Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 9.20, unchanged from the previous forecast [1][2]. Core Insights - The company has a strong media point and brand communication advantage, maintaining a leading position in lifestyle media. With the empowerment of big data and AI, it is expected to achieve higher advertising efficiency [2]. - The outdoor advertising market is recovering strongly, with the company's elevator and cinema media gaining favor among brand advertisers, resulting in good operational performance. The 2023 revenue reached 11.904 billion yuan, a 26% increase, and the net profit attributable to shareholders was 4.827 billion yuan, up 73% [2]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 4.766 billion yuan, with a dividend payout ratio close to 99% and a dividend yield of 5.22% [2]. Financial Summary - For 2023, the company reported operating income of 11,904 million yuan, a 26% increase from the previous year, and a net profit of 4,827 million yuan, reflecting a 73% growth. The first quarter of 2024 saw an operating income of 2,730 million yuan, a 6% increase, and a net profit of 1,040 million yuan, up 11% [2]. - The company's revenue from elevator media was 11,119 million yuan, a 25% increase, while cinema media revenue reached 769 million yuan, a 43% increase [2]. - The company’s earnings per share (EPS) for 2024 are projected to be 0.40 yuan, with subsequent years expected to be 0.45 yuan in 2025 and 0.49 yuan in 2026 [2]. Valuation Metrics - The operating profit margin is projected to increase from 45.0% in 2023 to 50.4% by 2026. The return on equity (ROE) is expected to rise from 27.3% in 2023 to 38.1% in 2026 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 19.45 in 2023 to 13.14 by 2026, indicating a potentially attractive valuation as earnings grow [2].

Investment Rating - The report maintains a "Recommend" rating for Focus Media (002027 SZ) [12][13] Core Views - Focus Media's offline traffic reach value is indispensable, and its channel value is prominent due to the scarcity of community elevator media [12] - The company has a deep point barrier and a stable industry competition pattern [12] - The high dividend payout ratio demonstrates long-term value [12] Financial Performance - 2023 revenue reached 11 904 billion yuan, a 26 30% YoY increase [1][11] - 2023 net profit attributable to parent company was 4 827 billion yuan, up 73 02% YoY [1][11] - 2023 gross margin improved significantly by 5 77 percentage points to 65 48% [1][11] - 2023 net profit margin reached 40 55%, up 10 95 percentage points YoY [1][11] - Q1 2024 revenue was 2 73 billion yuan, a 6 02% YoY increase [1][11] - Q1 2024 net profit attributable to parent company was 1 04 billion yuan, up 10 50% YoY [1][11] Business Segments - Daily consumer goods industry clients contributed 56 23% of 2023 revenue, up 1 04 percentage points YoY [1][11] - Internet industry accounted for 11 75% of 2023 revenue, remaining stable YoY [1][11] - Building media business generated 11 119 billion yuan in 2023, a 25 28% YoY increase [1][11] - Cinema media business reached 769 million yuan in 2023, up 43 10% YoY [1][11] Channel Expansion - Elevator TV media points reached 1 116 million units by Q1 2024, compared to 1 057 million in 2023 and 868 000 in 2022 [1][11] - Elevator poster media points reached 3 078 million units by Q1 2024, compared to 3 015 million in 2023 and 2 69 million in 2022 [1][11] Dividend Policy - 2023 dividend proposal is 0 33 yuan per share (including tax), with a dividend yield of 5 08% based on April 30 closing price [12] - The profit distribution ratio reached 98 7% [12] Future Projections - 2024-2026 net profit attributable to parent company is projected to be 5 471 billion, 5 930 billion, and 6 331 billion yuan respectively [12] - 2024-2026 PE ratios are estimated at 17x, 16x, and 15x respectively based on April 30 closing price [12][13]

[Table_Header] 公司点评●广告营销 2024年 04 月30 日 [Table_Title] [Table_StockCode] 分众传媒(002027.SZ) 业绩修复趋势显著，营销垂类大模型已部署 [Table_InvestRank] 推荐 (维持) --公司 2023 年报暨 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公a司ry]发 布 2023 年度报告和 2024 年一季报：2023 年公司实现营业收 [岳Ta铮b le_Authors] ：010-8092-7630 入 119.04 亿元，同比增长 26.30%；归属于上市公司股东的净利润 48.27 亿 ：yuezheng_yj@chinastock.com.cn 元，同比增长 73.02%；扣非归母净利润 43.74 亿元，同比增长 82.68%，公 分析师登记编码：S0130522030006 司 23 年利润分配预案为拟现金分红 0.33 元/股。2024 年第一季度公司实 研究助理 祁天睿 现营业收入 27.30 亿元，同比增长 6.02%；归母净利润 10.40 亿元，同比增 ：01 ...

