流通市值（百万） 108,316.50 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 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 [Table_Title] 强顺周期属性，高分红稳健标的 ——分众传媒（002027）2024Q3 业绩点评 最近一年走势 事件: 2024 年 10 月 29 日，分众传媒公告 2024Q3 季报，2024Q3 营收 32.94 亿元（YOY+4.30%），归母净利润 14.75 亿元（YOY+7.59%），扣非归 母净利润 13.44 亿元（YOY+4.54%）。 投资要点: 2024Q3 业绩符合预期，经营稳健： （1）2024Q3 营收同比环比均增长。2024Q1/Q2/Q3 营收分别为 相对沪深 300 表现 2024/10/28 27.30/32.38/32.94 亿 元 ， YOY+6.02%/+10.05%/+4.30% ， QOQ 表现 1M 3M 12M -15.43%/+18.61%/+1.73%； ...

华福证券 基本数据 日期 2024-10-29 收盘价： 7.34 元 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) 106,005.75 每股净资产(元) 1.09 资产负债率(%) 28.69 一年内最高/最低价(元) 7.78/5.22 财务数据和估值 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 9,425 11,904 12,652 13,593 14,421 增长率 -36% 26% 6% 7% 6% 净利润（百万元） 2,790 4,827 5,316 5,750 6,334 增长率 -54% 73% 10% 8% 10% EPS（元/股） 0.19 0.33 0.37 0.40 0.44 市盈率（P/E） 38.0 22.0 19.9 18.4 16.7 市净率（P/B） 6.3 6.0 6.1 5.7 5.4 数据来源：公司公告、华福证券研究所 币种：人民币 and Tax 2017 分众传媒（002027.SZ） 业绩稳健增长，关注第四季度表现 投资要点： 公司发布2024年第三季度报告：分众传媒2024年 ...

[Table_RightTitle] 证券研究报告|传媒 [Table_StockRank] 增持(维持) [Table_Title] 业绩稳健增长，梯媒龙头趋势延续 [Table_StockName] ——分众传媒（002027）点评报告 [Table_ReportDate] 2024 年 10 月 29 日 [Table_Summary] 报告关键要素: 公司发布 2024 年三季报，2024 年前三季度共实现营收 92.61 亿元 （YoY+6.76%），归母净利润 39.68 亿元（YoY+10.16%），扣非归母净利 润 35.41 亿元（YoY+8.71%）；2024 年第三季度实现营收 32.94 亿元 （YoY+4.30%），归母净利润 14.75 亿元（YoY+7.59%），扣非归母净利润 13.44 亿元（YoY+4.54%） 证 券 研 究 报 告 公司点评报告 公司研究 3218 投资要点: ⚫ 国内广告市场活力持续提升，梯媒渠道景气度保持，公司业绩稳健增 长。中国广告市场今年呈现稳步增长趋势，在奥运会、618 大促、以旧 换新等活动的促进下，根据 CTR 数据显示，商服、娱乐休闲，及 ...

