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>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

<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

<ul><li>1Q24 beat on margin again, with adj. NP at RMB844mn (91% above consensus) and top line 1% above consensus.</li><li>For 2Q24E, we expect IQ’s revenue -1% YoY (in which subs revenue -5% YoY while ads +7% YoY), with a rich content pipeline ahead (e.g. Fox Spirit Matchmaker &lt;狐妖小红 娘&gt;).</li><li>We forecast 2Q24E non-GAAP OP resilient at RMB800mn, and we are positive on mgmt’s FY24E OP target of RMB5bn. </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.

1Q24 beat on margin again, with adj. NP at RMB844mn (91% above consensus) and top line 1% above consensus.For 2Q24E, we expect IQ’s revenue -1% YoY (in which subs revenue -5% YoY while ads +7% YoY), with a rich content pipeline ahead (e.g. Fox Spirit Matchmaker &lt;狐妖小红 娘&gt;).We forecast 2Q24E non-GAAP OP resilient at RMB800mn, and we are positive on mgmt’s FY24E OP target of RMB5bn. 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) - Margin surprise on higher efficiency

<ul><li>iQIYI (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat margin.</li><li>Looking into 1Q24E, we expect both revenue and earnings to see sequential growth, with solid ARM trend.</li><li>We keep confident on IQ’s previous FY24E OP target (at RMB5bn), with disciplined content cost and ARM expansion. </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 (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat margin.Looking into 1Q24E, we expect both revenue and earnings to see sequential growth, with solid ARM trend.We keep confident on IQ’s previous FY24E OP target (at RMB5bn), with disciplined content cost and ARM expansion. 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) - Improving Profitability with Solid Guidance

<ul><li>We estimate iQIYI could deliver an upbeat margin but mild rev growth in 4Q23E, with better-than-feared ads revenue and rising ARM (despite subs volatility).</li><li>We suggest looking beyond the high base for 1Q24E, and focusing on upcoming rich content in its 2024 pipeline, including San Ke Shu (南来北往), Fox Spirit Matchmaker (狐妖小红娘) and Gu Zhou (孤舟). ARM expansion should support its earnings growth and solid free cash flow in FY24E.</li><li>We are also positive on its margin improvement on higher ROI in content investments. </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 estimate iQIYI could deliver an upbeat margin but mild rev growth in 4Q23E, with better-than-feared ads revenue and rising ARM (despite subs volatility).We suggest looking beyond the high base for 1Q24E, and focusing on upcoming rich content in its 2024 pipeline, including San Ke Shu (南来北往), Fox Spirit Matchmaker (狐妖小红娘) and Gu Zhou (孤舟). ARM expansion should support its earnings growth and solid free cash flow in FY24E.We are also positive on its margin improvement on higher ROI in content investments. 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) – Margin Intact with Continued ARM Expansion

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) - 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 (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 (IQ US) - Margin surprise on higher efficiency

For 2Q24E, we expect IQ’s revenue -1% YoY (in which subs revenue -5% YoY while ads +7% YoY), with a rich content pipeline ahead (e.g. Fox Spirit...

CMB International

IQIYI (IQ US) - Improving Profitability with Solid Guidance

iQIYI (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat margin. Looking into 1Q24E, we expect both revenue and earnings...

CMB International

IQIYI (IQ US) – Margin Intact with Continued ARM Expansion

We estimate iQIYI could deliver an upbeat margin but mild rev growth in 4Q23E, with better-than-feared ads revenue and rising ARM (despite subs...

CMB International

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