[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 芒果超媒（300413）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 18.90 | | 52 周股价波动（元） | 18.73-31.32 | | 总股本/流通 A 股（百万股） | 1871/1022 | | 总市值/流通市值（百万元） | 35357/19310 | | 相关研究 | | | [Table_ReportInfo] 《优质内容推动会员数新高，广告业务有望加 | | | 速复苏》2024.04.26 | | | 《23Q3 归母净利润增速稳健，收购金鹰卡通， | | | 夯实核心内容竞争力》2023.10.31 | | 市场表现 [Table_QuoteInfo] 芒果超媒 海通综指 - ...

Investment Rating - The investment rating for Mango Excellent Media (300413.SZ) is not explicitly stated in the provided documents, but the report suggests a positive outlook on the company's performance and potential recovery in earnings [1][2]. Core Viewpoints - The report highlights that Mango Excellent Media achieved a revenue of 6.96 billion yuan in the first half of 2024, representing a year-on-year increase of 2.46%. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, with a net profit margin of 15.30% [1]. - The company’s membership business is identified as a core driver of revenue growth, with membership revenue reaching 2.486 billion yuan, up 27% year-on-year, accounting for over 50% of the internet video business revenue [1][2]. - The report anticipates a recovery in overall performance, driven by popular shows and potential adjustments in tax policies that could enhance profitability [2]. Summary by Sections Financial Performance - In H1 2024, Mango Excellent Media reported a revenue of 6.96 billion yuan, a 2.46% increase year-on-year, and an operating profit of 1.233 billion yuan, up 2.15% year-on-year. The net profit attributable to shareholders was 1.065 billion yuan, down 15.45% year-on-year, with a net profit margin of 15.30% [1]. - In Q2 2024, the company achieved a revenue of 3.636 billion yuan, a quarter-on-quarter increase of 9.4%, but a year-on-year decrease of 1.5% [1]. Business Segments - The internet video business generated revenue of 4.957 billion yuan, while content e-commerce revenue was 1.357 billion yuan, reflecting a year-on-year growth of 8.74% [1]. - The company’s content production revenue surged by 63.80% to 634 million yuan, although the gross margin decreased by 3.3 percentage points [1]. Future Outlook - The report projects that the company will benefit from upcoming popular shows, with expected revenues of 16.1 billion yuan in 2024, 17.6 billion yuan in 2025, and 19.1 billion yuan in 2026, reflecting year-on-year growth rates of 9.93%, 9.62%, and 8.15% respectively [2]. - The net profit attributable to shareholders is forecasted to be 2.019 billion yuan in 2024, with a significant year-on-year decrease of 43.23%, followed by a recovery in subsequent years [2].

证券研究报告·公司点评报告·数字媒体 芒果超媒（300413） 2024Q2 季报点评：会员收入快速增长，广告 业务待复苏 2024 年 08 月 23 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） | 13977 | 14628 | 15422 | 16786 | 17865 | | 同比（%） | (8.98) | 4.66 | 5.43 | 8.84 | 6.43 | | 归母净利润（百万元） | 1864 | 3556 | 1940 | 2181 | 2376 | | 同比（%） | (11.82) | 90.73 | (45.45) | 12.45 | 8.92 | | EPS-最新摊薄（元/股） | 1.00 | 1.90 | 1.04 | 1.17 ...

