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 ...

编号：2024-004 证券代码：002027 证券简称：分众传媒 分众传媒信息技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | | ■其他（广东辖区上市公司投资者网上 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Viewpoints - The company, as a leader in elevator media advertising, is experiencing a recovery in performance, with a significant increase in revenue and profit margins [1][3]. - The advertising market is gradually recovering, with a notable increase in advertising spending, particularly in elevator media, which is becoming a crucial pillar of the advertising market [1][3][27]. - The company is actively leveraging AIGC technology to enhance its marketing capabilities, with a growing number of advertisers adopting AIGC in their promotional activities [1][3][34]. Summary by Sections Company Overview - The company was established in 2003 and pioneered the elevator media advertising model, becoming the first Chinese advertising media stock listed on NASDAQ in 2005 [9]. - The company focuses on elevator media, creating a high-frequency, low-interference advertising model that targets mainstream consumer groups [9][16]. - The company's revenue from elevator media has consistently accounted for over 90% of total revenue from 2020 to 2023 [17]. Industry Overview - The advertising market is recovering, with a 6% year-on-year increase in overall advertising spending in 2023 [27]. - The elevator media market is expanding, supported by urbanization trends and increasing elevator ownership in China, which has grown from 361,700 units in 2002 to 10,629,800 units in 2023 [28][30]. - AIGC technology is becoming a focal point for advertisers, with 69.6% of advertisers using AIGC in 2023, expected to rise to 78.9% in 2024 [34]. Competitive Advantages - The company enjoys high customer loyalty and is recognized as a leader in the elevator media advertising sector, with superior return on equity compared to peers [37]. - The company is expanding its overseas presence and actively exploring AIGC technology applications in marketing [1][3][37]. Profit Forecast - The company is projected to achieve revenues of 12.87 billion, 13.79 billion, and 14.62 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 4.87 billion, 5.23 billion, and 5.88 billion yuan [4][3].

证券代码：002027 证券简称：分众传媒 公告编号：2024-035 分众传媒信息技术股份有限公司 关于参加广东辖区 2024 年投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，分众传媒信息技术股份有限公司（以下 简称"公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系 管理月活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四） 15:30-16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展战略、 经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 分众传媒信息技术股份有限公司董事会 2024 年 9 月 10 日 ...

证券代码：002027 证券简称：分众传媒 公告编号：2024-034 分众传媒信息技术股份有限公司 关于第一期员工持股计划存续期即将届满的提示性公告 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"）第一期员工持股计划 （以下简称"本员工持股计划"）存续期将于 2025 年 3 月 5 日届满，根据《关 于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等相关规定，公司应当在员工持股 计划存续期限届满前六个月披露提示性公告。现将本员工持股计划存续期届满的 相关情况公告如下： 一、员工持股计划的基本情况 2019 年 2 月 14 日、2019 年 3 月 5 日公司分别召开第七届董事会第一次会 议及 2019 年第二次临时股东大会，审议通过了《公司第一期员工持股计划（草 案）及摘要》等相关议案。本员工持股计划的锁定期为 36 个月（自公司公告最 后一笔标的股票过户至本员工持股计划名下之日起计算）；存续期为 48 个月（自 公司股 ...

Summary of the Conference Call Company and Industry - The document discusses **Fenzhong Media** and its position within the **TME (Technology Media Entertainment)** industry [1] Core Points and Arguments - A recent in-depth report on **Fenzhong Media** was released, analyzing the competitive landscape changes within the **TME industry** [1] - The report elaborates on how **Fenzhong Media** has built a strong **moat**, solidifying its leading position in the **TME industry** [1] Other Important Content - The document emphasizes the strategic moves made by **Fenzhong Media** to maintain its competitive edge and market leadership [1]

Investment Rating - The investment rating for the company is "Buy" [5][7][10] Core Views - The company demonstrated strong resilience in its performance, with a 2024H1 revenue of 59.67 billion yuan, representing an 8.17% year-on-year increase, and a net profit of 24.93 billion yuan, up 11.74% year-on-year [5][6] - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling 14.44 billion yuan, which is 57.92% of the net profit for the period, indicating a commitment to shareholder returns [7][8] - The company maintains a leading position in the domestic elevator media market, with a projected revenue growth to 131.69 billion yuan in 2024 and a net profit of 52.41 billion yuan [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue 94.25 billion yuan, Net Profit 27.90 billion yuan - 2023A: Revenue 119.04 billion yuan, Net Profit 48.27 billion yuan - 2024E: Revenue 131.69 billion yuan, Net Profit 52.41 billion yuan - 2025E: Revenue 142.86 billion yuan, Net Profit 56.24 billion yuan - 2026E: Revenue 151.85 billion yuan, Net Profit 59.00 billion yuan [5][8] - Earnings Per Share (EPS) Forecasts: - 2022A: 0.19 yuan - 2023A: 0.33 yuan - 2024E: 0.36 yuan - 2025E: 0.39 yuan - 2026E: 0.41 yuan [5][8] - Valuation Metrics: - Price-to-Earnings (P/E) ratios are projected to decrease from 30.39 in 2022A to 14.37 in 2026E, indicating improving valuation over time [5][8] Market Position and Growth - The company has expanded its media points in both domestic and overseas markets, with a notable increase in elevator TVs in lower-tier cities and positive performance in overseas markets such as Hong Kong and Singapore [6][7] - The daily consumer goods sector has become a significant revenue contributor, with a 14.23% year-on-year increase in 2024H1, while the internet sector saw a decline [5][6]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company's H1 2024 performance exceeded market expectations, with revenue of 5.97 billion yuan (up 8.2% YoY) and net profit attributable to shareholders of 2.49 billion yuan (up 11.7% YoY) [3][4] - A mid-term dividend of 1.44 billion yuan is expected, with a dividend payout ratio of 57.9%, reflecting confidence in future performance [3][4] Financial Performance Summary - H1 2024 revenue breakdown: - Elevator media revenue: 5.51 billion yuan (up 7.25% YoY) with a gross margin of 64.3% - Cinema media revenue: 454 million yuan (up 20.75% YoY) with a gross margin of 76.43% [4][5] - Non-recurring gains of 296 million yuan were primarily from government subsidies [4] - The company's gross margin improved to 65.1%, an increase of 1.19 percentage points YoY [4] Market Position and Growth Potential - The company is positioned as a leader in offline brand advertising, with expectations for sustained high dividends and resilient performance [6][7] - The market for elevator LCD and poster advertising saw significant growth, with expenditures increasing by 22.9% and 16.8% YoY, respectively [4][7] - The company’s self-operated elevator media increased to approximately 1.097 million units, reflecting a steady expansion [4][5] Future Projections - Revenue forecasts for 2024-2026 are 13.072 billion yuan, 14.040 billion yuan, and 14.985 billion yuan, respectively, with net profits projected at 5.348 billion yuan, 5.802 billion yuan, and 6.180 billion yuan [6][8] - Expected EPS for 2024-2026 are 0.37 yuan, 0.40 yuan, and 0.43 yuan, with corresponding P/E ratios of 15.85, 14.61, and 13.72 [6][8]