公 司 研 究 + 分众传媒（002027.SZ）2023 年报 2024年5月10日 强烈推荐/维持 及 2024 年一季报点评：行业持续复 东 分众传媒 公司报告 兴 苏，有序扩张电梯电视媒体点位数 证 券 股 + 份 公司简介： 事件：分众传媒发布2023年报及2024年一季报：2023年公司实现营收119.04 有 分众传媒构建了国内最大的城市生活圈媒 亿元（yoy +26.3%），归母净利润48.27亿元（yoy +73.0%）；2024年一季 限 体网络。公司当前的主营业务为生活圈媒体 度，公司实现营业收入27.30亿元（yoy +6.01%），归母净利润10.40亿元（yoy 的开发和运营，主要产品为楼宇媒体（包含 公 +10.5%）。 电梯电视媒体和电梯海报媒体）、影院银幕 司 广告媒体和终端卖场媒体等，覆盖城市主流 证 点评： 消费人群的工作场景、生活场景、娱乐场景 券 互联网行业与日用消费品行业持续复苏。2023年，公司实现营收119.04亿元 和消费场景，并相互整合成为生活圈媒体网 研 （yoy +26.3%），其中：楼宇媒体实现营收111.19亿元（yoy +25.3%）；影 络。 资 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements over the next few years [12][10]. Core Views - The company demonstrated stable performance in 2023, with a significant increase in net profit and effective cost control, leading to a robust profit margin [10][9]. - The high dividend payout ratio has positively influenced investor confidence, with a cash dividend of 3.30 CNY per 10 shares, amounting to 4.766 billion CNY, which is 98.7% of the net profit [11][10]. - The advertising market is showing signs of recovery, with the company's channel advantages remaining strong, particularly in elevator LCD and poster channels [12][10]. Financial Performance Summary - In 2023, the company achieved total revenue of 11.904 billion CNY, a year-on-year increase of 26.3%, and a net profit of 4.827 billion CNY, up 73.0% [9][11]. - The gross margin for 2023 was 65.48%, with a net profit margin of 40.55% [9][10]. - For Q1 2024, the company reported revenue of 2.730 billion CNY, a 6.02% increase year-on-year, and a net profit of 1.040 billion CNY, up 10.5% [9][10]. Business Segment Analysis - The company's revenue from building media and cinema media in 2023 was 11.119 billion CNY and 769 million CNY, respectively, with growth rates of 25.28% and 43.10% [9][10]. - The number of building media units increased by 32.5% year-on-year, and the number of cinema screen advertising partnerships rose by 151 [10][12]. Future Projections - Revenue projections for 2024-2026 are 13.803 billion CNY, 15.420 billion CNY, and 16.948 billion CNY, with expected growth rates of 16.0%, 11.7%, and 9.9% respectively [12][11]. - Net profit forecasts for the same period are 5.574 billion CNY, 6.223 billion CNY, and 6.929 billion CNY, with growth rates of 15.5%, 11.6%, and 11.4% [12][11].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [21]. Core Views - The company has shown significant performance recovery, with a 2023 revenue of 11.904 billion yuan, a year-on-year increase of 26.30%, and a net profit of 4.827 billion yuan, up 73.02% year-on-year [5][6]. - The advertising industry is experiencing an upward trend, with the outdoor advertising market in China growing by 11.01% in 2023 [6]. - The company plans to distribute a high dividend of 47.66 billion yuan, which is 98.74% of its net profit for the year [8]. Summary by Sections Market Data - Closing price: 6.63 yuan - One-year high/low: 7.76/5.58 yuan - Market capitalization: 95.752 billion yuan - Price-to-book ratio: 5.11 [1]. Financial Performance - 2023 revenue: 11.904 billion yuan, up 26.30% year-on-year - 2023 net profit: 4.827 billion yuan, up 73.02% year-on-year - Q1 2024 revenue: 2.729 billion yuan, up 6.02% year-on-year - Q1 2024 net profit: 1.04 billion yuan, up 10.50% year-on-year [5][6]. Profitability Metrics - Gross margin for 2023: 65.48%, up 5.77 percentage points year-on-year - Q1 2024 gross margin: 61.69%, relatively stable year-on-year [6][8]. Client Structure - Daily consumer goods clients account for 56.23% of revenue, a historical high - Significant growth in revenue from internet clients (26.38%) and entertainment clients (29.99%) [6]. Media Coverage - The company has expanded its media points to cover over 280 cities in China and 95 overseas cities - The number of self-operated elevator TV media devices reached 1.051 million [7]. Future Outlook - EPS projections for 2024-2026 are 0.36 yuan, 0.40 yuan, and 0.44 yuan respectively - Corresponding PE ratios are 18.22, 16.39, and 15.04 based on the closing price [9].

