微博（WB）：3Q营业收入超预期，4Q广告投放需求短期承压

Investment Rating - The report maintains an "Accumulate" rating for the company [9][22]. Core Views - The target price is set at $12.44, reflecting an increase from the previous target of $9.54, based on improved advertising revenue and enhanced user engagement [7][22]. - The company is expected to see a gradual recovery in advertising demand, with a focus on long-term user ecosystem development [4][6]. Financial Performance Summary - For Q3, the company reported a revenue increase of 5.1% year-on-year to $464 million, exceeding consensus expectations by 6.7% [3][5]. - Adjusted net profit for Q3 rose by 1.9% year-on-year to $139 million, surpassing expectations by 17.9% [3][5]. - Advertising revenue grew by 2.4% year-on-year to $399 million, while VAS (Value-Added Services) revenue surged by 24.6% to $66 million [5][6]. Future Outlook - Revenue forecasts for 2024-2026 have been adjusted upwards by 2.1%, 1.4%, and 0.2% to $1.754 billion, $1.786 billion, and $1.849 billion respectively, primarily due to better-than-expected Q3 advertising revenue [4][17]. - The adjusted net profit estimates for the same period have been increased by 7.5%, 1.9%, and 0.7% to $499 million, $504 million, and $514 million respectively [17][19]. Valuation Metrics - The company is valued at a PE ratio of 6.0 times the adjusted net profit for 2025, compared to a global average of 20.1 times, indicating a significant discount due to slower growth rates [7][22]. - The report highlights that the recent increase in advertising revenue and improved user engagement have contributed to narrowing the valuation discount [22].