9 August 2024 | 10:36PM HKT _ Focus Media Information Tech (002027.SZ) 2Q24 Review: Accelerating ad revenue with 5% dividend yield; Buy Buy 0007.SZ 12mPrie Target: Rmb7.50 Prie: Rmb5.78 Upside: 9.8% We maintain our Buy rating on Focus Media while raise our 12-m TP to Rmb7.5 (30% upside) post its strong 2Q24 results (see our note) and mgmt call.The stock has dropped 3% post results despite the headline revenue beat (+10% yoy vs. ÍGSe of +4%, Visible Alpha Consensus of +4%), NI beat (+13% yoy, 9% ahead of GSe ...

2024 年 08 月 12 日 公司研究 评级：买入(维持) 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 研究所： [Table_Title] 2024H1 业绩超预期，中期分红彰显信心 ——分众传媒（002027）2024H1 业绩点评 最近一年走势 相对沪深 300 表现 2024/08/12 表现 1M 3M 12M 分众传媒 -3.1% -6.5% -14.9% 沪深 300 -4.2% -9.3% -14.4% 市场数据 2024/08/12 当前价格（元） 5.87 52 周价格区间（元） 5.51-7.83 总市值（百万） 84,775.71 流通市值（百万） 84,775.71 总股本（万股） 1,444,219.97 流通股本（万股） 1,444,219.97 日均成交额（百万） 504.26 近一月换手（%） 0.59 相关报告 告营销*姚蕾，方博云》——2024-05-04 2024-01-31 《分众传媒（002027）2023 年及 2024Q1 ...

2024 年 08 月 12 日 公司研究 评级：买入(维持) 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 研究所： [Table_Title] 2024H1 业绩超预期，中期分红彰显信心 ——分众传媒（002027）2024H1 业绩点评 最近一年走势 相对沪深 300 表现 2024/08/12 表现 1M 3M 12M 分众传媒 -3.1% -6.5% -14.9% 沪深 300 -4.2% -9.3% -14.4% 市场数据 2024/08/12 当前价格（元） 5.87 52 周价格区间（元） 5.51-7.83 总市值（百万） 84,775.71 流通市值（百万） 84,775.71 总股本（万股） 1,444,219.97 流通股本（万股） 1,444,219.97 日均成交额（百万） 504.26 近一月换手（%） 0.59 相关报告 告营销*姚蕾，方博云》——2024-05-04 2024-01-31 《分众传媒（002027）2023 年及 2024Q1 ...

Investment Rating - The report maintains a "Buy" rating for Focus Media with a target price of 8.34 CNY per share, corresponding to a 23X PE for 2024 [1][3] Core Views - Focus Media's leading position in the elevator media industry is solidified through its extensive and high-quality point-of-sale (POS) network, particularly in high-tier cities, which serves as a competitive barrier [1] - The elevator media market still has growth potential, with Focus Media expected to benefit from both domestic market share expansion and overseas replication of its business model [1] - Focus Media's collaboration with Meituan in lower-tier cities is expected to enhance advertising coverage and operational efficiency, particularly in video elevator media [1] - The company's revenue is projected to grow steadily, with 2024-2025 revenues estimated at 12.61 billion CNY and 13.34 billion CNY, respectively, and net profits at 5.32 billion CNY and 5.75 billion CNY [1][2] Competitive Landscape - Focus Media established its dominance early through rapid expansion and strategic acquisitions, such as the merger with Framedia and Juzhong Media, which helped consolidate its market position [10] - The company's competitive advantage lies in its large-scale, high-quality POS network, which is continuously being expanded in high-tier cities while supplemented through partnerships and acquisitions in lower-tier markets [1][9] - The competitive landscape remains stable, with other players finding it difficult to challenge Focus Media's dominance due to its established POS network and cost advantages [1][9] Market Space - The elevator media market is expected to grow as brand advertising budgets shift towards this medium, with Focus Media well-positioned to capture a larger share of the domestic market [20][22] - Overseas markets present significant growth opportunities, with Focus Media successfully replicating its business model in countries like South Korea and Singapore, contributing to incremental revenue [28][29] Lower-Tier Market Opportunities - Focus Media is leveraging partnerships and acquisitions to expand its POS network in lower-tier cities, improving operational efficiency and advertising coverage [17][18] - The collaboration with Meituan is expected to enhance advertising utilization rates in lower-tier cities, particularly for video elevator media, by leveraging Meituan's extensive merchant network [36][37] Financial Projections - Focus Media's revenue is expected to grow steadily, with 2024-2026 revenues projected at 12.61 billion CNY, 13.34 billion CNY, and 14.14 billion CNY, respectively [2][38] - Net profits are forecasted to increase from 5.32 billion CNY in 2024 to 6.22 billion CNY in 2026, with EPS rising from 0.37 CNY to 0.43 CNY over the same period [2][38] - The company's gross margin is expected to improve, driven by cost optimization and increased efficiency in POS utilization [38]

