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《大行》花旗升微博(WB.US)目標價至14美元 次季度業績超預期
花旗發表報告指出,微博(WB.US)2025年第二季業績表現超預期,收入按年增長1.6%至4.448億美元,分別較該行預期高出2%及市場共識高出1.5%;經調整淨利潤1.43億美元,分別較該行預期高出10%及市場共識高出20%。其中,營銷服務收入按年增長2%,來自阿里巴巴(09988.HK)的廣告收入按年增長10%。電商、互聯網服務及汽車垂直領域推動增長,而線上遊戲、奢侈品及娛樂業務表現相對疲弱。 展望今年第三季,微博管理層預計快速消費品(FMCG)業務將因去年奧運會高基數而面臨挑戰,手機廣告預算可能因換機補貼政策調整而放緩。公司詳細介紹升級後的AI廣告創意平台,並對新推出的智能搜索功能表示樂觀。該功能目前月活用戶已突破5,000萬,雖尚未積極變現,但預計將提升用戶體驗及長尾搜索效能。 基於調整後的預測,花旗將微博目標價從12美元上調至14美元,維持「買入」評級,理由包括估值仍具吸引力,以及AI搜索產品及變現能力改善的潛在上行空間。
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