证券研究报告 公司点评 分众传媒(002027.SZ) 传媒｜ 广告营销 主流城市点位不断加密， 高分红彰显长投价值 2024年 05月 06日 预测指标 2022A 2023 A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 94.25 119.04 131.69 142.86 151.85 归母净利润(亿元) 27.90 48.27 52.44 56.59 59.95 评级变动 维持 每股收益（元） 0.19 0.33 0.36 0.39 0.42 交易数据 每股净资产（元） 1.17 1.23 1.23 1.23 1.23 当前价格（元） 6.62 P/E 33.65 19.45 17.90 16.59 15.66 52周价格区间（元） 5.58-7.76 P/B 5.54 5.31 5.29 5.28 5.27 总市值（百万） 95607.37 资料来源：iFinD，财信证券 流通市值（百万） 95607.37 总股本（万股） 1444220.00 投资要点： 流通股（万股） 1444220.00  事件：公司发布 2023年及2024一季报，2023年实现营收、归母净利 润 1 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4][8]. Core Views - The advertising market demand is recovering, leading to stable growth in the company's operating performance. The domestic advertising market saw a year-on-year increase of 6.0% in 2023, with the outdoor advertising market reaching approximately 82.05 billion RMB, a year-on-year growth of about 11.01% [4]. - The company has accelerated its overseas expansion, establishing the largest urban lifestyle media network in China, covering over 280 cities with approximately 1.051 million elevator TV media devices and 1.572 million elevator poster media devices as of March 31, 2024 [3][4]. Financial Performance Summary - Revenue for 2023 was 11.904 billion RMB, a year-on-year increase of 26.3%, with a projected revenue of 12.868 billion RMB for 2024 [5]. - The net profit attributable to the parent company for 2023 was 4.827 billion RMB, reflecting a year-on-year growth of 73.02%, with an expected net profit of 4.873 billion RMB for 2024 [6]. - The company’s earnings per share (EPS) for 2023 was 0.33 RMB, with projections of 0.34 RMB for 2024 and 0.36 RMB for 2025 [7]. Market Data - As of May 7, 2024, the current stock price is 6.63 RMB, with a 52-week price range of 5.51-7.83 RMB and a total market capitalization of approximately 95.75 billion RMB [4]. - The company’s price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 19.6, 18.3, and 16.3 respectively [4][7]. Revenue Sources - The primary revenue source for the company in 2023 was the consumer goods sector, accounting for 56.23% of total revenue, followed by the internet sector at 11.75% [4]. - The company is actively deploying marketing vertical models to leverage opportunities presented by AI technology [4]. Profitability Metrics - The company's gross margin for 2023 was 65.48%, with expectations to increase to 66.50% in 2024 [9]. - The return on equity (ROE) for 2023 was 26.60%, projected to be 26.96% in 2024 [6][9]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 12.868 billion RMB, 13.794 billion RMB, and 14.622 billion RMB respectively, with net profits expected to be 4.873 billion RMB, 5.233 billion RMB, and 5.879 billion RMB [5][6].

Summary of Conference Call Industry Overview - The discussion revolves around the pharmaceutical industry, specifically focusing on oral liquid products and competition among companies such as Jiangzhong Pharmaceutical and Taizi Medical [1]. Key Points and Arguments - Jiangzhong Pharmaceutical and Taizi Medical have significantly increased their production volumes of oral liquid products this year, following a substantial ramp-up in the previous year [1]. - Other companies mentioned include Hailudi, Sanjiu, and Baer, indicating a competitive landscape with multiple players increasing their market presence [1]. - The mention of GlaxoSmithKline highlights its previous limited production capacity, which has now expanded to include various products such as vitamin supplements and calcium products [1]. Additional Important Content - The competitive dynamics in the oral liquid segment suggest a growing market with increased supply from multiple companies, which may impact pricing and market share [1].

