里昂发布研报称，将心动公司(02400)2025及26财年收入预测分别上调11%及12%，以反映广告技术升级 推动的强劲广告业务增长，同时基于营运杠杆效应上调长期利润率预期。目标价由60港元上调至90港 元，维持"跑赢大市"评级。 心动公司上半年业绩胜该行预期，总收入同比增长39%至31亿元人民币(下同)，较该行预期高2.6%;其中 游戏业务收入符合预期，达21亿元，同比增39%，而TapTap广告业务收入同比升38%至10亿元，较该行 预期高6%，受惠于广告定向算法升级。 ...

Core Viewpoint - Bank of America reaffirms "buy" rating for Roku, raising target price to $100, indicating approximately 21% upside potential from current stock price, driven by strategic alliance with Amazon and leadership in connected TV advertising market [1] Group 1: Strategic Developments - Roku announced deepened cooperation with Amazon, allowing exclusive access to Amazon's demand-side platform for its advertising resources, significantly expanding advertising reach and improving efficiency [1] - The new advertising solution is expected to cover 40% more unique viewers while reducing ad repetition by nearly 30%, with full rollout planned for Q4 2025 [1] Group 2: Financial Projections - Adjusted EBITDA for Roku is projected to grow from $260 million in 2024 to $671 million in 2027, with significant improvements in earnings per share expected [2] - Free cash flow is anticipated to increase from $213 million in 2024 to $692 million in 2027, providing ample resources for future strategic investments [2] Group 3: Market Potential - Roku's growth potential is driven by the continuous expansion of the connected TV advertising market, global growth in streaming video users, and the potential for increased ad fill rates [3] - The strategic partnership with Amazon is expected to reshape the connected TV advertising landscape, capitalizing on long-term growth trends in the streaming industry [3]