证券研究报告 传媒 报告日期：2024 年 08 月 12 日 营收增长中期分红，践行发展与回报双提升 ——分众传媒（002027.SZ）2024 年半年报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 09 日 当前价格（元） 5.78 52 周价格区间（元） 5.51-7.83 总市值（百万元） 83,475.91 流通市值（百万元） 83,475.91 总股本（万股） 1,444,219.97 流通股（万股） 1,444,219.97 近一月换手（%） 17.24 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 相关阅读 《主业稳健增长，与美团推进低线城市 梯媒运营合作—分众传媒（002027.SZ） 点评报告》2024.07.22 《市场需求回暖，海内外点位加速扩张 —分众传媒（002027.SZ）2023 年报及 2024 年一季报点评》2024.05.08 事件： 公司 2024 年 8 月 9 日发布 2024 年半年度报告。报告表明，公司 2024 年上半年公司实现营业收入 59.67 亿元，较上年同期的 55.17 ...

分众传媒（002027）2024年中报点评 业绩稳步提升,持续探索低线城市及海 外业务布局 2024 年 08 月 13 日 【投资卖点】 公司发布 2024 年半年度报告。 2024 年上半年，公司实现营业妆入 59. 67 亿元，同比增长 8. 17%；实 现归乒净利润 24.93 亿元，同比增长 11.74%；实现村非归乒净利润 21. 97 亿元, 同比增长 11. 43%。共中，学二季度公司实现营业收入 32. 38 亿元，同比增长 10. 05%：实现归乒净利润 14. 53 亿元，同比增长 12. 65%；实现杂非归母净利润 12. 52 亿元，同比增长 6. 82%。 公司发布 2024 年半年度利润分配方案公告，拟毎10 股杀发现 金 1. 00 元（含税），共计派 发现金红利 14. 44 亿元。 ◆ 核心主业稳使增长，日用消费品投放表现材续發物。2024 年上半年， 公司楼宇煤体实现营业收入 55. 05 亿元，同比增长 7. 25%。其中，日 用消费品表现持续强初，化妆品、食品、医药保健美等品美均实现明 显增长，上半年共实现营收 35. 22 亿元，同比增长 11. 66%，占比逐年 ...

Investment Rating - The report maintains an "Overweight" rating for the company [3][5]. Core Views - The company reported a revenue of 5.967 billion yuan for the first half of 2024, representing a year-on-year growth of 8.17%. The net profit attributable to shareholders was 2.493 billion yuan, up 11.74% year-on-year [3]. - The gross margin improved to 65.13%, an increase of 1.20 percentage points year-on-year. The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 1.444 billion yuan, with a payout ratio of about 57.92% [3][4]. - The advertising market is showing signs of recovery, with the overall market growing by 2.7% in the first half of 2024. The company has expanded its media network to 3.133 million points, a 3.9% increase from the end of 2023 [3][4]. - The company has a robust overseas expansion strategy, with significant growth in its overseas media points, indicating strong long-term potential [3][4]. - The profit forecast for 2024-2026 is adjusted to 5.297 billion, 5.825 billion, and 6.377 billion yuan respectively, with corresponding PE ratios of 15.8, 14.3, and 13.1 times [3][4]. Financial Summary - As of the end of 2024, the company is projected to have total revenue of 13.107 billion yuan, with a year-on-year growth of 10.10%. The net profit is expected to be 5.297 billion yuan, reflecting a growth of 9.74% [4]. - The gross margin is forecasted to be 65.93% in 2024, with a return on equity (ROE) of 31.54% [4].

