[Table_RightTitle] 证券研究报告|传媒 公 [Table_Title] [Table_StockRank] 司 业绩显著修复，部署垂类营销 AI 大模型构 增持 研 (维持) 究 建数智化优势 [Table_StockName] [Table_ReportDate] ——分众传媒（002027）点评报告 2024年05月06日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 公司发布2023年年度报告及2024年一季报，2023年实现营收119.04 总股本（百万股） 14,442.20 亿元（YoY+26.30%）；归母净利润48.27亿元（YoY+73.02%）；扣非归母 流通A股（百万股） 14,442.20 净利润43.74亿元（YoY+82.68%）。2024年第一季度实现营收27.30亿 收盘价（元） 6.50 公 元（YoY+6.02%）；归母净利润10.40亿元（YoY+10.50%）；扣非归母净 总市值（亿元） 938.74 司 利润9.45亿元（YoY+18.17%）。 流通A股市值（亿元） 938.74 点 [个Ta股ble相 ...

Investment Rating - The investment rating for the company is "Buy" [2][4][16] Core Views - The company reported significant growth in revenue and profit for 2023, with total revenue reaching 11.904 billion yuan and net profit attributable to shareholders at 4.827 billion yuan, marking a year-on-year increase of 72.98% [2][4] - The gross margin for 2023 improved to 65.5%, up from 59.7% in 2022, while the net profit margin reached 40.3%, reflecting strong operational leverage and pricing power in the industry [2][4] - The company continues to expand its media resource points, covering over 280 cities in China and several international markets, enhancing its competitive advantage [2][15] Financial Forecast and Key Metrics - Revenue and net profit are projected to grow in the coming years, with estimates of 13.332 billion yuan in revenue and 5.722 billion yuan in net profit for 2024 [2][16] - The earnings per share (EPS) is expected to increase from 0.33 yuan in 2023 to 0.40 yuan in 2024, indicating a positive growth trajectory [2][16] - The company maintains a strong return on equity (ROE) forecasted at 31.1% for 2024, reflecting efficient use of equity capital [2][16] Media Resource Expansion - As of March 31, 2024, the company operates 1.051 million self-owned television media devices and 1.572 million elevator poster media devices, showcasing its extensive media network [15][16] - The cinema media segment is expected to recover, with revenue from cinema media reaching 769 million yuan in 2023, a year-on-year increase of 43.10% [2][15] Digital and AI Development - The company is leveraging digitalization and AI technologies to enhance operational efficiency, including cloud-based online push and IoT integration for media devices [15][16] - The deployment of AI-driven marketing models is expected to improve advertising effectiveness and client engagement, positioning the company favorably in the competitive landscape [15][16]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 传媒 ＃investSuggestion＃ ＃ ＃d 分yCo 众mp 传any＃媒 （ 002027.SZ ） investSug 增持 ( 维ges持tion ）Ch 000 经00 营9 业绩 稳健增长 ＃ ，tit 境le＃ 内 外 点位高速扩张 ange＃ ＃ createTime1＃ 2024年 05月 05日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 分众传媒发布2023年报及2024年一季报。2023年公司实现营业 司 收入119.04亿元，同比增长26.30%；归母净利润48.27亿元，同比增长 日期 2024-04-30 点 收盘价（元） 6.50 73.02%；扣非归母净利润 43.74 亿元，同比增长 82.68%。其中第四季度 公司实现营业收入 32.29 亿元，同比增长 57.13%；归母净利润 12.25 亿 评 总股本（百万股） 14442.20 元，同比增长85.81%；扣非归母净利润11.17亿元，同比增长151.99%。 报 流通股本（百万股） 14442 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 分 众传媒(002027.SZ) 证券研究报告 竞争壁垒稳固，以高分红增强股东回报 其他广告营销 投资评级 买入-A 确定性 维持评级 6个月目标价 7.8元 事件： 股价 (2024-04-30) 6.50元 公司发布2023年年报及2024年一季报，2023年实现营业收入119.04 亿（yoy+26.3%），归母净利润为 48.27亿（yoy+73.02%），2024Q1实 交易数据 现营业收入27.3亿（yoy+6.02%），归母净利润为10.4亿（yoy+10.5%）。 总市值(百万元) 93,874.30 发布 2023 年利润分配预案，拟每 10 股派 3.3 元（含税），共派发红 流通市值(百万元) 93,874.30 利 47.66 亿元。 总股本(百万股) 14,442.20 流通股本(百万股) 14,442.20 收入端逐步复苏，控费能力突出。2023Q4、2024Q1 公司分别实 12个月价格区间 5.58/7.76元 现收入为 32.28亿（yoy+57.13%）、27.30亿（yoy+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue recovery in 2023, with a significant profit elasticity. The projected high dividends and robust performance make it an attractive investment opportunity [7][8] - The company is expected to maintain high dividends, with plans to distribute at least 80% of its non-recurring net profit as cash dividends from 2024 to 2026 [2][7] Financial Performance Summary - In 2023, the company reported revenue of 11.90 billion yuan, a year-over-year increase of 26.3%, and a net profit attributable to shareholders of 4.83 billion yuan, up 73.0% [2][3] - For Q1 2024, the company achieved revenue of 2.73 billion yuan, reflecting a year-over-year growth of 6.02%, and a net profit of 1.04 billion yuan, up 10.5% [2][3] - The company plans to distribute a dividend of 0.33 yuan per share for 2023, totaling 4.77 billion yuan, with a dividend payout ratio of 98.7% [2][3] Revenue and Profitability Trends - The company's revenue from building media in 2023 was 11.12 billion yuan, with a gross margin of 65.86%, showing a year-over-year increase of 7.16 percentage points [4] - The cinema media revenue for 2023 was 769 million yuan, representing a year-over-year growth of 43.1% [6] - The company has diversified its advertising client base, with consumer goods contributing 