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

[iQIYI, Lnc. (IQ US, SELL, TP US$5) Target Price Change]: Content Pipeline Weakens After

IQIYI (IQ US): Embracing Moderate yet Stable Growth

[iQIYI (IQ US, BUY, TP US$6.25) Rating Change]: Competitive Advantage Is Established, Raise to BUY

Gravity Works As WeWork Doesn't; Now Plan B

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>IQ reported 2Q23 revenue and non-GAAP net income 0.2%/28.5% vs cons.</li>
<li>We cut our projections for 3Q23's membership services revenue, but increased estimations for online ads services revenue, and raised margin forecasts for 2023.  </li>
<li>We maintain our US$ 6.25 TP, implying 16.2X PE in 2023.</li>
</ul>


IQ reported 2Q23 revenue and non-GAAP net income 0.2%/28.5% vs cons.
We cut our projections for 3Q23's membership services revenue, but increased estimations for online ads services revenue, and raised margin forecasts for 2023.  
We maintain our US$ 6.25 TP, implying 16.2X PE in 2023.


[iQIYI, Lnc. (IQ US, BUY, TP US$6.25) Review]: Ads Revenue Will Continue to Have Fair Growth

iQIYI Inc

[iQIYI, Lnc. (IQ US, BUY, TP US$6.25) Review]: Ads Revenue Will Continue to Have Fair Growth