华福证券 广告媒体 2024年04月30日 公 司 分众传媒（002027.SZ） 买入（维持评级） 研 究 现金奶牛业绩平稳增长，海外市场拓展加速 当前价格： 6.50元 基本数据 投资要点： 总股本/流通股本(百万股) 14,442.20/14,442.20 流通A股市值(百万元) 93,874.30  公司发布2023年年报及2024年一季报：分众传媒2023年全年实现营收 每股净资产(元) 1.30 资产负债率(%) 24.33 119.04亿元，同比增长26.3%；归母净利润48.27亿元，同比增长73.02%；扣非 一年内最高/最低价(元) 7.83/5.51 归母净利43.74亿元，同比增长82.68%。 一年内股价相对走势 公 2024年一季度实现营收27.3亿元，同比增长6.02%；归母净利润10.4亿元，同 司 比增长10.5%；扣非归母净利9.45亿元，同比增长18.17%。 财 报  23年年度分红叠加24年中期分红，股息率有望进一步抬升：根据公司4月 点 评 30日公告：1）公司拟定2023年度利润分配预案为：每1股派发现金0.33元（含 税），共计派发47.66亿元，占扣非归母 ...

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].

Financial Performance - The net profit attributable to shareholders for Q1 2024 was ¥1,040,063,504.60, an increase of 10.50% compared to ¥941,213,711.27 in Q1 2023[1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥945,163,127.62, up 18.17% from ¥799,826,585.50 in the same period last year[2] - Basic and diluted earnings per share were both ¥0.0720, reflecting a 10.43% increase from ¥0.0652 in the previous year[3] - Total operating revenue for Q1 2024 reached ¥2,729,531,149.19, an increase of 6.03% compared to ¥2,574,661,727.65 in the previous period[19] - Total operating costs amounted to ¥1,698,408,555.37, up from ¥1,629,916,096.31, reflecting a growth of 4.26%[19] - The company reported a total comprehensive income of ¥1,006,187,518.25, an increase from ¥932,063,702.48 in the last period[19] - The total profit before tax was ¥1,213,709,046.13, compared to ¥1,182,685,181.01 in the previous period, reflecting an increase of 2.20%[19] Cash Flow - The operating cash flow for the period was ¥1,243,152,371.12, a decrease of 40.04% from ¥2,073,156,997.61 in Q1 2023[2] - The cash inflow from operating activities for Q1 2024 was ¥2,741,875,953.39, a decrease of approximately 19.2% compared to ¥3,391,105,570.94 in Q1 2023[20] - The net cash flow from operating activities was ¥1,243,152,371.12, down from ¥2,073,156,997.61 in the previous year, indicating a decline of about 40%[20] - The cash inflow from investment activities was ¥7,726,979,436.74, compared to ¥7,439,828,825.33 in Q1 2023, showing an increase of approximately 3.9%[20] - The net cash flow from investment activities was ¥1,213,524,071.90, a decrease from ¥823,927,862.11 in the previous year[20] - The cash inflow from financing activities totaled ¥25,612,608.35, significantly lower than ¥12,775,621.36 in Q1 2023[20] - The net cash flow from financing activities was -¥700,566,672.20, compared to -¥2,721,362,600.21 in the previous year, indicating an improvement[20] Assets and Liabilities - Total assets at the end of the period were ¥25,181,998,060.68, a 3.37% increase from ¥24,361,016,948.69 at the end of the previous year[4] - Current assets totaled ¥11.69 billion, up from ¥11.11 billion, indicating an increase of about 5.2%[17] - Non-current assets rose to ¥13.49 billion from ¥13.25 billion, showing a growth of around 1.8%[17] - Total liabilities decreased to ¥6.13 billion from ¥6.32 billion, a reduction of approximately 3%[18] - Current liabilities amounted to ¥4.94 billion, down from ¥5.20 billion, representing a decline of about 5%[18] - Shareholders' equity increased to ¥19.06 billion from ¥18.04 billion, reflecting a growth of approximately 5.7%[18] - The total equity attributable to the parent company increased to ¥18.73 billion from ¥17.69 billion, reflecting a growth of approximately 5.9%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 215,202[11] - Media Management Hong Kong Limited holds 23.72% of shares, totaling 3,425,818,777 shares[11] - The top ten shareholders include Hong Kong Central Clearing Limited with 11.36% and J.P. Morgan Securities PLC with 1.10%[12] - The total shares held by the top ten unrestricted shareholders amount to 1,641,146,619 shares[11] - The National Social Security Fund No. 109 Portfolio holds 0.82% of shares, totaling 117,756,216 shares[13] - Jiang Zhongmin holds 0.63% of shares, totaling 90,284,500 shares, through a margin trading account[11] Other Financial Metrics - The weighted average return on equity was 5.71%, up from 5.40% in the same period last year, an increase of 0.31%[4] - The company reported a significant increase in inventory, which rose by 34.75% to ¥12,621,700.00 compared to the end of the previous year[8] - Other income decreased by 44.90% to ¥10,324.19 million, primarily due to a reduction in government subsidies received[9] - Research and development expenses were ¥16,583,464.61, down from ¥18,723,660.48, indicating a decrease of 11.46%[19] - Other income for the period was ¥103,241,887.06, compared to ¥187,374,202.11 in the previous period, showing a decline of 44.83%[19] - The company recorded an investment income of ¥70,726,517.14, down from ¥96,851,743.47, a decrease of 27.00%[19] - The company experienced a foreign exchange loss of ¥3,586,151.19, compared to a loss of ¥19,553,675.16 in the previous period, indicating an improvement[19] Corporate Actions - The second phase of the employee stock ownership plan will unlock on January 11, 2024, after a 36-month lock-up period[14] - Alibaba (China) Network Technology Co., Ltd. has undergone a split, with 885,100,134 shares transferred to Hangzhou Haoyue Enterprise Management Co., Ltd.[14] - The company approved a capital increase for its wholly-owned subsidiary, FMOIL III, amounting to RMB 22,207,000[15] - The company has extended the investment period of a private equity fund by two years to ensure smooth investment progress[16] Audit and Reporting - The company did not undergo an audit for the Q1 2024 report[21] - The report indicates the first-time implementation of new accounting standards starting in 2024[21] - The company’s board of directors released the Q1 2024 report on April 30, 2024[21]

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 ...

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]