上 市 公 司 证 券 研 究 报 告 传媒 公 司 研 究 / 公 司 点 评 2024 年 10 月 29 日 分众传媒 (002027) ——24Q3 略超预期，财报体现强韧性，继续推荐 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 7.50 | | 一年内最高/最低（元） | 7.78/5.22 | | 市净率 | 6.9 | | 息率（分红/股价） | 5.73 | | 流通 A 股市值（百万元） | 108,316 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | 投资要点： | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 1.0 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with expected PE ratios of 20x, 19x, and 17x for 2024, 2025, and 2026, respectively [2][3] Core Views - The company reported steady growth in Q3 2024, with revenue of RMB 3.294 billion, a 4.30% YoY increase, and net profit attributable to shareholders of RMB 1.475 billion, up 7.59% YoY [1] - For the first three quarters of 2024, the company achieved total revenue of RMB 9.261 billion, a 6.76% YoY increase, and net profit attributable to shareholders of RMB 3.968 billion, up 10.16% YoY [1] - The company's leading position in the elevator media market is significant, with a strong recovery in the elevator media market in 2024 and incremental advertising revenue driven by the Q3 Olympic Games [1] - The company is actively expanding its overseas business, with its overseas media network covering 100 major cities in countries such as South Korea, Thailand, Singapore, India, and Japan, with over 175,000 screen terminals [1] - The company is deepening its AI technology to enhance digital marketing capabilities, leveraging its proprietary marketing vertical model to lower the threshold for advertising and potentially tap into the lower-tier advertiser market [2] Financial Forecasts - The company's revenue is expected to grow from RMB 12.882 billion in 2024 to RMB 14.959 billion in 2026, with a CAGR of 6.92% [3] - Net profit attributable to shareholders is projected to increase from RMB 5.305 billion in 2024 to RMB 6.348 billion in 2026, with a CAGR of 8.91% [3] - The company's gross margin is expected to improve from 66.17% in 2024 to 68.93% in 2026 [3] - EPS is forecasted to grow from RMB 0.37 in 2024 to RMB 0.44 in 2026 [3] Overseas Expansion - The company's overseas media network covers 100 major cities in countries such as South Korea, Thailand, Singapore, India, and Japan, with over 175,000 screen terminals [1] - As Chinese brands accelerate their globalization, overseas advertising business is expected to become a new growth driver for the company [1] AI and Digital Marketing - The company is leveraging AI technology to enhance its digital marketing capabilities, using its proprietary marketing vertical model to lower the threshold for advertising and potentially tap into the lower-tier advertiser market [2] - The company's AI-powered tools, such as one-click generation and design, are expected to significantly reduce the barriers to entry for advertisers [2]

10月28日，分众传媒发布2024年第三季度报告。 报告显示，前三季度分众实现营收92.61亿元，同比增长6.76％；净利润为39.68亿元，同比增长 10.16％。 承接品牌回归红利，业绩彰显韧性根据CTR媒介智讯数据显示，2024年1-8月广告市场同比上涨3.1%， 呈现出稳步增长态势，商服、娱乐休闲及部分快速消费品行业广告的上扬反映出消费者需求的多样化和 市场趋势的变化，也显示出市场活力的持续提升；分广告渠道来看，电梯广告依旧以亮眼表现领跑行 业。 东吴证券在研报中表示，分众业绩韧性强主要由于市占率提升和其广告主业绩韧性强所致：虽然当前大 家对于品牌广告市场的投放预期较低，但由于分众所处的场景高频刚需，其市占率份额实际有所提升； 分众消费类广告主占比较高的饮料、日化和食品拥有较高的业绩韧性，相应的广告投放韧性也较强。 伴随近年来市场进入存量博弈，更多品牌回归营销本质，重回消费者心智。 《2024中国广告主营销趋势调查报告》指出，90%的广告主认为"品牌的心智份额是核心竞争力，注重 效果是暂时的，注重品牌是长远的"。 在不确定的外部环境下，品牌建设成为企业增长的长期有效路径。 英国著名广告研究机构IPA的 ...

来源：公司年报、国金证券研究所 分众传媒 (002027.SZ) 业绩简评 2024 年 10 月 28 日,公司发布 24 年三季报，Q3 实现营收 32.94 亿元/同比+4.30%，归母净利 14.75 亿元/同比+7.59%，扣非 归母 13.44 亿元/同比+4.54%。 经营分析 收入：Q3 环比微增，整体稳健。Q3 收入同比+4.30%，环比 +1.74%，同比增速较 Q2 的 10.05%收窄，我们认为，主要系公 司作为梯媒龙头，业绩与宏观经济增速（尤其是反映消费的 社零增速）直接相关，当前消费仍处于弱复苏阶段，，广告主 投放更谨慎所致，但整体仍保持稳步的增长。 盈利：增幅大于收入，扣非净利率略有提升。Q3 归母净利同 比+7.59%，扣非净利润同比+4.54%，高于收入增幅；归母净 利率、扣非净利率分别为 44.77%、40.79%，分别同比+1.37、 +0.10pct，分别环比-0.12、+2.12pct，盈利水平略有提升。 其中，毛利率变化不大，销售、管理费率同比略有提升，分 别同比+1.24、+0.73pct，投资收益同比+132.87%，占利润总 额的比例为 14.36%，同比+7 ...

