Investment Rating - The report maintains an "Overweight" rating for the company [3][5]. Core Views - 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 shareholders was 2.493 billion yuan, up 11.74% year-on-year [3]. - The gross margin improved to 65.13%, an increase of 1.20 percentage points year-on-year. The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 1.444 billion yuan, with a payout ratio of about 57.92% [3][4]. - The advertising market is showing signs of recovery, with the overall market growing by 2.7% in the first half of 2024. The company has expanded its media network to 3.133 million points, a 3.9% increase from the end of 2023 [3][4]. - The company has a robust overseas expansion strategy, with significant growth in its overseas media points, indicating strong long-term potential [3][4]. - The profit forecast for 2024-2026 is adjusted to 5.297 billion, 5.825 billion, and 6.377 billion yuan respectively, with corresponding PE ratios of 15.8, 14.3, and 13.1 times [3][4]. Financial Summary - As of the end of 2024, the company is projected to have total revenue of 13.107 billion yuan, with a year-on-year growth of 10.10%. The net profit is expected to be 5.297 billion yuan, reflecting a growth of 9.74% [4]. - The gross margin is forecasted to be 65.93% in 2024, with a return on equity (ROE) of 31.54% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 2.493 billion (yoy +11.74%) for the first half of 2024, exceeding expectations, and is accelerating its expansion into overseas markets [2] - The outdoor advertising demand has significantly recovered in the first half of 2024, with a 2.7% year-on-year increase in the overall advertising market [2] - The company is actively exploring cooperation with Meituan to enhance penetration in lower-tier cities [5] Financial Performance - For the first half of 2024, the company achieved revenue of 5.967 billion (yoy +8.17%) and a net profit of 2.493 billion (yoy +11.74%) [2] - The second quarter of 2024 saw revenue of 3.238 billion (yoy +10.0%) and a net profit of 1.453 billion (yoy +12.6%) [2] - The company plans to distribute a cash dividend of 1.00 per 10 shares, totaling 1.444 billion, which is approximately 57.92% of the net profit for the first half of 2024 [2] Market Position and Strategy - The company has increased its elevator TV media points to 1.181 million (yoy +25.11%) and is expanding its overseas market presence [2] - The number of elevator poster media points reached 1.952 million (yoy +3.94%), with significant growth in overseas points [2] - The company aims to enhance investor confidence through a high-frequency dividend policy and a commitment to distribute at least 80% of the net profit attributable to shareholders in the next three years [2][5] Future Projections - Revenue projections for 2024E-2026E are 13.008 billion, 14.156 billion, and 15.094 billion respectively, with net profits of 5.163 billion, 5.660 billion, and 6.037 billion [5] - The company maintains a "Buy" rating based on these projections [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 2.493 billion (yoy +11.74%) for the first half of 2024, exceeding expectations, and is accelerating its expansion into overseas markets [2] - The outdoor advertising demand has significantly recovered in the first half of 2024, with a 2.7% year-on-year increase in the overall advertising market [2] - The company is actively exploring cooperation with Meituan to enhance marketing channels in lower-tier cities [4] Financial Performance - For the first half of 2024, the company achieved revenue of 5.967 billion (yoy +8.17%) and a net profit of 2.493 billion (yoy +11.74%) [2] - The second quarter of 2024 saw revenue of 3.238 billion (yoy +10.0%) and a net profit of 1.453 billion (yoy +12.6%) [2] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 1.444 billion, which is approximately 57.92% of the net profit for the first half of 2024 [2] Market Position and Growth - The company has increased its elevator TV media points to 1.181 million (yoy +25.11%) and is expanding its overseas market presence [2] - The number of elevator poster media points reached 1.952 million (yoy +3.94%), with significant growth in lower-tier cities [2] - The company expects revenues of 13.008 billion, 14.156 billion, and 15.094 billion for 2024E, 2025E, and 2026E respectively [4] Valuation Metrics - The projected P/E ratios for 2024E, 2025E, and 2026E are 16.17, 14.75, and 13.83 respectively [6] - The projected P/B ratios for the same years are 3.65, 2.92, and 2.41 respectively [6]

Investment Rating - The report maintains an "Overweight" rating for the company [2][3] Core Views - The company reported a steady growth in operating performance with a revenue of 5.967 billion yuan for the first half of 2024, representing a year-on-year increase of 8.17% [3] - The gross profit margin improved to 65.13%, up by 1.20 percentage points year-on-year, with a dividend payout ratio of approximately 57.92% [3] - The advertising market is recovering, with the company expanding its media points, reaching a total of 3.133 million media points by July 31, 2024, an increase of 3.9% from the end of 2023 [3] Financial Summary - For the first half of 2024, the company achieved a net profit of 2.493 billion yuan, a year-on-year increase of 11.74% [3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 1.444 billion yuan [3] - The forecast for net profit from 2024 to 2026 is adjusted to 5.297 billion yuan, 5.825 billion yuan, and 6.377 billion yuan respectively, with corresponding PE ratios of 15.8, 14.3, and 13.1 [3][4]