业绩简评  2024年 4月 29日,公司发布23 年报及 24 年一季报，23 年营 收119.0 亿元/同比+26.3%，归母净利48.3 亿/同比+73.0%， 扣非归母 43.7 亿/同比+82.7%；24 年 Q1 营收 27.3 亿/同比 +6.0%，归母净利 10.4 亿/同比+10.5%，扣非归母 9.5 亿/同 比+18.2%。公司23年利润分配预案为拟现金分红0.33元/股。 经营分析  23年业绩高增，同比显著修复。1）收入：23 年同增26.3%， 主要系广告投放逐步修复，Q1-4收入分别为25.7、29.4、31.6、 32.3 亿元，逐季度增长，同比-12.4%、+53.8%、+25.4%、+57.1%。 其中，日用消费品仍然贡献50%以上收入，交通及通讯行业收 入增速较高，分别同比+47.3%、147.7%。2）盈利：23年净利 率同比+11.0pct 至 40.6%，预计主要由于占比较高的营业成 本（媒体租赁成本）较为刚性，公司经营杠杆高，收入增长 能撬动利润以更高速度增长，毛利率同比+5.8pct，同时管理 费率同比-2.7pct。 人民币(元) 成交金额(百万元)  ...

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 4,827,101,718.50, representing a 73.02% increase compared to RMB 2,789,952,461.91 in 2022[11]. - The net cash flow from operating activities increased by 14.61% to RMB 7,677,996,753.60 from RMB 6,698,961,025.48 in the previous year[11]. - Basic earnings per share rose to RMB 0.3342, a 72.98% increase from RMB 0.1932 in 2022[11]. - The weighted average return on equity was 28.42%, up from 14.82% in the previous year[11]. - The company's operating revenue for the year reached approximately ¥11.90 billion, representing a year-on-year increase of 26.30%[12]. - The diluted earnings per share increased to ¥0.3342, up 72.98% from the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥4.37 billion, an increase of 82.68% compared to ¥2.39 billion last year[13]. - The company achieved operating revenue of CNY 1,190,372.49 million, a year-on-year increase of 26.30% due to the recovery in domestic advertising demand[30]. - The net profit attributable to shareholders was CNY 482,710.17 million, up 73.02% from CNY 278,995.25 million in the previous year[30]. - The total comprehensive income for 2023 was approximately CNY 4.78 billion, a significant increase compared to the previous year's loss of CNY 321.1 million[176]. Cash Flow and Investments - The net cash inflow from operating activities was CNY 767,799.68 million, an increase of 14.61% year-on-year[30]. - The company reported a significant increase of 1,469.59% in cash inflow from financing activities, totaling CNY 925.90 million[44]. - The total cash inflow from investment activities reached CNY 28,712,391,942.74, significantly up from CNY 17,892,689,418.35 in the previous year[174]. - The net cash flow from investment activities was CNY 1,723,522,897.13, recovering from a negative cash flow of CNY -2,908,990.00 in 2022[174]. - The total cash outflow for financing activities was CNY 6,065,723,884.92, compared to CNY 1,877,485,964.38 in the previous year[175]. Assets and Liabilities - Total assets decreased by 3.48% to RMB 24,361,016,948.69 from RMB 25,238,766,516.08 in 2022[11]. - The company's intangible assets rose to ¥65,993.59 million, a significant increase of 453.39% due to the acquisition of new leasing contracts[49]. - The total liabilities decreased from ¥7,942,749,193.15 to ¥6,319,945,427.10, a reduction of approximately 20.43%[169]. - The company's long-term equity investments were valued at ¥2,132,535.64 million, reflecting a growth of 1.30% compared to the previous period[47]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.33 per share, totaling RMB 4,765,925,909.58 based on the total share capital of 14,442,199,726 shares as of March 31, 2024[2]. - The cash dividend represents 100% of the total distributable profit for the reporting period[100]. - The company has a policy that cash dividends should account for at least 80% of profit distribution during its mature development stage[99]. Market and Business Strategy - The outdoor advertising market in China grew by approximately 11.01% in 2023, reaching a scale of about ¥82.05 billion[17]. - The company has maintained its focus on information technology consulting services and software development as its main business[9]. - The company is exploring opportunities in various advertising scenarios, including high-speed rail stations, office buildings, and outdoor screens, to enhance brand interaction with consumers[58]. - The company is committed to continuous cash dividends as part of its strategy to enhance shareholder value[65]. Corporate Governance - The company has a robust governance structure, with independent committees effectively providing professional opinions to the board[66]. - The company emphasizes social responsibility and stakeholder communication, aiming for a balanced approach to interests among all parties involved[67]. - The company maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations, with no interference in decision-making processes[67]. - The company held two shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting the rights of minority shareholders[66]. Research and Development - The company’s R&D expenses decreased by 10.30% to CNY 61,855.54 million compared to the previous year[38]. - The number of R&D personnel decreased by 3.75% to 154, with the proportion of R&D personnel in total employees dropping from 3.18% to 2.90%[41]. - The company has completed the development of a customer portrait software that utilizes machine learning to analyze customer behavior and preferences[39]. Employee and Management - The total number of employees at the end of the reporting period was 5,309, with 1,379 in sales, 173 in technical roles, 848 in development, and 2,221 in operations[90]. - The company emphasizes a performance-based compensation system, linking salary adjustments to departmental performance and individual evaluations[94]. - The company has established a comprehensive online learning platform to enhance employee training and development[96]. Compliance and Risk Management - The company has maintained effective internal controls in all significant aspects according to the "Basic Norms for Internal Control of Enterprises" as of December 31, 2023[109]. - The internal control audit report received a standard unqualified opinion, confirming the effectiveness of financial reporting internal controls[109]. - The company has committed to avoiding competitive relationships with FM Korea and its subsidiaries, ensuring no competitive business activities exist as of the commitment date[118]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 223,468, an increase from 215,202 at the end of the previous month[150]. - The company has a total of 14,442,199,726 shares, with 100% being ordinary shares[148]. - The top ten unrestricted shareholders include Alibaba (China) Network Technology Co., Ltd. with 885,100,134 shares, accounting for a significant portion of the total shares[151].

