abc 2024 年 08 月 12 日 Global Research and Evidence Lab 快评 分众传媒 Q224业绩超预期，派发中期分红；预计自Q3 起环比进一步改善 Q2营收和净利超预期 尽管宏观经济复苏较慢，分众传媒在品牌广告领域持续表现出色。Q224营 收同比/环比增长10%/19%至32.4亿元，比我们的预期/Visible Alpha一致预 期高6%/5%。营收增速提升以及营业成本节省部分被营业费用增加所抵 消。因此，调整后净利润同比/环比增长7%/32%至12.5亿元，比我们的预 期/一致预期高6%/5%。按广告垂类划分，H1快消品同比增长14%，主要受 化妆品（+70%）、个护（+47%）、食品（+30%）的强劲增长推动，而乳 制品和酒类行业广告需求疲软。此外，家居建材和3C广告需求良好。管理 层指出，公司在获得国际品牌份额方面进展良好（H1收入同比+20%），因 改善了此类广告主分类的销售覆盖并加强了客户教育。 业绩后电话会主要亮点 1）Q3广告业务展望：管理层指出，夏季奥运会广告预算良好，叠加广告主 即将到来的中秋节/国庆假期预算，应会推动Q3广告收入环比增长。公司凭 借 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its investment value in the building media sector [2][6][7]. Core Insights - The company reported a revenue of 5.967 billion yuan for H1 2024, representing a year-on-year growth of 8.17%, and a net profit attributable to shareholders of 2.493 billion yuan, up 11.74% year-on-year [2][6]. - For Q2 2024, the company achieved a revenue of 3.238 billion yuan, with a year-on-year increase of 10.05%, and a net profit of 1.453 billion yuan, reflecting a growth of 12.65% [2][6]. - The company announced a cash dividend plan, proposing to distribute 1.00 yuan per 10 shares to all shareholders, amounting to approximately 1.444 billion yuan, which is 57.92% of the net profit attributable to shareholders [6][7]. Summary by Sections Financial Performance - In H1 2024, the building media segment generated 5.505 billion yuan in revenue, a growth of 7.25% year-on-year, while cinema media revenue reached 454 million yuan, increasing by 20.75% [7]. - The gross margin improved, with the building media segment's gross margin rising by 0.34 percentage points to 64.31% due to lower cost growth compared to revenue growth [7]. - Investment income for H1 2024 was 344 million yuan, marking a significant increase of 54.6% year-on-year, contributing to overall performance [7]. Market Strategy - The company is focusing on core locations in first and second-tier cities and has partnered with Meituan to enhance coverage in lower-tier markets, with a notable increase in self-operated LCD points in these areas [7]. - The proportion of consumer goods advertisers has risen from 53% at the end of 2023 to 59% in H1 2024, indicating a shift towards consumer-oriented advertising [7]. Earnings Forecast - The company is expected to achieve net profits of 5.3 billion yuan and 5.9 billion yuan for 2024 and 2025, respectively, with corresponding valuations of 16x and 14x [7].

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 ...