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 业绩增长稳健，点位有序扩张，中期分红 回报股东 传媒 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-09) | --- | --- | |----------------------|---------------------------| | 收盘价(元) | 5.78 | | 一年内最高/最低 | 7.76/5.58 | | 沪深 300 指数 | 3,331.63 | | 市净率(倍) | 5.29 | | 流通市值(亿元) | 834.76 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 1.09 | | 每股经营现金流 | 0.20 | | (元) | | | 毛利率(%) | 65.13 | | 净资产收益率_摊 | 15.81 | | 薄(%) | | | 资产负债率(%) | 31.48 | | 总股本/流通股 | 1,444,219.97/1,444,219.97 | | (万股) | | | B 股/H 股(万股) | 0.00/0 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 ——分众传媒 2024 年中报业绩点评 业绩增长稳健，积极开拓下沉市场 分众传媒(002027) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 8.73 | | | 上次预测: | 8.73 | | [当前价格： Table_CurPrice] | | 5.78 | | --- | --- | |----------|---------------------| | | 陈俊希(分析师) | | | 021-38032025 | | | chenjunxi@gtjas.com | | 登记编号 | S0880520120009 | 本报告导读： 公司媒体点位和品牌传播优势明显，在生活圈媒体中保持龙头地位，同时积极 ...

[Table_OtherReport] 证券研究报告 公司研究 | --- | --- | |----------|-------------| | 分众传媒 | (002027.SZ) | | 投资评级 | 买入 | | | | [Table_A 冯翠婷 uthor 传媒互联网及海外 ] 行业分析师 执业编号：S1500522010001 邮 箱： fengcuiting@cindasc.com [Table_ReportDate] 2024 年 8 月 12 日 [Table_S 事件：分众传媒 ummary]于 2024 年 8 月 8 日发布 2024 年半年度报告。24 年上半年 公司实现营收 59.67 亿元，同比增长 8.17%；营业成本 20.81 亿元，同比增 长 4.58%；销售费用 11.04 亿元，同比+7.46%；管理费用 2.255 亿元，同 比+8.17%；研发费用 0.288 亿元，同比-12.73%。实现归母净利润 24.93 亿元，同比增长 11.74%；实现扣非归母净利润 21.97 亿元，同比+11.43%。 24H1 投资收益 3.44 亿元，主要包括长期股权投资收益 ...

abc 2024 年 08 月 12 日 Global Research and Evidence Lab 快评 分众传媒 Q224业绩超预期，派发中期分红；预计自Q3 起环比进一步改善 Q2营收和净利超预期 尽管宏观经济复苏较慢，分众传媒在品牌广告领域持续表现出色。Q224营 收同比/环比增长10%/19%至32.4亿元，比我们的预期/Visible Alpha一致预 期高6%/5%。营收增速提升以及营业成本节省部分被营业费用增加所抵 消。因此，调整后净利润同比/环比增长7%/32%至12.5亿元，比我们的预 期/一致预期高6%/5%。按广告垂类划分，H1快消品同比增长14%，主要受 化妆品（+70%）、个护（+47%）、食品（+30%）的强劲增长推动，而乳 制品和酒类行业广告需求疲软。此外，家居建材和3C广告需求良好。管理 层指出，公司在获得国际品牌份额方面进展良好（H1收入同比+20%），因 改善了此类广告主分类的销售覆盖并加强了客户教育。 业绩后电话会主要亮点 1）Q3广告业务展望：管理层指出，夏季奥运会广告预算良好，叠加广告主 即将到来的中秋节/国庆假期预算，应会推动Q3广告收入环比增长。公司凭 借 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 ——分众传媒 2024 年中报业绩点评 业绩增长稳健，积极开拓下沉市场 分众传媒(002027) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 8.73 | | | 上次预测: | 8.73 | | [当前价格： Table_CurPrice] | | 5.78 | | --- | --- | |----------|---------------------| | | 陈俊希(分析师) | | | 021-38032025 | | | chenjunxi@gtjas.com | | 登记编号 | S0880520120009 | 本报告导读： 公司媒体点位和品牌传播优势明显，在生活圈媒体中保持龙头地位，同时积极 ...

证券研究报告·公司点评报告·广告营销 分众传媒（002027） 2024Q2 业绩点评：业绩超预期增长，点位持 续扩张 2024 年 08 月 11 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9425 | 11904 | 13039 | 14309 | 15743 | | 同比（%） | (36.47) | 26.30 | 9.54 | 9.73 | 10.03 | | 归母净利润（百万元） | 2790 | 4827 | 5615 | 6268 | 7227 | | 同比（%） | (53.99) | 73.02 | 16.32 | 11.63 | 15.30 | | EPS-最新摊薄（元/股） | 0.19 | 0.33 | 0.39 | 0.43 | 0 ...