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance relative to the market index [27]. Core Insights - The company reported a robust financial performance in 2023, with total revenue reaching 11.904 billion yuan, a year-on-year increase of 26.03%. The net profit attributable to shareholders was 4.827 billion yuan, up 73.02% year-on-year [15][20]. - In Q1 2024, the company achieved revenue of 2.730 billion yuan, reflecting a 6.02% year-on-year growth, and a net profit of 1.040 billion yuan, which is a 10.50% increase compared to the same period last year [15]. - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares for 2023, totaling 4.766 billion yuan, with a proposed cash dividend cap of 80% of net profit for the first half of 2024 [15]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 65.48%, an increase of 5.77 percentage points year-on-year, and a net profit margin of 40.32%, up 10.20 percentage points [16][26]. - The company’s operating expenses as a percentage of revenue decreased to 22.14%, down 2.76 percentage points year-on-year [26]. Business Growth - The core business showed steady growth, particularly in the daily consumer goods sector, with advertising revenue from building media reaching 11.119 billion yuan, a 25.28% increase year-on-year. Cinema media revenue surged by 43.10% to 769 million yuan due to a rapid recovery in the film market [15]. - The company is expanding its media points systematically, with a total of 1.116 million elevator TV media units as of Q1 2024, a 28.6% increase from the end of 2022. The number of overseas media points grew by 43.9% [15]. Future Projections - The company’s revenue is projected to grow to 13.842 billion yuan in 2024, 14.401 billion yuan in 2025, and 13.067 billion yuan in 2026. The net profit attributable to shareholders is expected to reach 5.412 billion yuan in 2024, 5.853 billion yuan in 2025, and 6.169 billion yuan in 2026 [20][27].

] y r t s u d n I _ e l b a T [ [ 分Ta 众bl 传e_ 媒T （itl 0e 0] 2 027）2023年报&2024年一季报点评 公 司 研 核心业务稳健，点位有序扩张 究 挖掘价值 投资成长 / [Table_Rank] 传 增持 （维持） 媒 互 2024 年 05 月 07 日 联 网 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 证书编号：S1160521080001 究 报  公司发布2023年报及2024年一季报。 证券分析师：陈子怡 告 证书编号：S1160522070002 2023年，公司实现营业收入119.04亿元，同比增长26.03%；实现归 证券分析师：潘琪 母净利润48.27亿元，同比增长73.02%；实现扣非归母净利润43.74 证书编号：S1160524040001 亿元，同比增长82.68%。 联系人：陈子怡 电话：021-23586305 2024年一季度，公司实现营业收入27.30亿元，同比增长6.02%；实 [相T对ab指le数_P表ic现Qu o ...

证券研究报告·公司点评报告·广告营销 分众传媒（002027） 2023Q4 及 2024Q1 业绩点评：业绩持续修复， 2024 年 05月 07日 点位产能延续扩张 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 张家琦 营业总收入（百万元） 9,425 11,904 13,039 14,309 15,743 执业证书：S0600521070001 同比（%） (36.47) 26.30 9.54 9.73 10.03 zhangjiaqi@dwzq.com.cn 归母净利润（百万元） 2,790 4,827 5,615 6,268 7,227 同比（%） (53.99) 73.02 16.32 11.63 15.30 股价走势 EPS-最新摊薄（元/股） 0.19 0.33 0.39 0.43 0.50 分众传媒 沪深300 P/E（现价&最新摊薄） 33.65 19.45 16.72 14. ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨分众传媒（ ） 002027.SZ [Table_Title] 业绩增长稳健，践行高分红战略 报告要点 [公Ta司bl公e_布Su2m0m23ar年y]报和2024年一季报，2023年实现营业收入119.04亿元，同比增长26.30%； 实现归属母公司股东净利润48.27亿元，同比增长73.02%。2024年一季度实现营业收入27.30 亿元，同比增长6.02%；实现归属母公司股东净利润10.40亿元，同比增长10.50%。拟向全 体股东每 10 股派发现金红利 3.30 元（含税）。公司保持高分红预期，持续看好楼宇媒体赛道 ...