GLONGHUI, March 18 | CCB International cut its target price on Weibo by 18%, from HK$138.06 to HK$113.1, and lowered the company's profit forecast for 2024 and 2025 by 16% and 15% to reflect more conservative revenue expectations and maintain a “outperforming the market” rating. The valuation is more attractive. CCB International expects management to be cautiously optimistic about the 2024 results. The second half of the year will be better than the first half, mainly benefiting from large-scale sports activities and the gradual improvement of the macro environment. After two years of decline, Weibo's revenue is expected to grow by a low single digit in 2024. More investment in content creation, promotion of major events, etc. may lead to a slight contraction in profit margins and offset the increase in revenue, thereby achieving a stable profit situation in FY2024.