CICC released a research report stating that it maintained the Weibo-SW (09898.HK) “outperforming the industry” rating and raised the 2024 non-GAAP net profit forecast by 4% to US$478 million, considering that the company maintains efficient expenses, and basically maintains the 2025 profit forecast. Taking into account the adjustment of profit forecasts and the slow growth rate of brand advertising, the target price is HK$101. The company's 1Q24 revenue was US$395 million, down 4.4% year on year (same year on year under fixed exchange rate), which was basically in line with the same forecast (US$387 million) and Bloomberg's agreed expectations (US$388 million); non-GAAP net profit of US$107 million was better than the agency's agreed expectations (US$85.9 million) and the reserve's expectations (US$85.14 million), mainly due to maintaining efficient expenses.