Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is focusing on a dual strategy of long-form and short-form content to enhance its content ecosystem and commercial capabilities, with plans to optimize its advertising system and launch content e-commerce initiatives [1][2] - The management shared future plans at the iQIYI World Conference, emphasizing the importance of AI technology for content creation and user experience enhancement [2] - The company aims to diversify its revenue streams by entering the content e-commerce market, targeting its membership base for potential sales [2] Financial Forecasts - For Q1 2025, the company is expected to generate total revenue of 7.09 billion RMB, a year-on-year decrease of 10.5% but a quarter-on-quarter increase of 7.3% [3] - The non-GAAP net profit for Q1 2025 is projected at 290 million RMB, reflecting a non-GAAP net profit margin of 4.1%, down 6.6 percentage points year-on-year [3] - The company has adjusted its non-GAAP net profit forecasts for 2025, 2026, and 2027 downwards by 7.7%, 6.5%, and 9.2% respectively, due to revised revenue growth expectations [4][12] Valuation Metrics - The target price for the company is set at $2.71, based on a 12.0x non-GAAP PE for 2025, which reflects a discount compared to the comparable average of 22.6x [4][12] - The company’s projected revenue for 2025 is 29.417 billion RMB, with a slight year-on-year growth of 0.66% [6][12] - The adjusted net profit for 2025 is forecasted at 1.582 billion RMB, with a non-GAAP net profit margin of 5.4% [12][22]
爱奇艺（IQUS）：关注内容生态丰富及商业化能力优化