证券代码：002027 证券简称：分众传媒 公告编号：2024-038 分众传媒信息技术股份有限公司 关于董事会、监事会延期换届的提示性公告 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"）第八届董事会、监事 会任期将于 2024 年 11 月 23 日届满，鉴于公司新一届董事会和监事会的换届选 举工作尚在积极筹备中，为保证公司董事会、监事会工作的连续性及稳定性，公 司董事会和监事会的换届选举工作将适当延期，公司第八届董事会各专门委员会 及高级管理人员的任期亦相应顺延。 在董事会、监事会换届选举工作完成之前，公司第八届董事会、监事会全体 成员、董事会各专门委员会委员及高级管理人员将严格按照相关法律法规和《公 司章程》的规定，继续履行对公司的勤勉尽责义务和职责。 公司董事会、监事会延期换届不会对公司经营产生影响。公司将积极推进董 事会、监事会换届选举工作，并及时履行相应的信息披露义务。 特此公告。 分众传媒信息技术股份有限公司董事会 2024 年 11 月 16 日 ...

Investment Rating - The report maintains a "Recommend" rating for Focus Media with a target price of 8.80 RMB [1] Core Views - Focus Media benefits from China's consumption transformation, with a business model that has strong barriers and potential for growth beyond cyclical fluctuations [1] - The company's cyclical nature is being diluted by the increasing proportion of consumer goods advertisers, particularly in essential categories like dairy, water, and alcohol [1] - Focus Media's competitive advantage lies in its deep moat, with a strong presence in elevator and cinema advertising, high coverage in key urban areas, and high replacement costs for physical media [2] - The company is positioned to benefit from industry changes, with a focus on consumer fundamentals and potential overseas expansion [3] Cycle Perspective - Advertising is a naturally cyclical industry, and Focus Media's revenue growth has historically moved in tandem with macroeconomic trends [1] - The proportion of consumer goods advertisers has been increasing since 2018, reducing the company's cyclicality [1] - Essential consumer goods like dairy, water, and alcohol have stable sales expenses, further mitigating cyclical impacts [1] Competitive Perspective - Focus Media's competitive edge is built on its high-quality and extensive coverage of elevator and cinema advertising points, which are difficult to replace [2] - The company's physical media and long-term lease agreements create high barriers for competitors, making large-scale replacement costly [2] - The competitive environment is expected to improve as industry growth slows and physical advertising space becomes scarcer [2] Growth Perspective - Focus Media has consistently benefited from industry changes, such as the rise of internet, new economy, online education, new energy vehicles, and new domestic brands [3] - The company's growth is supported by its strong position in the elevator media sector, with a stable customer base and potential for overseas expansion [3] - Emerging industries and mature brands' budget shifts are expected to drive short-term growth, with a focus on consumer goods and new product categories [3] Financial Projections - Revenue for 2024-2026 is projected to be 12.7/14.0/14.9 billion RMB, with year-on-year growth of 7%/10%/7% [4] - Net profit attributable to shareholders is expected to be 5.3/5.8/6.2 billion RMB, with year-on-year growth of 10%/9%/7% [4] - The target PE ratio for 2025 is 22x, corresponding to a target market value of 127 billion RMB and a target price of 8.80 RMB [4] Key Financial Metrics - Total revenue for 2023 was 11.9 billion RMB, with a year-on-year growth of 26.3% [5] - Net profit attributable to shareholders for 2023 was 4.8 billion RMB, with a year-on-year growth of 73.0% [5] - The PE ratio for 2024-2026 is projected to be 20/18/17x, with a PB ratio of 6.0/5.8/5.5x [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company demonstrates steady revenue growth, with total revenue of 9.26 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6.8%. The net profit attributable to shareholders reached 3.97 billion yuan, up 10.2% year-on-year [5][6] - The company is positioned as a leading player in the cyclical marketing sector, showing strong resilience and flexibility in its performance. The business primarily focuses on first- and second-tier cities, with significant growth potential in lower-tier cities and overseas markets [6][8] - The company maintains a high dividend expectation, with a dividend yield of 5.7% over the past 12 months [6] Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 3.29 billion yuan, a year-on-year increase of 4.3% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 1.47 billion yuan, up 7.6% year-on-year and 1.5% quarter-on-quarter [5][6] - The comprehensive gross margin for the first three quarters of 2024 was 66.2%, an increase of 0.7 percentage points year-on-year, while the net profit margin was 42.8%, up 1.3 percentage points year-on-year [6] Revenue Forecast - The company expects total revenue for 2024-2026 to be 12.76 billion yuan, 13.53 billion yuan, and 14.36 billion yuan, with year-on-year growth rates of 7.2%, 6.0%, and 6.1% respectively. The net profit attributable to shareholders is projected to be 5.22 billion yuan, 5.76 