金吾财讯 | 招银国际研报指，微博(09898)公布了1Q25业绩：净营收同比持平为3.97亿美元，符合一致预期；non-GAAP净利润同比增长12%至1.2亿美元，较一致预期高26%，主要得益于销售费用和研发费用的下降（同比分别减少8%和6%）。管理层指出在宏观经济不确定性下，包括美妆护肤等部分行业广告主在广告支出方面仍然维持谨慎。展望2Q25，该行预计总营收同比基本持平在4.39亿美元。微博利用AI改善其社交和搜索体验，长期有望推动用户活跃度，并创造增量商业化机会。该行维持FY25-27盈利预测以及目标价14.5美元，基于8倍FY25E PE。维持“买入”评级。
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