6.69 billion yuan in revenue, a year-over-year increase of 28.7% [7] Future Projections - The company is projected to achieve revenues of 13.07 billion yuan, 14.04 billion yuan, and 14.99 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.35 billion yuan, 5.78 billion yuan, and 6.15 billion yuan [6][8] - The expected earnings per share (EPS) for the next three years are 0.37 yuan, 0.40 yuan, and 0.43 yuan [6][8] Market Performance - As of April 30, 2024, the company's stock price was 6.50 yuan, with a market capitalization of approximately 93.87 billion yuan [3][8] - The company's performance relative to the CSI 300 index over the past 1 month, 3 months, and 12 months was -0.3%, +14.2%, and +5.3%, respectively [3]

[Table_Page] 年报点评|广告营销 证券研究报告 [分Table_众Title] 传媒（002027.SZ） [公Tab司le_I评nves级t] 买入 当前价格 6.50元 业绩弹性释放，关注快消广告主拓展及海外业务增长 合理价值 8.34元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-02 ⚫ 事件：分众传媒披露 2023 年报及 24 年一季报。公司 23 年实现营收 相[Ta对ble市_Pi场cQu表ote现] 119.04亿元，同增26.30%；归母净利润48.27亿元，同增73.02%； 扣非归母净利润 43.74 亿元，同增 82.68%。23 年业绩亮眼，主要由 14% 于广告大盘回暖，业绩复苏弹性释放。23Q4 营收 32.28 亿元，同增 7% 57.13%；归母净利润12.25亿元，同增85.81%；扣非归母净利润11.17 0% 05/23 07/23 09/23 11/23 01/24 03/24 亿元，同增152.0%。24Q1营收27.30亿元，同增6.02%；归母净利 -7% 润10.40亿元，同增10.50%；扣非归 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [3][9]. Core Insights - The company reported a revenue of 11.904 billion yuan for 2023, representing a year-on-year growth of 26.3%. The net profit attributable to shareholders was 4.827 billion yuan, up 73.02% year-on-year [2]. - For Q1 2024, the company achieved a revenue of 2.73 billion yuan, a 6.02% increase compared to the same period last year, with a net profit of 1.04 billion yuan, reflecting a 10.5% growth [2]. - The company plans to distribute a cash dividend of 0.33 yuan per share for the 2023 fiscal year, which amounts to a total payout of 4.766 billion yuan, representing 109% of the net profit attributable to shareholders [2]. Financial Data Summary - **Revenue Forecast**: The company is projected to generate revenues of 12.872 billion yuan in 2024, 14.012 billion yuan in 2025, and 14.943 billion yuan in 2026, with growth rates of 8.1%, 8.9%, and 6.6% respectively [5]. - **Net Profit Forecast**: The net profit is expected to be 5.303 billion yuan in 2024, 5.854 billion yuan in 2025, and 6.349 billion yuan in 2026, with growth rates of 9.9%, 10.4%, and 8.5% respectively [5]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 0.37 yuan in 2024, 0.41 yuan in 2025, and 0.44 yuan in 2026 [5]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 18 for 2024 and 16 for 2025, while the price-to-book (P/B) ratio is expected to remain around 5 [5]. Market Expansion - The company has accelerated its overseas market expansion, acquiring and controlling media companies in India and Vietnam, and now covers 9 countries in East and Southeast Asia [2]. - As of March 2024, the company has established a presence in 95 major cities abroad, with significant growth in the number of media points [2].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 9.20, unchanged from the previous forecast [1][2]. Core Insights - The company has a strong media point and brand communication advantage, maintaining a leading position in lifestyle media. With the empowerment of big data and AI, it is expected to achieve higher advertising efficiency [2]. - The outdoor advertising market is recovering strongly, with the company's elevator and cinema media gaining favor among brand advertisers, resulting in good operational performance. The 2023 revenue reached 11.904 billion yuan, a 26% increase, and the net profit attributable to shareholders was 4.827 billion yuan, up 73% [2]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 4.766 billion yuan, with a dividend payout ratio close to 99% and a dividend yield of 5.22% [2]. Financial Summary - For 2023, the company reported operating income of 11,904 million yuan, a 26% increase from the previous year, and a net profit of 4,827 million yuan, reflecting a 73% growth. The first quarter of 2024 saw an operating income of 2,730 million yuan, a 6% increase, and a net profit of 1,040 million yuan, up 11% [2]. - The company's revenue from elevator media was 11,119 million yuan, a 25% increase, while cinema media revenue reached 769 million yuan, a 43% increase [2]. - The company’s earnings per share (EPS) for 2024 are projected to be 0.40 yuan, with subsequent years expected to be 0.45 yuan in 2025 and 0.49 yuan in 2026 [2]. Valuation Metrics - The operating profit margin is projected to increase from 45.0% in 2023 to 50.4% by 2026. The return on equity (ROE) is expected to rise from 27.3% in 2023 to 38.1% in 2026 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 19.45 in 2023 to 13.14 by 2026, indicating a potentially attractive valuation as earnings grow [2].