传媒 2024 年 08 月 22 日 芒果超媒 (300413) —— 24H1 核心视频业务筑底期，H2 大剧支撑增长 | --- | |---------------------| | 2024 年 08 月 22 日 | | 18.90 | | 31.32/18.73 | | 1.6 | | 0.95 | | 19,310 | | 2,848.77/8,162.18 | | | 投资要点： | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 11.89 | | 资产负债率% | 31.88 | | 总股本/流通 A 股（百万） | 1,871/1,022 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -40% -30% -20% -10% 0% 10% 芒果超媒 沪深300指数 (收益率) 证券分 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-on-year increase of 2.46%, while the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to changes in corporate income tax policies [2][3]. - Membership revenue showed strong growth, increasing by 27% to 2.486 billion yuan, driven by high-quality content and a robust membership benefits system [3][5]. - The advertising revenue declined by 4% to 1.721 billion yuan, but the overall recovery trend remains intact [3]. - The operator business faced a significant decline of 46%, generating 750 million yuan, impacted by the implementation of industry governance measures [3]. - The content e-commerce segment reported a revenue of 1.357 billion yuan, up 8.74%, with a GMV of 6.65 billion yuan, reflecting nearly 50% growth [3]. - The new media interactive entertainment content production business saw a remarkable increase of 63.80%, generating 633 million yuan [3]. Financial Performance Summary - For H1 2024, the company’s operating expenses decreased, with sales, management, and R&D expense ratios at 10.96%, 2.85%, and 1.28%, respectively, down from the previous year [2]. - The company expects net profits for 2024-2026 to be 2.072 billion, 2.292 billion, and 2.547 billion yuan, with corresponding EPS of 1.11, 1.23, and 1.36 yuan, reflecting a PE ratio of 17, 15, and 14 times [5][6]. - The company has a total market capitalization of approximately 37.227 billion yuan, with a circulating market value of about 20.332 billion yuan [7]. Content Strategy - The company launched 56 new variety shows in H1 2024, an increase of 17 shows from the previous year, with significant viewership for programs like "Singer 2024" [4]. - The company has a robust pipeline of over 80 upcoming dramas, including potential hits like "National Color and Fragrance" and "Water Dragon Chant" [4].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-on-year increase of 2.46%, while the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan due to increased tax expenses following changes in corporate income tax policies [1]. - The company is focusing on enhancing its membership business, with membership revenue reaching 2.486 billion yuan in H1 2024, a year-on-year growth of 26.77%, accounting for over 50% of its internet video business revenue [1]. - The company is actively exploring AI applications and international expansion, with its international app downloads surpassing 190 million in H1 2024 and a target of 260 million by the end of the year [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 6.96 billion yuan, with a slight increase of 2.46% year-on-year. The net profit attributable to shareholders was 1.065 billion yuan, down 15.45% year-on-year due to increased tax expenses [1]. - For Q2 2024, the company reported an operating income of 3.636 billion yuan, a marginal increase of 0.07%, and a net profit of 593 million yuan, a decrease of 16.04% [1]. Content and Membership Growth - The company launched 56 new variety shows in H1 2024, including popular titles, and maintained a leading position in effective viewership for variety shows [1]. - The membership business is a key growth driver, with significant investments in content and innovative membership benefits leading to increased retention and ARPPU [1]. Business Structure and Future Outlook - The company is optimizing its business structure, with a focus on the membership segment and exploring new revenue streams through partnerships and collaborations [1]. - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. is expected to enhance the company's content ecosystem and brand influence [1]. - The report forecasts net profits of 2.060 billion yuan, 2.367 billion yuan, and 2.625 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -42.1%, +14.9%, and +10.9% [2][1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's revenue is steadily increasing, driven by popular variety shows that boost membership income. The report also emphasizes the importance of content reserves being released in the second half of 2024 [4][6] Financial Performance Summary - In H1 2024, the company's operating revenue was 6.96 billion yuan, a year-on-year increase of 2.46%. The net profit attributable to the parent company was 1.065 billion yuan, a year-on-year decrease of 15.45% [4] - In Q2 2024, the operating revenue was 3.636 billion yuan, a year-on-year decrease of 1.52%, with a net profit of 593 million yuan, down 16.68% year-on-year. The decline in profit is mainly due to the decrease in gross margin of Mango TV and changes in corporate income tax policies [4] - The report maintains profit forecasts for 2024-2026, predicting net profits of 1.918 billion yuan, 2.180 billion yuan, and 2.381 billion yuan respectively, with corresponding EPS of 1.03 yuan, 1.17 yuan, and 1.27 yuan [4] Business Segment Performance - The internet video business revenue in H1 2024 was 4.957 billion yuan, a year-on-year decrease of 3.57%, with a gross margin of 36.11%, down 6.56 percentage points. Membership revenue increased by 26.8% to 2.49 billion yuan, while advertising and operator business revenues decreased by 3.8% and 46.0% respectively [5] - The company launched 56 variety shows