爱奇艺：24Q4业绩点评：内容矩阵可期，关注微剧商业化-20250226

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [9]. Core Insights - The company reported a revenue of 6.61 billion yuan for Q4 2024, a year-on-year decline of 14.2%, which aligns with Bloomberg consensus expectations. The Non-GAAP operating profit was 406 million yuan, down 56% year-on-year, with a Non-GAAP operating margin of 6% [3]. - Membership service revenue for Q4 2024 was 4.1 billion yuan, a 15% year-on-year decline, attributed to content scheduling fluctuations. However, the management anticipates a significant rebound starting late November 2024 due to the return of popular content, with an increase in subscription numbers and user engagement [4]. - Advertising revenue for Q4 2024 was 1.4 billion yuan, down 13% year-on-year, primarily due to a decrease in brand advertising, partially offset by growth in performance advertising. The company plans to explore advertising opportunities to attract new clients and expects micro-dramas to contribute to revenue growth through a "subscription + advertising" model [5]. - The company has a rich reserve of quality content and is steadily improving its original content production capabilities, with several high-quality shows set to launch in 2025 [6]. - The gross margin for Q4 2024 was 24.5%, down 3.7 percentage points year-on-year. Content costs were 3.4 billion yuan, a 9% year-on-year decline, reflecting a cautious cost strategy [7]. Summary by Sections Financial Performance - Q4 2024 revenue: 6.61 billion yuan, down 14.2% year-on-year [3] - Non-GAAP operating profit: 406 million yuan, down 56% year-on-year [3] - Membership service revenue: 4.1 billion yuan, down 15% year-on-year [4] - Advertising revenue: 1.4 billion yuan, down 13% year-on-year [5] - Gross margin: 24.5%, down 3.7 percentage points year-on-year [7] Content Strategy - The company is focusing on original content production, with several new shows planned for 2025 [6] - Popular shows have seen significant engagement, indicating a strong content pipeline [4] Cost Management - Content costs decreased to 3.4 billion yuan, down 9% year-on-year, reflecting a cautious approach to expenses [7] - Non-GAAP marketing and management expenses were 880 million yuan, down 7% year-on-year [7]