CICC: Maintains Outperform rating on iQIYI Inc. (02400.HK) and upgrades target price to HKD 93.7.

According to the Zhitong Finance and Economics APP, CICC released a research report stating that it maintains its forecast for Heartbeat Company (02400.HK) with a net profit attributable to shareholders of 16.5/19.5 billion yuan for 2025/2026. The current stock price corresponds to a P/E ratio of 21/18 times for 2025/2026. It maintains an outperform industry rating, as TapTap's monetization capabilities and future layout have valuation premiums. The target price is raised by 14% to HK$93.7, corresponding to a P/E ratio of 25/21 times for 2025/2026, with an upside potential of 16%.