in H1 2024, which is an increase of 17 shows compared to the previous year. The show "Singer 2024" achieved the highest ratings among provincial satellite TV stations, contributing to membership revenue growth [5] - The content e-commerce business generated 1.357 billion yuan in revenue, a year-on-year increase of 8.74%, with a gross margin of 2.70% [5] Content Pipeline - The company has a rich reserve of over 80 film and television dramas and variety shows scheduled for release in H2 2024, which may drive performance recovery. Upcoming shows include "The Four Seasons of Struggle 4" and "The Flower Blooms" [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its competitive position and growth potential in the new media sector [2][4]. Core Insights - The company reported a revenue of 6.96 billion yuan for the first half of 2024, reflecting a year-on-year growth of 2.46%. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [1]. - The company continues to lead in the variety show segment, with its flagship program "Singer 2024" achieving significant viewership and online engagement, totaling 158.9 billion views [1]. - The integration of AI technology is a key focus, with the "Mango Big Model" supporting various applications in content creation and operational efficiency, which is expected to enhance cost-effectiveness and drive business growth [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 2.122 billion yuan, with a corresponding PE ratio of 18x. The expected net profits for 2025 and 2026 are 2.361 billion yuan and 2.697 billion yuan, with PE ratios of 16x and 14x respectively [2][3]. - The revenue forecast for 2024 is 16.173 billion yuan, with a growth rate of 10.5% compared to 2023. The gross margin is expected to improve to 34.33% [3][8]. - The company’s operating cash flow is projected to increase significantly, reaching 5.249 billion yuan in 2024, indicating strong operational performance [8].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2024-2026 at 2.0 billion, 2.29 billion, and 2.53 billion RMB respectively, corresponding to PE ratios of 19.6, 16.2, and 14.7 [1][3]. Core Insights - The company reported H1 2024 revenue of 6.96 billion RMB, a year-on-year increase of 2.5%, while net profit attributable to the parent company was 1.06 billion RMB, down 15.5% year-on-year [1]. - Membership business showed double-digit growth, with revenue of 2.49 billion RMB in H1 2024, up 26.8% year-on-year, driven by popular content and an innovative membership rights system [1]. - Advertising revenue in H1 2024 was 1.72 billion RMB, down 3.9% year-on-year, but the decline rate is stabilizing [1]. - The operator business faced short-term pressure with revenue of 0.75 billion RMB, down 46.0% year-on-year, due to regulatory adjustments in the television industry [1]. - Content e-commerce revenue reached 1.36 billion RMB, an increase of 8.7% year-on-year, with significant growth in GMV for Xiaomang e-commerce [1]. - The net profit margin was affected by changes in tax incentives, with a net profit margin of 15.3% and a non-deductible net profit margin of 13.1% in H1 2024, both down year-on-year [1]. Summary by Sections Revenue Analysis - Membership revenue grew significantly, contributing to overall revenue growth despite declines in advertising and operator segments [1]. - The company is expected to launch over 300 high-quality short dramas and several key variety shows in the second half of the year, enhancing content offerings [1]. Profitability Forecast - The report projects a recovery in profitability with net profit estimates for 2024-2026 showing a positive trend, indicating a potential turnaround in financial performance [1][3]. Financial Metrics - The company’s financial metrics indicate a decrease in net profit margin and an increase in tax burden, which are critical factors to monitor in the upcoming quarters [1].

Investment Rating - The report maintains a "Buy" rating for the company Mango TV [2] Core Views - The report highlights that Mango TV's membership revenue has grown significantly, while advertising revenue has slightly declined. The company is expected to benefit from a recovery in the advertising market and ongoing content investments [2][4] - The report anticipates that the company's international expansion plan for Mango TV will yield positive results, enhancing its cultural and technological integration [3][4] Summary by Sections Financial Performance - In the first half of 2024, Mango TV reported revenue of 6.96 billion yuan, a year-over-year increase of 2.46%. However, net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [2] - For Q2 2024, total revenue was 3.64 billion yuan, showing a year-over-year decline of 1.52% but a quarter-over-quarter increase of 9.36% [2] - Membership revenue reached 2.486 billion yuan, up 27% year-over-year, while advertising revenue fell by 4% to 1.721 billion yuan [2] Content Strategy - In the first half of 2024, Mango TV launched 56 new variety shows, an increase of 17 compared to the same period in 2023. The company is also investing heavily in drama series, with over 80 new projects in the pipeline [2][3] - The introduction of a new short drama channel is expected to further enhance content offerings and drive membership growth [2] Future Projections - The report forecasts revenues of 15.6 billion yuan in 2024, 17.2 billion yuan in 2025, and 19.3 billion yuan in 2026, with net profits projected at 1.92 billion yuan, 2.14 billion yuan, and 2.41 billion yuan respectively [4][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.14 yuan, and 1.29 yuan, respectively [4][6]