微博：广告商情绪混杂；在财务年度25中增加对人工智能的投资-20250314

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at $14.5 based on an 8x P/E ratio for FY25E [1][19]. Core Insights - The company reported a net revenue of$457 million for Q4 2024, showing a year-over-year growth of approximately 0% in constant currency, aligning with Bloomberg consensus expectations. Non-GAAP net profit increased by 40% year-over-year to $107 million, exceeding expectations by 9$1.77 billion, which represents a 2% year-over-year increase, primarily driven by growth in advertising revenue from 3C and e-commerce sectors [3][4]. - The adjusted net profit for FY25E is estimated at $481 million, with an adjusted EPS of$1.81. The report indicates a decrease in the non-GAAP operating profit margin to 31% for FY25E, down from 33% in FY24, mainly due to increased investments in artificial intelligence [4][14]. User Engagement Metrics - As of December 2024, the monthly active users (MAUs) decreased by 1% year-over-year to 590 million, while the daily active users (DAUs) to MAUs ratio improved to 44.1% from 43.0% in December 2023 [2][3]. Dividend Policy - The company announced an annual dividend policy, planning to pay $200 million in dividends for FY24, which equates to an approximate 8% dividend yield [3][4].