2024 total revenue reached $9.56 billion, a year-on-year increase of 17$2.6 billion, up 42% year-on-year, with an operating margin of 27.2%, reflecting a 5 percentage point increase [2][9]. - Net profit for the quarter was $2.1 billion, a 44$11.6, reflecting a year-on-year increase of 0.8% [17][39]. Content Investment - The company maintained its content spending guidance for the year at $17 billion, a 29$4.4 billion [18][42]. - The amortization cost for content in Q2 was $3.8 billion, up 11% year-on-year, indicating a continued investment in high-quality content [18][43]. Market Position and Strategy - The competitive landscape in the streaming market is intensifying, with a focus on bundling subscription packages and increasing ad-supported offerings [18]. - The company is expected to leverage its substantial content investment to enhance market share in the long term, particularly in international markets [18].