股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 ——分众传媒 2024 年中报业绩点评 业绩增长稳健，积极开拓下沉市场 分众传媒(002027) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 8.73 | | | 上次预测: | 8.73 | | [当前价格： Table_CurPrice] | | 5.78 | | --- | --- | |----------|---------------------| | | 陈俊希(分析师) | | | 021-38032025 | | | chenjunxi@gtjas.com | | 登记编号 | S0880520120009 | 本报告导读： 公司媒体点位和品牌传播优势明显，在生活圈媒体中保持龙头地位，同时积极 ...

证券研究报告·公司点评报告·广告营销 分众传媒（002027） 2024Q2 业绩点评：业绩超预期增长，点位持 续扩张 2024 年 08 月 11 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9425 | 11904 | 13039 | 14309 | 15743 | | 同比（%） | (36.47) | 26.30 | 9.54 | 9.73 | 10.03 | | 归母净利润（百万元） | 2790 | 4827 | 5615 | 6268 | 7227 | | 同比（%） | (53.99) | 73.02 | 16.32 | 11.63 | 15.30 | | EPS-最新摊薄（元/股） | 0.19 | 0.33 | 0.39 | 0.43 | 0 ...

丨证券研究报告丨 公司研究丨点评报告丨分众传媒（002027.SZ） [Table_Title] 分众传媒 2024 年半年报点评：业绩稳健增长， 注重股东回报 报告要点 [Table_Summary] 公司公布 2024 年半年报：公司 2024H1 实现营业收入 59.67 亿元，同比增长 8.17%；归属于 上市公司股东的净利润 24.93 亿元，同比增长 11.74%。其中 2024Q2 实现营收 32.38 亿元， 同比增长 10.05%，实现归属于上市公司股东净利润 14.53 亿元，同比增长 12.65%。公司发布 2024 半年度分配预案，拟向全体股东每 10 股派发现金 1.00 元（含税）。公司保持高分红预期， 持续看好楼宇媒体赛道的投资价值，维持"买入"评级。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 分众传媒（002027.SZ） [Table_Title 分众传媒 2024 2] 年半年报点评：业绩稳健增长， 注重股东回 ...

Investment Rating - The report maintains a "Recommend" rating for Focus Media (002027) with a target price of 7.33 RMB [1] Core Views - Q2 2024 revenue met expectations, with gross profit margin improvement and higher investment income leading to better-than-expected profits [1] - Mid-term dividend payout ratio reached 58%, significantly rewarding shareholders [1] - Point-of-sale (POS) growth driven by expansion in lower-tier cities and overseas markets [1] - Media revenue breakdown shows steady growth in elevator media and high-quality recovery in cinema media [1] - Daily consumer goods industry remains a key source of operational resilience [1] Financial Performance - Q2 2024 revenue: 3.24 billion RMB, YoY +10%, QoQ +19% [1] - Q2 2024 gross profit: 2.2 billion RMB, YoY +14%, QoQ +31% [1] - Q2 2024 net profit attributable to shareholders: 1.45 billion RMB, YoY +13%, QoQ +40% [1] - H1 2024 cash dividend: 1.44 billion RMB, representing 58% of net profit attributable to shareholders [1] Media and Industry Breakdown - Elevator TV: 1.18 million units as of July 31, 2024, YTD +12%, driven by lower-tier cities (YTD +45.3%), overseas markets (YTD +14.7%), and franchising (YTD +64.7%) [1] - Elevator posters: 1.95 million units as of July 31, 2024, YTD flat, with growth in overseas markets (YTD +18.8%) and joint ventures (YTD +2.3%) offsetting declines in lower-tier cities [1] - Elevator media revenue: 5.5 billion RMB, YoY +7% [1] - Cinema media revenue: 450 million RMB, YoY +21%, with a gross margin of 76% [1] - Top three industries by revenue: daily consumer goods (3.8 billion RMB, 64% of total, YoY +14%), internet (520 million RMB, 9% of total, YoY -16%), and automotive (480 million RMB, 8% of total, YoY +2%) [1] Forecast and Valuation - Revenue forecast for 2024-2026: 13/14/15 billion RMB, YoY +9%/8%/7% [1] - Net profit attributable to shareholders forecast for 2024-2026: 5.3/5.7/6.1 billion RMB, YoY +10%/8%/7% [1] - Target valuation: 20x PE for 2024, corresponding to a target market cap of 105.9 billion RMB and a target price of 7.33 RMB [1] Market Performance - Current price: 5.78 RMB [2] - 12-month high/low: 7.76/5.58 RMB [3] - Market performance over the past 12 months: -23% [4]