billion yuan, and 6.22 billion yuan for the same period, with growth rates of 8.2%, 10.2%, and 8.0% respectively [8][9] Valuation - The company is assigned a valuation range of 9.00 to 10.80 yuan per share based on a price-to-earnings (PE) ratio of 25-30 times for 2024, compared to a reference PE of 43 times for comparable companies [8][11]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 8.80 CNY, compared to the current price of 7.49 CNY [2][3]. Core Views - The company's performance in Q3 2024 met expectations, demonstrating operational resilience, with a quarterly revenue of 3.3 billion CNY, a year-over-year increase of 4% and a quarter-over-quarter increase of 2% [1]. - The advertising market remains stable, but there is significant structural differentiation, with certain segments outperforming others. The GDP growth for the first three quarters of 2024 was 5.3%, 4.7%, and 4.6% respectively, indicating steady growth [1]. - The company achieved a total revenue of 9.3 billion CNY for the first three quarters of 2024, reflecting a year-over-year growth of 7% [1]. - The report highlights that the company has a strong market position and is expected to benefit from macroeconomic recovery, particularly with promotional policies supporting consumer spending in Q4 [1]. Financial Summary - For Q3 2024, the company reported a gross profit of 2.25 billion CNY, a year-over-year increase of 4% and a quarter-over-quarter increase of 2% [1]. - The net profit attributable to shareholders for Q3 2024 was 1.47 billion CNY, representing a year-over-year increase of 8% and a quarter-over-quarter increase of 1.5% [1]. - The company’s revenue forecast for 2024-2026 has been adjusted to 12.7 billion CNY, 14 billion CNY, and 14.9 billion CNY respectively, with corresponding net profits of 5.31 billion CNY, 5.78 billion CNY, and 6.17 billion CNY [1][3].

Investment Rating - The report maintains an "Outperform" rating for Focus Media (002027 SZ) [1][10] Core Views - Focus Media shows steady revenue and profit growth with potential for acceleration driven by improving macroeconomic expectations [1] - The company's resource point advantage is solid with focus on lower-tier markets and overseas expansion [1][8] - Focus Media's customer structure is strong and expected to recover first [1][8] Financial Performance - In the first three quarters of 2024, Focus Media achieved revenue of 9 261 billion yuan and net profit attributable to shareholders of 3 968 billion yuan, representing year-on-year growth of 6 76% and 10 16% respectively [1][4] - Q3 2024 revenue reached 3 294 billion yuan with net profit attributable to shareholders of 1 474 billion yuan, growing 4 30% and 7 59% year-on-year respectively [1][4] - Gross margin reached 65 5% in the first three quarters, up 1 percentage point year-on-year, with Q3 gross margin at 68 2% [1][7] - Net profit margin reached 41 3% in the first three quarters, with Q3 net profit margin at 44 1% [1][7] Resource and Market Position - Focus Media's life circle media network covers approximately 300 cities in China and about 100 major cities in 8 countries and regions [1][8] - The company operates 1 097 million TV media devices and 1 549 million elevator poster media devices [1][8] - Focus Media collaborates with 1 835 cinemas and approximately 13 000 screens [1][8] Customer Structure - Daily consumer goods remain the main revenue source, accounting for 59% of revenue with 11 66% year-on-year growth [1][8] - Real estate home furnishing and transportation sectors showed strong growth, increasing 26 23% and 16 04% year-on-year respectively [1][8] Future Outlook - The report forecasts net profit attributable to shareholders of 5 722 billion yuan, 6 587 billion yuan, and 6 976 billion yuan for 2024, 2025, and 2026 respectively [1][10] - EPS is projected to be 0 40 yuan, 0 46 yuan, and 0 48 yuan for 2024, 2025, and 2026 respectively [1][10] - Current P E ratios are estimated at 18x, 16x, and 15x for 2024, 2025, and 2026 respectively [1][10] Technology Development - Focus Media has implemented cloud-based online push and IoT-enabled screens for remote monitoring [9] - The company has deployed a marketing vertical large model and is continuously optimizing it [9] - AI-driven solutions are expected to enhance capabilities in ad creative generation, strategy formulation, and data analysis [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.60 CNY per share, based on a 21x PE for 2024 [2][3]. Core Views - The company reported a Q3 2024 revenue of 3.294 billion CNY, a year-over-year increase of 4.30%, and a net profit of 1.475 billion CNY, up 7.59% year-over-year. Year-to-date revenue reached 9.261 billion CNY, reflecting a 6.76% increase, while net profit was 3.968 billion CNY, up 10.16% year-over-year [1][2]. - The revenue growth in Q3 has slowed compared to previous quarters, but remains resilient, particularly in consumer goods advertising. The company benefits from advertising effects related to major events like the Olympics and the Mid-Autumn Festival [1]. - Investment income has contributed to profit growth, but there is a need to monitor accounts receivable, which increased to 2.571 billion CNY as of September 30, 2024, from 1.821 billion CNY at the end of 2023. The company recorded a credit impairment loss of 89 million CNY in Q3, approximately 2.69% of total revenue [1][2]. - The company is expected to leverage its core competitiveness in the media sector and expand into overseas and lower-tier markets, with anticipated advertising peaks during major shopping events [1][2]. Financial Summary - The company’s projected net profits for 2024-2026 are 5.229 billion CNY, 5.664 billion CNY, and 6.041 billion CNY respectively, with corresponding EPS of 0.36 CNY, 0.39 CNY, and 0.42 CNY [2]. - The gross margin for Q3 2024 was 68.19%, consistent with the previous year, while the sales expense ratio increased by 1.24 percentage points to 18.99% [1]. - The company’s financial metrics indicate a net profit margin of 40.6% for 2023, projected to rise to 41.0% in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 9.261 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.76%. The net profit attributable to the parent company was 3.968 billion yuan, up 10.16% year-on-year. In Q3 alone, revenue reached 3.294 billion yuan, with a year-on-year increase of 4.3%, and the net profit attributable to the parent company was 1.475 billion yuan, growing by 7.59% year-on-year [4][5]. - The advertising spending for the upcoming Paris Olympics is expected to boost revenue during the traditionally slow Q3 period. Data from CTR indicates a significant increase in advertising expenditure in the entertainment and leisure sectors, with LCD and elevator poster advertising spending rising by 24.3% and 16.9% year-on-year, respectively, from January to August 2024 [4][5]. - The company has expanded its point locations, which has slightly reduced its gross margin. By the end of July 2024, the number of self-operated LCD points in first- and second-tier cities increased by 5.9% and 4.9% compared to the end of 2023. Additionally, a partnership with Meituan has been established to develop and operate elevator video media in third- and lower-tier cities, resulting in a 45.3% increase in self-operated LCD points in these areas [5][6]. - Investment income has contributed to net profit growth, although credit impairment losses have increased. The company reported investment income of 587 million yuan from long-term equity investments and the disposal of non-current financial assets, a 79.68% increase year-on-year. However, due to macroeconomic factors, accounts receivable impairment losses totaled 116 million yuan, an increase of 170 million yuan compared to the same period last year [5][6]. - The company is leveraging AI technology to enhance its advertising media capabilities, aiming to provide high-quality services to clients and improve operational efficiency. The ongoing adjustments and iterations of the marketing vertical model are expected to significantly enhance the company's advertising creative generation, strategy formulation, and data analysis capabilities [6]. - The company is projected to achieve a net profit attributable to the parent company of 5.3 billion yuan and 5.9 billion yuan for 2024 and 2025, respectively, corresponding to current valuations of 20x and 18x [6]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 9.261 billion yuan, with a net profit of 3.968 billion yuan. The Q3 revenue was 3.294 billion yuan, and the net profit was 1.475 billion yuan [4][5]. - The company expects to generate total revenue of 13.084 billion yuan in 2024, with a projected net profit of 5.279 billion yuan [10].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - Despite macroeconomic pressures, the company has shown resilience with a revenue of 3.294 billion yuan in Q3 2024, representing a year-on-year growth of 4.3%, and a net profit of 1.475 billion yuan, up 7.59% year-on-year [2] - The company benefits from a strong advertising demand from daily consumer goods, which accounted for 59% of its revenue in H1 2024, indicating high spending resilience from brand owners [2] - The company is well-positioned to capture growth opportunities in niche markets and enhance brand engagement for clients [2] - Operating costs have only slightly increased by 4.5% year-on-year, while the number of advertising points has reached a new high, showcasing the company's operational leverage [3] - The company is expected to benefit from favorable