サイバーエージェント: 3月Q決算:利益が市場予想大きく上回る、明らかな上方修正ペース:全セグメント増益貢献

研报英文原文证据摘录

サイバーエージェント: 3月Q決算:利益が市場予想大きく上回る、明らかな上方修正ペース:全セグメント増益貢献

UpdateM

図表2: CyberAgent (4751.T): Revenue and OP by segments

Revenue by segment FY9/21 FY9/22 FY9/23 FY9/24 FY9/25 1Q FY9/25 2Q FY9/25 3Q FY9/25 4Q FY9/25 FY9/26 1Q FY9/26 2Qe FY9/26 3Qe FY9/26 4Qe FY9/26e FY9/27e FY9/28e F9/26 2Q MSe

Media &IP - - - 200,178 55,638 57,083 56,192 62,630 231,543 62,617 65,000 65,000 70,000 262,617 292,500 322,500 62,195 96%

Game - - - 195,985 38,247 51,466 50,651 76,346 216,710 64,722 70,000 45,000 65,000 244,722 200,000 180,000 67,505 96%

Internet advertisement - - - 434,612 117,792 117,564 111,392 114,472 461,220 114,642 120,000 125,000 120,000 479,642 509,500 539,500 127,707 106%

Investment development - - - 6,342 465 163 807 228 1,663 209 500 500 500 1,709 2,000 0 26 5%

YoY

Media &IP - - - - 5,287 7,169 8,462 10,447 31,365 6,979 7,917 8,808 7,370 31,074 29,883 30,000 5,112 -

Game - - - - -6,796 -15,704 11,795 31,430 20,725 26,475 18,534 -5,651 -11,346 28,012 -44,722 -20,000 16,039 -

Internet advertisement - - - - 12,472 10,567 -450 3,599 26,608 -3,150 2,436 13,608 5,528 18,422 29,858 30,000 10,143 -

Investment development - - - - -154 -99 592 -5,019 -4,679 -256 337 -307 272 46 291 -2,000 -137

YoY%

Media &IP - - - - 11% 14% 18% 20% 16% 13% 14% 16% 12% 13% 11% 10% 9% -

Game - - - - -15% -23% 30% 70% 11% 69% 36% -11% -15% 13% -18% -10% 31% -

Internet advertisement - - - - 12% 10% 0% 3% 6% -3% 2% 12% 5% 4% 6% 6% 9% -

Investment development - - - - -25% -38% 275% -96% -74% -55% 207% -38% 119% 3% 17% -100% -84% -

OP by segment FY9/21 FY9/22 FY9/23 FY9/24 FY9/25 1Q FY9/25 2Q FY9/25 3Q FY9/25 4Q FY9/25 FY9/26 1Q FY9/26 2Qe FY9/26 3Qe FY9/26 4Qe FY9/26e FY9/27e FY9/28e F9/26 2Q MSe

Media &IP - - - -1,448 1,416 3,313 2,279 283 7,291 4,900 4,100 4,100 1,600 14,700 16,250 20,000 5,496 134%