Investment Rating - The report maintains a "Recommend" rating for Focus Media (002027 SZ) [12][13] Core Views - Focus Media's offline traffic reach value is indispensable, and its channel value is prominent due to the scarcity of community elevator media [12] - The company has a deep point barrier and a stable industry competition pattern [12] - The high dividend payout ratio demonstrates long-term value [12] Financial Performance - 2023 revenue reached 11 904 billion yuan, a 26 30% YoY increase [1][11] - 2023 net profit attributable to parent company was 4 827 billion yuan, up 73 02% YoY [1][11] - 2023 gross margin improved significantly by 5 77 percentage points to 65 48% [1][11] - 2023 net profit margin reached 40 55%, up 10 95 percentage points YoY [1][11] - Q1 2024 revenue was 2 73 billion yuan, a 6 02% YoY increase [1][11] - Q1 2024 net profit attributable to parent company was 1 04 billion yuan, up 10 50% YoY [1][11] Business Segments - Daily consumer goods industry clients contributed 56 23% of 2023 revenue, up 1 04 percentage points YoY [1][11] - Internet industry accounted for 11 75% of 2023 revenue, remaining stable YoY [1][11] - Building media business generated 11 119 billion yuan in 2023, a 25 28% YoY increase [1][11] - Cinema media business reached 769 million yuan in 2023, up 43 10% YoY [1][11] Channel Expansion - Elevator TV media points reached 1 116 million units by Q1 2024, compared to 1 057 million in 2023 and 868 000 in 2022 [1][11] - Elevator poster media points reached 3 078 million units by Q1 2024, compared to 3 015 million in 2023 and 2 69 million in 2022 [1][11] Dividend Policy - 2023 dividend proposal is 0 33 yuan per share (including tax), with a dividend yield of 5 08% based on April 30 closing price [12] - The profit distribution ratio reached 98 7% [12] Future Projections - 2024-2026 net profit attributable to parent company is projected to be 5 471 billion, 5 930 billion, and 6 331 billion yuan respectively [12] - 2024-2026 PE ratios are estimated at 17x, 16x, and 15x respectively based on April 30 closing price [12][13]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Insights - The company has shown significant recovery in performance, with a notable deployment of marketing vertical large models [2][3] - In 2023, the company achieved operating revenue of 11.904 billion yuan, a year-on-year increase of 26.30%, and a net profit attributable to shareholders of 4.827 billion yuan, up 73.02% year-on-year [3] - The company is actively embracing AI technology to enhance its digital and intelligent marketing capabilities, having completed the deployment of its marketing vertical large model [3] Financial Performance Summary - For 2023, the company reported operating revenue of 11.904 billion yuan, with a net profit of 4.827 billion yuan, and a proposed cash dividend of 0.33 yuan per share [3] - In Q1 2024, the company achieved operating revenue of 2.730 billion yuan, a year-on-year increase of 6.02%, and a net profit of 1.040 billion yuan, up 10.50% year-on-year [3] - The gross profit margin for 2023 was 65.5%, an increase of 5.77 percentage points year-on-year, while the management expense ratio decreased by 2.74 percentage points to 3.72% [3] Future Projections - The company is expected to achieve net profits of 5.245 billion yuan, 6.094 billion yuan, and 6.901 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.67%, 16.19%, and 13.23% [3] - Corresponding PE ratios for the years 2024, 2025, and 2026 are projected to be 19x, 17x, and 15x respectively [3]