22 Nov 2024 CMB 国际全球市场 | 股票研究 | 公司更新 爱奇艺 (IQ US) 短期逆风持续 ； 战略升级推动长期增长 爱奇艺报告了2024年第三季度财务结果：总收入同比下降10%，达到人民币72亿 元，符合彭博一致预期和我们的估计；非GAAP净收入下降23%，至人民币4.8亿 元，超出彭博一致预期和我们的估计（人民币2.66亿/4.26亿），主要得益于更好 的运营费用控制和外汇收益。展望2024年第四季度，我们预计总收入将同比下降 14%，环比下降8%，主要由于内容供应减少和消费情绪疲软。不过，我们预计2 024年第四季度非GAAP营业利润环比大致持平，为人民币3.68亿元，得益于爱奇 艺谨慎的成本和运营费用控制。该公司将增加迷你剧的投资，同时削减低回报率 内容的投资，我们预计这将帮助爱奇艺抓住新的增长机会并长期提高利润率。我 们将2024年至2026年的总收入预测下调3-4%，以反映相对疲弱的内容表现和宏 观经济不确定性。我们将目标价调整至4.50美元，基于2025年非GAAP每股收益 的15倍市盈率（之前基于15倍2025年非GAAP每股收益的目标价为4.80美元）。 维持买入评级。 ...

"In the third quarter of 2024, we topped the industry in the drama series market share, according to Enlightent data," commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "We have recently elevated our entertainment offerings and services with strategic enhancements, integrating sought-after mini and short dramas to complement our extensive long-form content portfolio. We have also introduced a family account option within our membership programs. We believe these improvements wi ...

iQIYI Announces Third Quarter 2024 Financial Results BEIJING, CHINA, November 21, 2024 – iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights ● Total revenues were RMB7.2 billion (US$1.0 billion1), decreasing 10% year over year. ● Operating income was RMB238.9 million (US$34.0 million) and operating income margin was ...

Core Insights - iQIYI reported a total revenue of RMB 7.2 billion (US$1.0 billion) for Q3 2024, a decrease of 10% year over year [2][6] - The company experienced a significant decline in operating income, which was RMB 238.9 million (US$34.0 million), down 68% from RMB 746.7 million in Q3 2023 [2][10] - Net income attributable to iQIYI was RMB 229.4 million (US$32.7 million), representing a 52% decrease compared to RMB 475.9 million in the same period last year [2][13] Financial Performance - Membership services revenue decreased by 13% year over year to RMB 4.4 billion (US$622.1 million) due to a lighter content slate [6] - Online advertising services revenue fell by 20% year over year to RMB 1.3 billion (US$190.5 million), primarily due to a decline in brand advertising [6] - Content distribution revenue increased by 52% year over year to RMB 814.0 million (US$116.0 million), driven by an increase in barter transactions [7] Cost and Expenses - Cost of revenues was RMB 5.6 billion (US$805.1 million), a decrease of 3% year over year, with content costs at RMB 4.0 billion (US$569.0 million), down 5% [8] - Selling, general and administrative expenses decreased by 7% year over year to RMB 907.9 million (US$129.4 million) due to reduced marketing spending [9] - Research and development expenses remained flat year over year at RMB 449.0 million (US$64.0 million) [10] Cash Flow and Financial Position - Operating cash flow was RMB 242.5 million (US$34.6 million), down from RMB 830.7 million in Q3 2023 [14] - Free cash flow also decreased significantly to RMB 234.8 million (US$33.5 million) from RMB 826.5 million in the same period last year [14] - As of September 30, 2024, the company had cash and cash equivalents totaling RMB 4.7 billion (US$673.8 million) [15] Strategic Initiatives - iQIYI aims to enhance its content offerings by integrating mini and short dramas alongside its long-form content portfolio [3] - The introduction of a family account option within membership programs is expected to better meet users' evolving entertainment needs [3] - The company believes that optimizing long-form video offerings and incorporating new content types will lead to long-term value creation [3]

BEIJING, Nov. 15, 2024 /PRNewswire/ -- On November 12, iQIYI, China's leading online entertainment platform, introduced its Standard VIP Family and Friends membership service in Chinese mainland. This new offering allows Standard VIP members to add a separate account at a discounted price, providing full access to iQIYI's extensive content library and offering an affordable way for families and friends to enjoy premium content together.Under this new offering, Standard VIP members can add an additional acco ...