出席本次年度业绩说明会的人员有：公司董事长、总裁、首席执行官江南春 先生；公司副董事长、首席财务官、董事会秘书孔微微女士；公司独立董事殷可 先生。 为充分尊重投资者，提升公司与投资者的交流效率和效果，现就公司 2023 年度网上业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。 投资者可在本次年度业绩说明会召开前访问 http://irm.cninfo.com.cn 进入公司 2023 年度业绩说明会页面后提交您所关注的问题。公司会在信息披露允许范围 内在本次业绩说明会上对投资者普遍关注的问题进行回答。此次活动交流期间， 投资者仍可登录活动界面进行互动提问。 欢迎广大投资者积极参与！ 特此公告。 分众传媒信息技术股份有限公司董事会 证券代码：002027 证券简称：分众传媒 公告编号：2024-025 分众传媒信息技术股份有限公司 关于举行 2023 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清 晰，通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 分众传媒信息技术股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日对外披露《公司 2023 ...

分众传媒信息技术股份有限公司2024年第一季度报告 证券代码：002027 证券简称：分众传媒 公告编号：2024-020 分众传媒信息技术股份有限公司 2024 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清晰，通俗易懂，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的 真实、准确、完整。 3、第一季度报告是否经审计 □是 否 一、主要财务数据 （一）主要会计数据和财务指标 ...

