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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company has demonstrated resilient performance with a revenue of 11.904 billion yuan in 2023, reflecting a year-on-year growth of 26.3%, and a net profit of 4.827 billion yuan, up 73.0% [5] - The first quarter of 2024 showed a revenue of 2.730 billion yuan, a 6.02% increase year-on-year, and a net profit of 1.040 billion yuan, growing by 10.5% [5] - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares, totaling 4.766 billion yuan, with an additional mid-year dividend planned for 2024, exceeding expectations [5] Summary by Relevant Sections Financial Performance - In 2023, the total revenue reached 11.904 billion yuan, with a net profit of 4.827 billion yuan [7] - For 2024, the expected revenue is 12.525 billion yuan, with a net profit forecast of 5.311 billion yuan, indicating a growth rate of 5.2% and 10.0% respectively [7] - The earnings per share (EPS) for 2024 is projected at 0.37 yuan, with a gross margin of 66.3% [7] Market Dynamics - The advertising market is slowly recovering, with strong demand from consumer goods advertisers, which account for 53% of the client base, showing a 27% year-on-year increase [5] - Internet advertisers have increased their share to 11.5%, up 31% year-on-year, indicating a continued recovery [5] Operational Insights - The company has expanded its elevator media presence, with 897,000 self-operated elevator TV units, a 26% increase from the end of 2022 [5] - The overseas elevator screen count has grown by 55% to 172,000 units [5] Future Outlook - The demand is expected to remain resilient, supporting moderate revenue recovery in 2024, with anticipated revenue of 12.525 billion yuan and net profit of 5.311 billion yuan [6] - The report highlights a stable cost structure and ongoing optimization of expenses, projecting a steady growth in profits and dividends [6]

[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]