Investment Rating - The investment rating for the company is "Buy" [3][4] Core Insights - The company's revenue and profit are steadily recovering, with a high dividend policy maintained. In the first half of 2024, the company reported a revenue of 5.967 billion yuan, a year-on-year increase of 8.17%, and a net profit attributable to shareholders of 2.493 billion yuan, up 11.74% year-on-year [3] - The demand for advertising in daily consumer goods remains strong, with the company's main advertising clients being in the daily consumer goods sector, accounting for 64% of the total advertising revenue in the first half of 2024, which is an increase of 3 percentage points year-on-year [3] - The company is expanding its media points in lower-tier and overseas markets, with a total of approximately 1.097 million self-operated elevator TV media devices as of July 31, 2024, showing growth in various market tiers [3] Financial Performance - The company's earnings per share (EPS) are projected to be 0.37, 0.40, and 0.43 for the years 2024, 2025, and 2026 respectively [2][3] - Revenue forecasts for 2024, 2025, and 2026 are 12.9 billion yuan, 13.9 billion yuan, and 14.9 billion yuan, reflecting a year-on-year growth of 7.9% for both 2024 and 2025, and 7.3% for 2026 [3] - The net profit attributable to shareholders is expected to be 5.361 billion yuan, 5.780 billion yuan, and 6.159 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 11%, 8%, and 7% respectively [3] Dividend Policy - The company has maintained a high dividend level, distributing 1.00 yuan per 10 shares (including tax) during the reporting period, totaling 1.444 billion yuan, with a dividend payout ratio of 57.92% [3] - The company plans to distribute cash dividends of no less than 80% of the net profit attributable to shareholders after deducting non-recurring gains and losses for the next three years, indicating a stable dividend policy [3]

公司快报 2024 年 08 月 11 日 分众传媒(002027.SZ) 经营稳健，实施中期分红增强股东回报 事件： 公司发布 2024 年半年报，2024 年上半年实现收入 59.67 亿，同 增 8.17%；实现归母净利润为 24.93 亿，同增 11.74%。 收入端稳健增长，利润端略超预期。2024Q2 实现收入 32.38 亿 （yoy+10.05%），外部环境疲软背景下仍实现稳健增长。2024Q2 毛 利率为 68.04%，环比提升 6.34pct。2024Q2 销售费用率、管理费 用率、研发费用率分别为 19.24%、3.55%、0.37%，其中销售费用 增长较为显著，同比增长 14.8%，主要系销售业务费同比增加约 0.56 亿。2024Q2 公司实现归母净利润为 14.53 亿，同比增长 12.72%，增速快于收入端，主要系报告期内投资收益为 2.73 亿， 同增 117.65%，主要来自于处置股权基金投资项目等取得的投资 收益 0.96 亿。 重点拓展数字屏幕，推动下沉及海外点位增长。公司重点增加 电梯电视媒体点位，截止 2024 年 7 月底，电梯电视媒体为 118.1 万，相比 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 7.69 CNY per share [1][6]. Core Views - The company reported a revenue of 5.967 billion CNY for the first half of 2024, representing a year-on-year increase of 8.17%, and a net profit attributable to shareholders of 2.493 billion CNY, up 11.74% year-on-year [5]. - The company's main business showed steady growth despite macroeconomic disturbances, with revenue from building and cinema media reaching 5.505 billion CNY and 0.454 billion CNY, respectively, reflecting year-on-year growth of 7.25% and 20.75% [5]. - The advertising revenue from the consumer sector increased by 14%, with expectations for Q3 performance driven by the Olympics and holiday effects [5]. - The company has seen a 3.9% increase in point resources compared to the end of 2023, with significant growth in elevator media points [5]. - A high dividend payout is planned, with a proposal to distribute 1 CNY per 10 shares, totaling 1.444 billion CNY, which accounts for 57.92% of the net profit for the first half of 2024 [5]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 5.967 billion CNY, with a net profit of 2.493 billion CNY, and a non-recurring net profit of 2.197 billion CNY [5]. - The gross margin for building media increased by 0.3 percentage points to 64.31%, while the overall gross margin rose by 1.2 percentage points to 65.13% [5]. - The company forecasts net profits of 5.255 billion CNY, 5.699 billion CNY, and 6.086 billion CNY for 2024, 2025, and 2026, respectively [6].

