External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.</li><li>Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.</li><li>That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

<ul><li>We expect iQiyi 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.</li><li>We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.</li><li>We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect iQiyi 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) - Recovery Still Takes Time

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.</li><li>This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.</li><li>iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.</li></ul>

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>IQiyi reported C2Q24 top line, non-GAAP operating profit and GAAP net income inline, 5.0% and 18% vs. consensus. </li>
<li>The short-term reason is executional, but long-term reason is sustained competition from well-funded rivals and short video platforms. </li>
<li>We keep the stock at BUY and cut TP to US$3.7.</li>
</ul>


IQiyi reported C2Q24 top line, non-GAAP operating profit and GAAP net income inline, 5.0% and 18% vs. consensus. 
The short-term reason is executional, but long-term reason is sustained competition from well-funded rivals and short video platforms. 
We keep the stock at BUY and cut TP to US$3.7.


[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

<ul><li>iQiyi will report 2Q24 results on 22 August. We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of variety shows.</li><li>We expect non-GAAP operating profit to drop by 36% YoY to RMB503mn on operating deleverage, despite largely flattish content costs and operating expenses YoY.</li><li>Nonetheless, we expect total revenue and profit to gradually recover in 2H24, driven by the quality content pipeline. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

iQiyi will report 2Q24 results on 22 August. We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of variety shows.We expect non-GAAP operating profit to drop by 36% YoY to RMB503mn on operating deleverage, despite largely flattish content costs and operating expenses YoY.Nonetheless, we expect total revenue and profit to gradually recover in 2H24, driven by the quality content pipeline. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) - Weather Short-Term Headwinds in 2Q24; Eyes on 2H24E Recovery

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International

IQIYI (IQ US) - Recovery Still Takes Time

We expect iQiyi 3Q24 results (total revenue & operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.

CMB International

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...

Blue Lotus Research Institute

IQIYI (IQ US) - Weather Short-Term Headwinds in 2Q24; Eyes on 2H24E Recovery

We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of...

CMB International

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IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International

IQIYI (IQ US) - Recovery Still Takes Time

We expect iQiyi 3Q24 results (total revenue & operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.

CMB International

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

​IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...

Blue Lotus Research Institute

IQIYI (IQ US) - Weather Short-Term Headwinds in 2Q24; Eyes on 2H24E Recovery

We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of...

CMB International

IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...