[Table_StockNameRptType] 分众传媒（ 002027） 公司研究/公司点评 分众传媒 24Q2 点评：归母净利润超预期，加速拓展海外市场 | --- | |-----------| | | | 5.78 | | 7.50/5.18 | | 14442 | | 14442 | | 100 | | 834.76 | | 834.76 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -20% 0% 20% 分众传媒 沪深300指数 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyReport] 相关报告 ·公司点评：微软(MSFT)：FY2024 业 绩基本符合预期，后续关注 Azure 增 速 2024-8-8 ·公司点评：亚马逊（AMZN）：云业务 增长亮眼，Q3 指引不及预期 2024-8-7 ·行业点评：医保 DRG 点评：DRG/DIP 2.0 推进，医疗 IT 有望受益 2024-7-24 ·行业点评：自主可控点评：政策与 微软事件共振，关注信息技术 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 2.493 billion (yoy +11.74%) for the first half of 2024, exceeding expectations, and is accelerating its expansion into overseas markets [2] - The outdoor advertising demand has significantly recovered in the first half of 2024, with a 2.7% year-on-year increase in the overall advertising market [2] - The company is actively exploring cooperation with Meituan to enhance marketing channels in lower-tier cities [4] Financial Performance - For the first half of 2024, the company achieved revenue of 5.967 billion (yoy +8.17%) and a net profit of 2.493 billion (yoy +11.74%) [2] - The second quarter of 2024 saw revenue of 3.238 billion (yoy +10.0%) and a net profit of 1.453 billion (yoy +12.6%) [2] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 1.444 billion, which is approximately 57.92% of the net profit for the first half of 2024 [2] Market Position and Growth - The company has increased its elevator TV media points to 1.181 million (yoy +25.11%) and is expanding its overseas market presence [2] - The number of elevator poster media points reached 1.952 million (yoy +3.94%), with significant growth in lower-tier cities [2] - The company expects revenues of 13.008 billion, 14.156 billion, and 15.094 billion for 2024E, 2025E, and 2026E respectively [4] Valuation Metrics - The projected P/E ratios for 2024E, 2025E, and 2026E are 16.17, 14.75, and 13.83 respectively [6] - The projected P/B ratios for the same years are 3.65, 2.92, and 2.41 respectively [6]

公 司 点 评 报 告 | --- | --- | |-------------------------|------------| | ＃市场数据 marketData＃ | | | 日期 | 2024-08-11 | | 收盘价（元） | 5.78 | | 总股本（百万股） | 14442.20 | | 流通股本（百万股） | 14442.20 | | 净资产（百万元） | 15774.76 | | 总资产（百万元） | 23506.31 | | 每股净资产（元） | 1.09 | | | | ＃相关报告 relatedReport＃ 《【兴证传媒】分众传媒 2023 年 报及 2024 年一季报点评：经营 业绩稳健增长，境内外点位高速 扩张》2024-05-05 《【 兴 证 传 媒 】 分 众 传 媒 （002027）2023 年三季报点评： 公司业绩高速修复，AI 助力效 率提升》2023-10-26 《【 兴 证 传 媒 】 分 众 传 媒 （002027）2023 年半年报点评： 线下点位高速扩张，业绩弹性逐 步释放》2023-08-10 ＃分析师： emailAuthor＃ 李阳 liyang ...