金吾财讯 | NEEDHAM发报指出，对于媒体股票，该行认为2025年最重要的两个上行估值驱动因素将是连接电视(CTV)广告增长和行业整合，相信Roku(ROKU)将从中受益。
2025年十大基本上行驱动因素：1.到2025年12月31日，Roku的安装基础将增长到近1亿个家庭。2.根据eMarketer，2025年行业CTV广告收入将同比增长16%，达到330亿美元。3.零售媒体网络(RMN)的潜力。4.数据上升。5.改善自由现金流(FCF)和投资资本回报率。6.与需求方平台(DSPs)的直接集成。7.通过收入多元化实现多重扩张。8.媒体和娱乐(M&E)行业已经触底。9.竞争：不认为新的竞争者(例如，TTD，CMCSA)会比之前的竞争者更成功。10.设备增长。
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