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M

Update

August 18, 2026 04:22 PM GMT

Morgan Stanley Asia Limited+

IQIYI Inc | Asia Pacific

Rebecca Xu

Equity Analyst

Risk Reward Update

What’s Changed

IQIYI Inc (IQ.O)

From

To

Price Target

US$1.13

US$1.10

Bull Case

US$2.10

US$2.00

Base Case

US$1.13

US$1.10

Bear Case

US$0.80

US$0.70

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

IQIYI Inc (IQ.O, IQ US)

China Internet and Other Services | China

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

52-Week Range

Equal-weight

Attractive

US$1.10

US$1.33

US$2.84-0.95

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Risk Reward for IQIYI Inc (IQ.O) has been updated

EPS (Rmb)**

Prior EPS (Rmb)**

(0.21)

Reason for change

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We see slower core revenue recovery in 2Q26 due to fierce competition:

0.02

0.47

0.52

0.79

0.90

• Revenue -5% YoY (slight miss consensus), higher content distribution

revenue offsetting weaker membership services and ads.

• Non-GAAP OP loss of Rmb30mn (vs. consensus -Rmb2mn).

However, we expect continuous saving in content thanks to AI-related content

innovation in the coming quarters.

Forecasts changes:

• We trim our 2026-28 revenue forecasts by 2%, 3% and 4%, respectively, on

weaker membership services and lower other revenue.

• We lower our 2027-28 cost of revenues forecasts by 2% and 4%,

respectively, thanks to AI-related content innovation.

• Net profit forecasts were trimmed by 8%, 8% and 13%, respectively, in 202628.

PT changes

• Our PT is trimmed to US$1.10 (was US$1.13), derived from 10x 2027e P/E

(unchanged).

• Bull-case value falls to US$2.0 (was US$2.1), derived from 12x 2027e P/E

(unchanged).

• Bear-case value declines to US$0.7 (was US$0.8), derived from 12x 2027e P/

E (unchanged).

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research.…