微博( WB.US)首次覆盖报告：广场式社交定位鲜明，多元内容产品致胜，给予“增持”评级
机构：国泰君安
评级：增持
本报告导读：
公司以其鲜明的广场式社交媒体定位在娱乐社交平台占据领先地位。随着公司不断深化内容布局和产品建设，KOL。营销模式助力实现商业变现，公司未来发展值得期待。
摘要：
微博广场式的社交媒体定位鲜明，功能性结构优化，推动用户持续增长。微博作为全球最大的中文社交媒体，所有用户都可以创建和发布Feed并附加多媒体或长篇内容，将公共自我表达的实时方式与强大的社交互动、内容聚合和内容分发平台相结合。通过开放的关系链和去中心化的社交关系，微博构建了大众和现场之间的连接，实现脱媒化信息传播过程，这种独一无二的内容壁垒成为了公司的竞争优势。微博2019年第二季度的MAU为4.86亿，同比增长13%；DAU为2.11亿，同比增长11%。DAU/MAU比例保持稳定，用户粘性较强。
增强内容板块和产品形态的建设，视频产品数据喜人，提升用户社交体验。2016年起，微博持续推出头条文章、微博故事等内容板块，丰富用户社交表达方式。发布独立APP“微博动漫”，进击同类应用排名前三。2018年微博加强视频社区的建设，推出新型视频产品——“Vlog”，新浪娱乐数据显示，2019上半年Vlog数量累计3435条，总播放量近30亿，明星效应进一步强化用户体验。
局持续布局MCN，强化头部用户影响力，帮助中长尾内容露出，提高用户粘性。2018年微博覆盖的垂直领域进一步扩大到60个，合作MCN机构达到2700家，同比增长124%，头部作者规模已经达到70万，同比增长37%。垂直领域的扩张提高了大V用户原创内容积极性的同时帮助中长尾账号露出，增强微博用户的粘性。
发挥独特营销优势，通过“电商+广告”拉动公司商业化变现。随着网红KOL话语权的提升，明星、KOL与品牌营销相结合是公司重要的营销方式。2018年微博网红店主和内容导购相关收入达254亿，同比增长36%。同时公司广告业务稳步增长，2019年实现14.99亿美元的营收，未来将持续带动公司盈利。
风险提示：互联网MAU增速下滑风险，信息流广告竞争风险。
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