Financial Performance - The company's revenue for Q3 2024 was ¥3,294,163,205.15, representing a 4.30% increase year-over-year[1]. - Net profit attributable to shareholders for Q3 2024 was ¥1,474,635,990.82, up 7.59% compared to the same period last year[1]. - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥1,343,683,012.06, reflecting a 4.54% increase year-over-year[1]. - Total operating revenue for Q3 2024 reached ¥9,261,434,593.06, an increase of 6.75% compared to ¥8,675,229,097.11 in Q3 2023[16]. - Operating profit for the quarter was ¥4,618,490,594.37, up from ¥4,360,445,506.91 in the same period last year, reflecting a growth of 5.91%[16]. - Net profit attributable to shareholders was ¥3,968,063,820.02, compared to ¥3,602,070,203.65 in Q3 2023, marking an increase of 10.14%[16]. - The total comprehensive income for the quarter was ¥3,881,547,437.96, compared to ¥3,590,495,954.08 in Q3 2023, showing an increase of 8.09%[16]. - Earnings per share (EPS) for the quarter was ¥0.2748, compared to ¥0.2494 in the previous year, reflecting an increase of 10.84%[16]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥22,594,933,451.21, a decrease of 7.25% from the end of the previous year[1]. - The total equity attributable to shareholders decreased by 10.74% to ¥15,793,368,610.05 compared to the end of the previous year[1]. - Total liabilities increased to ¥6,482,450,487.37 from ¥6,319,945,427.10, representing a rise of 2.58% year-over-year[15]. - The company's total assets decreased to ¥22,594,933,451.21 from ¥24,361,016,948.69, a decline of 7.25%[15]. - As of September 30, 2024, the total current assets amounted to ¥10,622,186,902.44, a decrease of 4.41% from ¥11,112,168,889.26 at the beginning of the period[14]. - The total non-current assets reached ¥11,972,746,548.77, down from ¥13,248,848,059.43, indicating a decline of 9.61%[14]. Cash Flow - The company reported a net cash flow from operating activities of ¥4,648,379,447.90, down 12.08% year-over-year[1]. - Operating cash inflow for the current period was ¥8,992,594,302.40, a decrease of 3.08% from ¥9,277,000,868.99 in the previous period[18]. - Net cash flow from operating activities decreased to ¥4,648,379,447.90, down 12.13% from ¥5,287,146,754.33 year-over-year[18]. - Investment cash inflow increased significantly to ¥27,762,007,802.79, up 25.5% from ¥22,148,024,558.68 in the previous period[18]. - Net cash flow from investment activities was ¥3,659,718,430.25, a decrease of 6.45% compared to ¥3,913,320,790.24 in the previous period[18]. - Financing cash outflow totaled ¥8,079,155,528.04, a slight decrease from ¥8,376,359,684.31 in the previous period[18]. - The net cash flow from financing activities was -¥7,942,016,954.55, an improvement from -¥8,335,789,269.92 year-over-year[18]. - The ending cash and cash equivalents balance was ¥3,774,784,233.97, down from ¥4,126,921,709.84 in the previous period[18]. - The company received cash from other investment activities amounting to ¥24,998,200,000.00, a significant increase from ¥18,576,391,514.83[18]. - Cash paid for investment activities was ¥20,898,200,000.00, up from ¥17,055,070,000.00 in the previous period[18]. - The company’s cash inflow from financing activities was ¥137,138,573.49, compared to ¥40,570,414.39 in the previous period[18]. Investments and Acquisitions - Investment income for the year-to-date period was ¥58,740.35 million, an increase of 79.68% year-over-year[8]. - The company acquired Goldsun Focus Media Joint Stock Company, resulting in an increase in intangible assets by 36.01% to ¥8,975.94 million[6]. - The company's long-term equity investments increased by ¥71,841.92 million, primarily due to net income from equity method investments[5]. - The company reported a significant increase in long-term equity investments, which rose to ¥2,850,954,874.63 from ¥2,132,535,643.53, marking an increase of 33.67%[14]. Shareholder Information - The company approved a cash dividend of ¥1.00 per 10 shares based on the total share capital of 14,442,199,726 shares as of June 30, 2024[13]. - The first phase of the employee stock ownership plan is set to expire on March 5, 2025, as disclosed on August 31, 2024[13]. - The top ten shareholders hold a combined 42.03% of the total shares, with Media Management Hong Kong Limited holding the largest share at 23.72%[11]. Inventory and Receivables - Accounts receivable rose to ¥2,571,611,158.54, representing an increase of 41.23% compared to ¥1,821,240,335.65 at the beginning of the period[14]. - The company’s inventory increased to ¥17,800,546.82, up from ¥9,367,039.62, reflecting an increase of 89.66%[14]. Research and Development - Research and development expenses for the quarter were ¥40,716,509.07, down from ¥46,100,234.18 in Q3 2023, indicating a decrease of 11.06%[16].

