未能再次交出“炸裂”成绩单！奈飞股价承压，华尔街仍看好其广告与长期增长_老虎社区_美港股上老虎

未能再次交出“炸裂”成绩单！奈飞股价承压，华尔街仍看好其广告与长期增长

智通财经01-21

流媒体巨头奈飞(NFLX.US)周三公布2025年第四季度财报。尽管公司当季营收和盈利双双超出市场预期，且全年业绩指引基本符合华尔街预测，由于未能再次交出“炸裂”成绩单，市场情绪转弱，奈飞股价大幅下挫。截至发稿，奈飞跌超4.6%，报83.28美元。投行：市场已习惯“超预期”，广告潜力被低估韦德布什认为，本次财报被市场解读为“略显平淡”，主要原因在于投资者已习惯奈飞持续交出远超预期的成绩单。但该机构...

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growth","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/1ca6739c79b30c20e1e7d8330965421a","symbols_score_info":{"NFLX":1.98},"content_text":"流媒体巨头奈飞(NFLX.US)周三公布2025年第四季度财报。尽管公司当季营收和盈利双双超出市场预期，且全年业绩指引基本符合华尔街预测，由于未能再次交出“炸裂”成绩单，市场情绪转弱，奈飞股价大幅下挫。截至发稿，奈飞跌超4.6%，报83.28美元。投行：市场已习惯“超预期”，广告潜力被低估韦德布什认为，本次财报被市场解读为“略显平淡”，主要原因在于投资者已习惯奈飞持续交出远超预期的成绩单。但该机构强调，奈飞在全球广告业务上的布局正进入加速兑现阶段。韦德布什指出，奈飞广告收入有望在2026年翻倍至约30亿美元，并在2027年及以后继续释放增长空间，尤其是在公司若能于明年完成与华纳兄弟探索(WBD.US)的相关交易背景下。该行维持“跑赢大盘”评级，目标价115美元。长期增长路径仍被看好杰富瑞则将奈飞第四季度财报评价为“喜忧参半”，但仍认为公司将继续稳居全球流媒体行业的主导地位。该行预计，未来五年奈飞营收与自由现金流的年复合增长率有望分别超过10%和15%。该机构同时指出，奈飞管理层重申2030年内部长期目标，即实现800亿美元营收、300亿美元营业利润以及4.1亿订阅用户，同时给出的2026财年12%至14%的收入增长指引略高于其此前预期。摩根士丹利维持看多立场摩根士丹利继续对奈飞保持乐观，认为公司有能力在2028年前实现年均20%以上的调整后每股收益增长。该行指出，从全年角度看，奈飞业绩依然稳健，最新指引意味着公司有望连续多年实现收入双位数增长并同步推动利润率扩张。摩根士丹利还提到，奈飞在2025年全球会员数量已突破3.25亿，全年净增用户超过2500万，在已拥有行业最大用户基数的前提下，仍领先于其他主要流媒体平台。短期承压但中长期逻辑未变Needham认为奈飞第四季度业绩表现强劲，看好其2026年强大的内容储备、由本土原创内容驱动的国际市场增长，以及向投票、播客、游戏等相关业务的多元化拓展。Canaccord 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