分众传媒（002027.SZ） 逆势实现超预期稳健增长，中期分红回馈股东 TMT 及中小盘/传媒 目标估值：NA 当前股价：5.78 元 公司发布 2024 年半年报，24H1 营业收入同比增长 8.17%至 59.67 亿元；归母 净利润同比增长 11.74%至 24.93 亿元；归母扣非净利润同比增长 11.43%至 21.97 亿元。拆解二季度业绩来看，公司 24Q2 实现收入 32.38 亿元，同比增长 10.1%。毛利润为 13.98 亿元，同比增长 11.1%；对应毛利率为 68.0%，同比 增长 2.2pct。归母净利润 14.53 亿元，同比增长 12.5%，对应归母净利率为 44.9%，同比增长 1.0pct。 同时，公司发布中期利润分配方案，拟派发现金红利共 14.44 亿元，占归母净 利润 57.92%。 ❑ 受日化投放增加实现逆势超预期增长，影院媒体有所恢复。楼宇媒体方面， 1H24收入同比增长7.25%至55.05亿元。毛利率同比增长0.34pct至64.31%。 影院媒体同比增长 20.75%至 4.5 亿元。分行业来看，日用消费品表现良好。 24H1 日用消费品收入同比增长 14 ...

味物性贡献业绩增长，高分红重视股东 分众传媒 2024 中报点评 (ZIUM品 pr 【 事件 】公司披露 24 年中报：24H1 实现营业收入 59.67 亿元(yoy+8.17%)，归母净 利润 24.93 亿元(yoy+11.74%)，扣非归母净利润 21.97 亿元(yoy+11.43%)；其中 24Q2 收入 32.38 亿元(yoy+10.05%)，归母净利润 14.53 亿元(yoy+12.65%)，扣非 净利润 12.52 亿元(yoy+6.82%)。 主业稳健增长，宏观因素扰动下仍具韧性。24H1 收入同比增长 8.17%。分业务 . 看，24H1 楼宇/院线的营业收入为 55.05/4.54 亿元(yoy +7.25%/ +20.75%)。 24H1 国内 GDP 同比增长 5%，社零同比增长 3.7%，广告市场同比增长 2.7%， 相较于大盘表现，公司在宏观经济波动中保持稳健增长。毛利率端，24H1 楼宇媒 体毛利率同增 0.3ppt 至 64.31%，综合毛利率同增 1.2ppt 至 65.13%。销售费用 率同比微降 0.12ppt 至 18.5%，管理费用率同比持平，整体成本费用控 ...

Company Overview - Revenue in 2022 was RMB 9,425 million, with a growth rate of -36.47%, while in 2023, revenue increased to RMB 11,904 million, showing a growth rate of 26.30% [1] - Net profit attributable to the parent company in 2022 was RMB 2,790 million, with a growth rate of -53.99%, and in 2023, it surged to RMB 4,827 million, reflecting a growth rate of 73.02% [1] - The diluted earnings per share (EPS) in 2022 was RMB 0.193, and in 2023, it increased to RMB 0.334 [1] - The ROE (Return on Equity) for 2022 was 16.46%, and it rose to 27.28% in 2023 [1] - The P/E ratio in 2022 was 34.58, and it decreased to 18.91 in 2023 [1] Performance Highlights - In H1 2024, the company reported revenue of RMB 5.97 billion, a year-on-year increase of 8.2%, and net profit attributable to the parent company of RMB 2.49 billion, up 11.7% year-on-year [2] - Q2 2024 revenue was RMB 3.24 billion, up 10.1% year-on-year, with net profit attributable to the parent company at RMB 1.45 billion, a 12.7% increase year-on-year [2] - The company proposed a cash dividend of RMB 0.1 per share for the first half of 2024 [2] - Revenue growth in H1 2024 was driven by the communications, real estate, and consumer goods sectors, with increases of 48.1%, 28.7%, and 14.2% respectively [2] - The cinema media channel saw a 20.8% increase in revenue in H1 2024, reaching RMB 450 million, but growth was constrained by a lackluster Q2 box office performance [2] Profitability and Valuation - The company's net profit margin improved in H1 2024, with H1 and Q2 net profit margins increasing by 1.3 and 1.0 percentage points respectively [2] - The gross profit margin in H1 2024 increased by 1.2 percentage points year-on-year, and in Q2, it rose by 2.3 percentage points [2] - The company's PE ratio for 2024-2026 is projected to be 15.79, 14.96, and 13.86 respectively, with a "Buy" rating maintained [2] Industry and Market Analysis - The company's performance is closely tied to the advertising industry, which is directly influenced by economic conditions [2] - The rise of new sectors such as AI and emerging brands is expected to contribute to future growth [2] - The company's strong market position in the elevator media sector is expected to support stable operations [2] Historical Ratings and Market Sentiment - The company has consistently received "Buy" ratings from analysts, with a target price range of RMB 7.20 to RMB 7.20 in December 2022 [7] - The market sentiment score for the company is 1.00, indicating a strong "Buy" recommendation [9]