Investment Rating - The report maintains a "Buy" rating for Focus Media (002027) [5][6] Core Views - The report highlights the dual support of strong fundamentals and high dividend yield for Focus Media [5][6] - The company's valuation is supported by its historical high dividend payout ratio, with a commitment to distribute at least 80% of non-GAAP net profit as dividends from 2024 to 2026 [6] - Focus Media is expected to benefit from potential improvements in consumer demand, which could lead to increased advertising budgets [5] - The company's international client advertising revenue grew by 20% YoY in H1 2024, indicating a solid foundation for future growth [5] Financial Performance - Focus Media's revenue for H1 2024 was 5,967 million yuan, with a YoY growth of 8.2% [7] - The company's net profit attributable to shareholders for H1 2024 was 2,493 million yuan, with a YoY growth of 11.7% [7] - The report forecasts revenue of 12,669 million yuan, 13,563 million yuan, and 14,651 million yuan for 2024, 2025, and 2026 respectively [6][7] - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 5,339 million yuan, 5,872 million yuan, and 6,479 million yuan respectively [6][7] Industry and Market Context - The advertising market saw a 2.8% YoY increase in spending from January to July 2024, with 75% of advertisers indicating no increase in advertising budgets [5] - Focus Media's elevator media segment, particularly in the consumer goods sector, showed strong resilience with a 12% YoY growth in advertising spending [5] - The cosmetics category saw a significant 66% growth in H1 2024, driven by both domestic and international brands [5] Valuation and Metrics - The company's P/E ratio is projected to be 17x, 15x, and 14x for 2024, 2025, and 2026 respectively [6] - Focus Media's ROE is expected to be 28.6%, 29.7%, and 30.9% for 2024, 2025, and 2026 respectively [7] - The company's dividend yield is 6.86%, based on the most recent dividend payout [3]

证券代码：002027 证券简称：分众传媒 公告编号：2024-036 分众传媒信息技术股份有限公司 2024 年半年度权益分派实施公告 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"）2024 年半年度权益分 派方案已获公司 2023 年年度股东大会和公司第八届董事会第十四次会议审议通 过，现将权益分派实施事宜公告如下： 一、股东大会授权及董事会审议通过利润分配方案情况 1、公司于 2024 年 5 月 29 日召开公司 2023 年年度股东大会，审议通过的 2024 年中期利润分配条件为：相应期间合并报表归属于上市公司普通股股东的 净利润为正；利润分配现金分红上限为：相应期间合并报表归属于上市公司普通 股股东的净利润的 80%，并同意授权董事会在符合上述利润分配的条件下制定 具体的 2024 年中期利润分配方案。 2、公司于 2024 年 8 月 7 日召开第八届董事会第十四次会议，审议通过了 《公司 2024 年半年度利润分配方案》，同意以公司 2024 年 6 月 30 日的总股本 1 ...