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]

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][7] - 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] Future Projections - Revenue and profit forecasts for 2024-2026: - 2024E revenue: 13.072 billion yuan, net profit: 5.348 billion yuan - 2025E revenue: 14.040 billion yuan, net profit: 5.802 billion yuan - 2026E revenue: 14.985 billion yuan, net profit: 6.180 billion yuan [6][8] - Expected EPS for 2024-2026: 0.37, 0.40, and 0.43 yuan respectively [6][8] Market Position and Competitive Landscape - The company is positioned as a leader in offline brand advertising, with a stable expansion of elevator media points and an increase in self-operated media units [4][5] - The competitive landscape is expected to improve following the cessation of operations by a leading competitor in the elevator media sector [4][7]

Investment Rating - The report maintains a "Buy" rating for Focus Media with a target price of 8.34 CNY per share, corresponding to a 23X PE for 2024 [1][3] Core Views - Focus Media's leading position in the elevator media industry is solidified through its extensive and high-quality point-of-sale (POS) network, particularly in high-tier cities, which serves as a competitive barrier [1] - The elevator media market still has growth potential, with Focus Media expected to benefit from both domestic market share expansion and overseas replication of its business model [1] - Focus Media's collaboration with Meituan in lower-tier cities is expected to enhance advertising coverage and operational efficiency, particularly in video elevator media [1] - The company's revenue is projected to grow steadily, with 2024-2025 revenues estimated at 12.61 billion CNY and 13.34 billion CNY, respectively, and net profits at 5.32 billion CNY and 5.75 billion CNY [1][2] Competitive Landscape - Focus Media established its dominance early through rapid expansion and strategic acquisitions, such as the merger with Framedia and Juzhong Media, which helped consolidate its market position [10] - The company's competitive advantage lies in its large-scale, high-quality POS network, which is continuously being expanded in high-tier cities while supplemented through partnerships and acquisitions in lower-tier markets [1][9] - The competitive landscape remains stable, with other players finding it difficult to challenge Focus Media's dominance due to its established POS network and cost advantages [1][9] Market Space - The elevator media market is expected to grow as brand advertising budgets shift towards this medium, with Focus Media well-positioned to capture a larger share of the domestic market [20][22] - Overseas markets present significant growth opportunities, with Focus Media successfully replicating its business model in countries like South Korea and Singapore, contributing to incremental revenue [28][29] Lower-Tier Market Opportunities - Focus Media is leveraging partnerships and acquisitions to expand its POS network in lower-tier cities, improving operational efficiency and advertising coverage [17][18] - The collaboration with Meituan is expected to enhance advertising utilization rates in lower-tier cities, particularly for video elevator media, by leveraging Meituan's extensive merchant network [36][37] Financial Projections - Focus Media's revenue is expected to grow steadily, with 2024-2026 revenues projected at 12.61 billion CNY, 13.34 billion CNY, and 14.14 billion CNY, respectively [2][38] - Net profits are forecasted to increase from 5.32 billion CNY in 2024 to 6.22 billion CNY in 2026, with EPS rising from 0.37 CNY to 0.43 CNY over the same period [2][38] - The company's gross margin is expected to improve, driven by cost optimization and increased efficiency in POS utilization [38]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market index [9]. Core Views - The company has implemented a mid-term cash dividend plan, distributing 1.00 yuan per 10 shares, totaling 1.444 billion yuan, reinforcing its commitment to shareholder returns while ensuring sustainable growth [4][5]. - The company has established the largest urban lifestyle media network in China, covering approximately 300 cities domestically and around 100 major cities internationally, including locations in Southeast Asia and India [4]. - The primary revenue source for the company is its elevator media business, which accounted for 92.26% of total revenue in the first half of 2024, with a reported revenue of 5.505 billion yuan [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 12.868 billion yuan, 13.794 billion yuan, and 14.622 billion yuan for the years 2024, 2025, and 2026, respectively [9]. - The forecasted net profit attributable to the parent company is expected to be 4.873 billion yuan, 5.233 billion yuan, and 5.879 billion yuan for the same years [9]. - The report anticipates a steady growth rate for the company's main business segments, with elevator media revenue growth rates projected at 8%, 7%, and 6% for 2024 to 2026 [9]. Financial Metrics - The company reported a revenue of 5.967 billion yuan for the first half of 2024, reflecting an 8.17% increase from the previous year [5]. - The projected earnings per share (EPS) for the years 2024, 2025, and 2026 are 0.34 yuan, 0.36 yuan, and 0.41 yuan, respectively [8]. - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 17.1, 16.0, and 14.2, indicating a favorable valuation compared to peers [9].

Investment Rating - The investment rating for the company is maintained as "Add" [4] Core Insights - The company reported a revenue of 5.967 billion yuan for the first half of 2024, representing a year-on-year growth of 8.17%. The net profit attributable to the parent company was 2.493 billion yuan, up 11.74% year-on-year [3] - The company is actively exploring business expansion in lower-tier cities and overseas markets, with a 20% year-on-year increase in advertising revenue from international clients [3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 1.444 billion yuan [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.238 billion yuan, a 10.05% increase year-on-year, and a net profit of 1.453 billion yuan, up 12.65% year-on-year [3] - The gross profit margin for the first half of 2024 was 65.13%, an increase of 1.19 percentage points year-on-year, while the net profit margin was 41.10%, up 0.75 percentage points year-on-year [11] Business Segments - The company's building media segment generated 5.505 billion yuan in revenue, a 7.25% increase year-on-year, with daily consumer goods showing strong performance [3] - The cinema media segment reported a revenue of 454 million yuan, reflecting a 20.75% year-on-year growth [3] Market Expansion - As of July 31, the company had 3.133 million advertising points, a 3.9% increase from the end of 2023, with significant growth in lower-tier cities and overseas markets [3] - The number of elevator TV media points increased by approximately 11.7%, while overseas elevator poster media points rose by 18.8% [3]