Improving profitability with solid guidance
IQiQIYI(IQ) 招银国际·2024-03-04 00:00

M N 29 Feb 2024 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Improving profitability with solid guidance iQIYI (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat Target Price US8.60margin.Lookinginto1Q24E,weexpectbothrevenueandearningstosee(PreviousTPUS8.60 margin. Looking into 1Q24E, we expect both revenue and earnings to see (Previous TP US8.60) sequential growth, with solid ARM trend. We keep confident on IQ’s previous Up/Downside 134.3% FY24E OP target (at RMB5bn), with disciplined content cost and ARM expansion. ...