fiscal and monetary policies post-September, which may lead to a recovery in performance in 2025 [3] - The collaboration with Meituan to explore lower-tier markets is anticipated to significantly increase market coverage and share [3] - The company is making progress in expanding its overseas market presence, particularly in Southeast Asia and the Middle East, with entry into the Japanese market expected to create a second growth curve [3] Financial Summary - The company reported total revenue of 11.904 billion yuan for 2023, with projections of 13.039 billion yuan for 2024, 14.309 billion yuan for 2025, and 15.743 billion yuan for 2026, reflecting a growth rate of 26.3% in 2023 and a projected 9.54% in 2024 [1][10] - The net profit for 2023 is projected at 4.827 billion yuan, with estimates of 5.615 billion yuan for 2024, 6.268 billion yuan for 2025, and 7.227 billion yuan for 2026, indicating a significant growth of 73.02% in 2023 and a more moderate 16.32% in 2024 [1][10] - The earnings per share (EPS) are forecasted to be 0.39 yuan for 2024, 0.43 yuan for 2025, and 0.50 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 18.75, 16.80, and 14.57 respectively [1][4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.58 CNY, maintaining the previous rating of "Buy" [4]. Core Views - The company is expected to benefit from the recovery in consumer spending, with a strong position in the elevator media sector and ongoing expansion into lower-tier markets. The integration of big data and AI is anticipated to enhance advertising efficiency [2][9]. - Despite facing external challenges, the company achieved steady growth in operating performance during the first three quarters of 2024, with a revenue of 9.261 billion CNY, a year-on-year increase of 6.76%, and a net profit attributable to shareholders of 3.968 billion CNY, up 10.16% year-on-year [9]. Financial Summary - For the first three quarters of 2024, the company reported: - Revenue: 9.261 billion CNY, +6.76% YoY - Net profit attributable to shareholders: 3.968 billion CNY, +10.16% YoY - Net profit after deducting non-recurring gains and losses: 3.541 billion CNY, +8.71% YoY - In Q3 2024, the company achieved: - Revenue: 3.294 billion CNY, +4.30% YoY - Net profit attributable to shareholders: 1.475 billion CNY, +7.59% YoY - Net profit after deducting non-recurring gains and losses: 1.344 billion CNY, +4.54% YoY [9]. Market Position and Trends - The company maintains a leading position in the elevator media industry, with significant growth in advertising spending in various outdoor advertising channels, particularly in elevator LCDs, which saw a growth rate of approximately 24% year-on-year [9]. - The company has established long-term, stable relationships with a large number of high-quality clients, covering over 400 million mainstream urban populations in China and continuously increasing its coverage in lower-tier markets [9]. Earnings Forecast - The EPS forecast for 2024-2026 has been adjusted to 0.37 CNY, 0.41 CNY, and 0.43 CNY respectively, down from previous estimates of 0.40 CNY, 0.45 CNY, and 0.50 CNY due to anticipated slower budget growth from advertisers [9].

Investment Rating - Buy rating maintained for Focus Media [1] Core Views - Stable earnings growth and continued overseas expansion [1] - 2024 Q3 revenue reached 3.294 billion yuan (yoy +4.30%), net profit attributable to parent company was 1.475 billion yuan (yoy +7.59%) [2] - Gross margin remained high at 68.2% in Q3, net margin increased 1.4pct yoy to 44.8% [2] - Overseas business expansion progressing well, covering over 100 major cities in 5 countries with 175,000+ screen terminals [2] - Forecasted 2024-2026 revenue: 12.871/13.950/14.880 billion yuan, net profit: 5.290/5.784/6.183 billion yuan [2] Financial Performance - 2024E revenue growth: 8.1%, net profit growth: 9.6% [3] - 2024E gross margin: 65.2%, ROE: 23.0% [3] - 2024E EPS: 0.37 yuan, P/E: 19.76x [3] - 2024E operating cash flow: 5.484 billion yuan [5] - 2024E net debt ratio: 26.8%, current ratio: 3.12 [6] Business Operations - Elevator media business benefited from industry recovery and Olympic advertising [2] - Digital technology enabling overseas expansion [2] - Sales expense ratio in Q3: 19.0%, management expense ratio: 4.0% [2] - Investment income and other income accounted for 7.4% and 3.8% of revenue respectively [2] Valuation Metrics - 2024E EV/EBITDA: 16.08x [6] - 2024E P/B: 4.54x [6] - 2024E total asset turnover: 0.48 [6] - 2024E accounts receivable turnover: 7.53 [6] Financial Position - 2024E total assets: 295.96 billion yuan [4] - 2024E cash position: 8.976 billion yuan [4] - 2024E liabilities: 62.60 billion yuan, liability ratio: 21.2% [4][6] - 2024E equity attributable to parent company: 230.19 billion yuan [4]