BEIJING, Oct. 31, 2024 /PRNewswire/ -- iQIYI, China's leading online entertainment platform, premiered Fangs of Fortune in late October, the latest release under 'Love On Theater.' Inspired by The Classic of the Mountains and Seas, an ancient Chinese mythological text, this fantasy period drama unfolds in a rich universe filled with Chinese cultural elements, brought to life through state-of-the-art technologies and virtual production. Classical Chinese Culture and Romance 'Fangs of Fortune' Drama Series Po ...

BEIJING, Oct. 28, 2024 (GLOBE NEWSWIRE) -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced that it will report its financial results for the third quarter ended September 30, 2024 before the U.S. market opens on November 21, 2024. iQIYI’s management will hold an earnings conference call at 6:30 AM on November 21, 2024, U.S. Eastern Time (7:30 PM on November 21, 2024, Beijing Time). Please register in advance of the conf ...

23 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Recovery still takes time We expect iQiyi 3Q24 results (total revenue & operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate. We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth. We expect 3Q24 non-GAAP net income to ...

BEIJING, Oct. 23, 2024 /PRNewswire/ -- iQIYI, China's leading online entertainment platform, released the season finale of its hit original comedy variety show The King of Stand-up Comedy this week, with Fu Hang winning first place. This season, along with titles like Super Sketch Show, as part of the platform's growing comedy ecosystem, demonstrates iQIYI's ongoing efforts to provide a greater stage for grassroots comedy talent and cultivate the diversified development of the domestic comedy industry and c ...

Investment Rating - The report maintains a **Buy** rating for iQIYI (IQ US) with a target price of **USD 3.80**, implying a potential upside of **57.7%** from the current price of USD 2.41 [1][4] Core Views - **3Q24 Preview**: The report expects iQIYI's 3Q24 revenue and adjusted operating profit to remain largely unchanged at **RMB 7.2 billion** and **RMB 350 million**, respectively, representing a YoY decline of **10%** and **61%** due to pressure on membership and brand advertising revenue [1] - **Adjusted Net Profit**: The adjusted net profit for 3Q24 is revised upward to **RMB 450 million** (vs Bloomberg consensus of RMB 120 million), driven by foreign exchange gains from RMB appreciation, with an adjusted net margin of **6%** [1] - **Membership and Advertising Pressure**: Membership revenue is expected to decline **13% YoY** and **3% QoQ** in 3Q24, while advertising revenue is projected to drop **21% YoY** to RMB 1.3 billion due to budget cuts in FMCG and other industries [1] - **Content Strategy Upgrade**: iQIYI is focusing on a "long + short" premium content strategy, introducing "Short Theater" (5-20 minutes) and "Micro Theater" (1-5 minutes) to enhance member engagement and diversify content offerings [2] - **Valuation**: The report maintains the 2024 revenue forecast and slightly adjusts the 2025 net profit forecast, valuing iQIYI at **10x 2025 P/E** and reiterating the target price of **USD 3.80** [2] Financial Data Summary - **Revenue**: Expected to decline **5.6% YoY** to RMB 30.1 billion in 2024E, with a recovery to **5.2% YoY growth** in 2025E [3] - **Net Profit**: Forecasted at RMB 1.88 billion in 2024E, a **33.9% YoY decline**, but expected to rebound to **40.5% YoY growth** in 2025E [3] - **EPS**: Adjusted EPS for 2024E is revised upward by **16.3%** to RMB 1.92, while 2025E EPS is slightly adjusted downward by **2.2%** to RMB 2.70 [3] - **P/E Ratio**: Stands at **8.9x** for 2024E and **6.3x** for 2025E, indicating an attractive valuation [3] Market Performance - **Share Price Performance**: iQIYI's share price has declined **50.61% YTD**, underperforming the MSCI China Index [4] - **Market Cap**: As of the report date, iQIYI's market cap is **USD 1.27 billion** [4] Content and Market Share - **Drama Market Share**: iQIYI's drama share in the TOP20 rankings improved to **37%** in 3Q24, up from **20%** in 1H24, driven by better-performing series [1][5] - **Variety Show Market Share**: iQIYI ranked **3rd** in variety shows, with a stable share compared to 1H24 [1][5] Membership and ARM Trends - **Membership**: Paid members are expected to decline **3% QoQ** to 43.68 million in 3Q24, with a **13% YoY drop** in membership revenue [7] - **ARM (Average Revenue per Member)**: ARM growth remains under pressure, with a projected **3% QoQ decline** in 3Q24 [5][7]