金吾财讯 | 交银国际发研报指，基本维持爱奇艺(IQ)2024年4季度66亿元（人民币，下同）收入预期，其中会员收入继续承压，同/环比-15%/-6%。热门剧集播放拉动品牌招商，广告收入环比或增7%。考虑持续的成本管控及精细化管理，该行上调4季度调整后运营利润至4.0亿元。该行指，长剧集2024年11月末起供给有所改善。微短剧产品和基础设施层面建设已基本完成，后续将继续强化内容供给、分发及用户心智培养，12月已有微剧项目单月分账过百万元。考虑汇兑损失影响，该行下调2025年经调整净利润8%，基于10倍2025年市盈率，微调目标价至2.6美元(原2.9美元)。预计2025年会员或将逐步触底回升，并有望带来财务层面边际改善。现价对应2025年市盈率仅6.6倍，接近历史最低估值水平，维持买入。
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