核心观点： 盈利预测与投资建议：我们预计公司2025-26 年归母净利润19.92 亿元、23.73 亿元。参照流媒体视频网 站的PS 估值，给予芒果TV 的流媒体业务对应2025 年营收3.6X 的PS，合理价值对应为437 亿元人民 币，IPTV/OTT 业务5.3X PS，估值对应为85 亿人民币合理价值，公司的合理总价值为522 亿元，对应 为27.88 元/股，维持"买入"评级。 风险提示：广告、会员增速不及预期；内容制作周期波动；政策监管等风险。 归母净利润13.64 亿元，净利润率10%；24 年扣非归母净利为16.45亿元,YoY-2.99%，扣非净利润率为 11.7%。（1）24 年会员收入为51.48亿元，YoY+19%，占互联网视频业务收入的比重超过 50%，成为业 绩核心驱动因素。24 年末芒果TV 会员数增至7331 万，年度净增加678万，YoY+10%；月均ARPU 为6.1 元，23 年为5.7 元，YoY+7%，通过全面优化会员权益，逐步提升ARPU 值。（2）24 年广告收入34.38 亿元，YoY-3%。广告行业呈现回暖态势，品牌广告复苏相对滞后，芒果TV 通过为乳制品、 ...

Core Viewpoint - Roku's stock experienced significant volatility, reaching a 52-week high after strong financial results but subsequently losing over a third of its value since then [1][2]. Financial Performance Expectations - Roku is expected to report revenue of $1.005 billion for the first quarter, representing a 14% increase year-over-year, with a 16% increase in its ad-driven platform business [3]. - The adjusted EBITDA is projected to be $55 million, indicating a nearly 35% year-over-year increase, although it reflects a sequential decline from the previous holiday quarter [4]. - A net loss of $40 million is anticipated for the quarter, translating to approximately $0.27 per share, which is an improvement from the $50.9 million loss in the same quarter last year [5]. Analyst Sentiment - Analysts have recently reduced their price targets for Roku, with cuts of $36 and $25, but the new targets of $93 and $100 still suggest a potential upside of 34% to 44% [6]. - Despite concerns about an ad recession and tariff impacts, analysts maintain a bullish outlook on Roku's ability to meet its full-year bottom-line guidance [7]. Market Dynamics - The advertising market is expected to face challenges in a softening economy, but Roku is likely to gain market share as spending shifts from traditional TV to connected TV platforms [11]. - Roku started the quarter with 89.8 million streaming households, showing increased engagement and a rising average revenue per user (ARPU) for four consecutive quarters [12].

特朗普媒体科技集团(DJT.O)：在不久的将来，计划在"真相社交平台"上为"TRUTH+"流媒体服务的用户 提供优质功能。 ...

Here's our initial take on Spotify's (SPOT -9.10%) fiscal 2025 first-quarter financial report. The strong profitability helped Spotify more than double free cash flow in the quarter to 534 million euros. Immediate Market Reaction The earnings miss appears to be weighing on investors in early morning trading. Share prices of Spotify were down 6% following the release of earnings but ahead of the open of regular trading on the New York Stock Exchange. What to Watch Key Metrics | Metric | Q1 2024 | Q1 2025 | C ...

Group 1 - Spotify reported Q1 revenue of €4.2 billion ($4.8 billion), a 15% year-over-year increase, meeting guidance and analyst expectations [1] - Operating profit was €509 million, below the expected €548 million, impacted by over €76 million in social costs related to employee wages and benefits [1] - Subscription users grew by 12% to 268 million, exceeding analyst expectations of 265.2 million, with Q2 user forecast at 273 million [1] Group 2 - CEO Daniel Ek expressed confidence in the long-term outlook despite short-term challenges, stating the company's direction is clearer than ever [1] - Monthly active users increased by 10% to 678 million, slightly below analyst expectations of 679 million, with Q2 forecast at 689 million [1] - Analysts noted that despite uncertainties, competitive advantages are strengthening, with positive long-term prospects driven by potential price increases and new features [2] Group 3 - Spotify is expanding into audiobooks and podcasts, recently entering the video content space to compete with YouTube [2] - The company has launched a new partnership program compensating creators based on content consumption rather than advertising, paying $100 million to podcast publishers and creators since the start of the year [2] - The music industry is experiencing a slowdown, prompting record labels to seek new revenue streams from artists, while Spotify is developing a higher-priced "Music Pro" package [3] Group 4 - Following the earnings report, Spotify's stock initially dropped over 8% in pre-market trading but later narrowed the decline to 5% [3] - As of March 31, the company's stock had risen 22% year-to-date, with a more than 100% increase over the past 12 months [3]

2 0世纪60年代，正在影院业正急剧衰退之时，柯比做了一个有些冒险的决定——扩展业 务，不仅升级了影院规模，还与其他平台合作成立均等股权合资公司，做起电影发行业 务。到了7 0年代，Vill a g e Roa ds how已经开始自己生产电影。 何以陨落？ 作者 I 杨文静 报道 I 投资界PEdaily "欢迎来到真实的荒漠。" 多年后，这句《黑客帝国》里的台词还能如此应景——它的出品方之一、知名影视娱乐公 司威秀娱乐集团日前刚宣布了破产。这家成立于1 99 7年的好莱坞巨头，在拉扯一年多后 最终走向分崩离析。 或许你没听过威秀娱乐集团，但一定知道以下电影中的至少一部—— 《黑客帝国》三部曲、《小丑》、《了不起的盖茨比》、《乐高大电影》、《大侦探福尔 摩斯》 、《查理和巧克力工厂》、《疯狂的麦克斯：狂暴之路》、《十一罗汉》系列、 《野兽家园》、《萨利机长》等等，这些影片都有着威秀娱乐集团的身影。 眼下，威秀娱乐负债累累，一份流出的法庭文件透露，公司债务预计在5亿至1 0亿美元之 间。巨额债务无力偿还、日复一日的诉讼拉锯战.. .. ..这些看似是威秀娱乐自身的问题，却 也映照着好莱坞窘迫的另一面貌。 一个 ...