Financial Data and Key Metrics - The media (Shenwan) index fell by 4.48% this week, more than the ChiNext index (-0.39%) [1] - TMT sectors continued to decline this week, with communications down 0.67%, computers down 3.94%, and electronics down 2.59% [1] - The Hang Seng Tech Index dropped by 5.65%, and the Nasdaq Golden Dragon China Index fell by 2.09%, outperforming the Nasdaq's -5.52% [1] Business Line Data and Key Metrics - Local publishing state-owned enterprises (SOEs) showed a clear trend of increasing dividend amounts and dividend-to-adjusted net profit ratios in 2023 [3] - Shandong Publishing increased its dividend by 355 million yuan in 2023, while Xinhua Winshare's dividend grew by 296 million yuan [3] - Most publishing SOEs had a dividend-to-adjusted net profit ratio exceeding 50%, indicating strong dividend willingness and capability [3] Market Data and Key Metrics - The advertising market in January saw a 3.7% year-on-year increase, with elevator LCD and poster ads rising over 20% [13] - Food, beverages, and alcohol remained the main drivers of ad spending, with household appliances and personal care products re-entering the top ad spend categories [13] Company Strategy and Industry Competition - Focus Media plans to distribute at least 80% of its adjusted net profit as cash dividends annually over the next three years [3] - Local publishing SOEs are leveraging their educational publishing businesses to explore new educational formats and services [5] - AI video is expected to be a major theme in 2024, driving growth in the film and gaming sectors [17] Management Commentary on Operating Environment and Future Outlook - The macroeconomic recovery and the resilience of Focus Media's business model are highlighted as key factors for future growth [13] - The film industry is expected to remain strong, with a positive outlook for the May Day holiday box office [17] - The gaming industry is projected to maintain double-digit growth in 2024, despite increased competition [20] Other Important Information - The new "National Nine Articles" emphasize the value of high-dividend, low-valuation SOEs with strong external growth capabilities [7] - AI is seen as a transformative force in content production, with companies needing to adapt to remain competitive [23] Summary of Q&A Session - No specific Q&A session details were provided in the content

Investment Rating - The report assigns a **Buy** rating to Focus Media (002027 SZ) [1] Core Viewpoints - Focus Media's offline elevator media advertising shows steady growth in daily consumer goods clients [2] - The proportion of daily consumer goods advertisers has increased significantly, reaching 84% in the latest survey [6] Advertising Data Analysis March 18, 2024 Survey - Total ad rotation duration: 970 seconds [3] - Number of advertisers: 19 [3] - Daily consumer goods: 14 (74%) [3] - Internet: 2 (11%) [3] - Automotive: 2 (11%) [3] - Real estate/home: 1 (5%) [3] - Top 4 most-played ads: - Runbaiyan: 11 times (75s, 8%) [4] - Xiaoyuan Learning Machine: 8 times (100s, 10%) [4] - Deyou Wet Wipes: 8 times (80s, 8%) [4] - Songda Camellia Oil Cream: 8 times (65s, 7%) [4] - Bottom 3 least-played ads: - Zuoting Youyuan Beef: 1 time (15s, 2%) [4] - Lincoln EV: 1 time (15s, 2%) [4] - Deyou Baby Wipes: 1 time (5s, 1%) [4] April 11, 2024 Survey - Total ad rotation duration: 1065 seconds [6] - Number of advertisers: 19 [6] - Daily consumer goods: 16 (84%) [6] - Internet: 3 (16%) [6] - Top 3 most-played ads: - Jiaguoyuan Coconut Water: 27 times (145s, 14%) [7] - Blue Moon Detergent: 13 times (140s, 13%) [7] - Huang Tian Goose Eggs: 13 times (95s, 9%) [7] - Bottom 2 least-played ads: - New Dove Shower Foam: 1 time (10s, 1%) [7] - JD Lux Shower Gel: 1 time (10s, 1%) [7] - New clients added between March 18 and April 11: 13 [8] Industry Trends - The offline elevator media advertising sector shows strong performance in daily consumer goods category [2][6] - Internet advertisers maintain a stable presence but with lower proportion compared to daily consumer goods [3][6]

上 市 公 司 传媒 2024 年04月 09 日 分众传媒 (002027) 公 司 研 究 ——业绩有韧性、复苏有弹性的高股息标的 / 公 司 点 报告原因：强调原有的投资评级 评 买入 投资要点： （维持）  广告市场持续复苏，重视顺周期标的分众传媒。根据CTR媒介智讯的数据显示，2024年 1-2月，全媒体广告市场话费同比增长7.5%，2月份广告市场花费同比增长12.3%，1月 证 市场数据： 2024年04月08日 广告市场花费同比增长 3.7%。分广告渠道看，2024 年1-2月份，电梯 LCD广告花费同 券 收盘价（元） 6.92 研 一年内最高/最低（元） 7.83/5.51 比增长25.8%，电梯海报花费同比增长25.1%。其中，2023年1月份春节时间早基数相 究 市净率 6.1 对高，2024年1月同比微增说明广告市场缓慢复苏。根据CTR媒介智讯，从具体的行业 报 息率（分红/股价） - 及品牌表现看，2024 年1-2月广告市场头部榜单中饮料、食品、酒精类饮品等快消品行 告 流通A股市值（百万元） 99940 上证指数/深证成指 3047.05/9394.61 业保持较大的投放体量， ...