股 票 研 究 [Table_industryInfo] 传播文化业/社会服务 [ Table_Main[芒ITnaf 果bol]e 超_Ti媒tle]( 300413) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 综 N 代持续领跑，AI 内容应用提速 目标价格： 33.60 上次预测： 33.60 公 ——芒果超媒2023 年&2024Q1 业绩点评 当前价格： 23.04 司 陈筱(分析师) 陈俊希(分析师) 李芓漪(分析师) 2024.04.26 更 021-38675863 021-38032025 021-38038428 [交Ta易bl数e_M据a rket] 新 chenxiao@gtjas.com chenjunxi@gtjas.com liziyi@gtjas.com 证书编号 S0880515040003 S0880520120009 S0880523080004 52周内股价区间（元） 20.40-40.31 报 总市值（百万元） 43,101 告 本报告导读： 总股本/流通A股（百万股） 1,871/1,022 流通 B股/H股（百万股） 0/0 Q1综 N代 ...

[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 22.35元 芒果超媒（300413） 传媒 目标价： 30.24元（6个月） 会员规模突破，广告逐步复苏 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a芒ry果] 超媒发布2023年度报告及 2024年一季度报告，1）公司2023 [分Ta析bl师e_：Au刘th言or ] 实现主营收入 146.3亿元，同比增长 4.7%；归母净利润 35.6亿元，同比增长 90.7%；扣非归母净利润17亿元，同比增长5.7%。2）2024Q1实现营收33.2 执业证号：S1250515070002 电话：023-67791663 亿，同比增长7.2%；归母净利润4.7亿，同比下降13.9%。 邮箱：liuyan@swsc.com.cn  24Q1加大内容投入叠加税收政策变化，收入增速大于利润增速。24Q1公司营 分析师：苗泽欣 业收入增速7.2%，营业利润增速3.7%，归母净利润下降13.9%，主要原因：1） 公司营业成本上升，主要是内容成本上升，因为随着用户 ...

[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）公司年报点评 2024年04月26日 [Table_InvestInfo] 优质内容推动会员数新高，广告业务有望 投资评级 优于大市 维持 加速复苏 股票数据 0[4T月ab2le5_日S收to盘ck价（In元fo）] 22.47 [Table_Summary] 52周股价波动（元） 19.22-40.85 投资要点： 总股本/流通A股（百万股） 1871/1022 总市值/流通市值（百万元） 42035/22958 相关研究  事件：2023年公司收入同比增长4.7%至146.3亿元，归母净利润同比增长 [《Ta 23b Qle 3_归R母ep净o利rtI润n增fo速] 稳健，收购金鹰卡通， 90.7%至35.6亿元，扣非归母净利润同比增长5.7%至17.0亿元。对应24Q1 夯实核心内容竞争力》2023.10.31 收入同比增长7.2%至33.2亿元，归母净利润同比减少13.9%至4.7亿元， 《23Q2营收和利润增速稳健，三大板块收入 主要受公司企业所得税优惠政策变化影响，24Q1 所得税费用同比增加 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company reported a 90.73% year-on-year increase in net profit attributable to shareholders, reaching 3.556 billion yuan, primarily due to a one-time adjustment from changes in corporate income tax policy [1]. - The company's revenue for 2023 was 14.628 billion yuan, a 4.66% increase year-on-year, with a significant growth in membership business, which is expected to continue driving revenue growth [2][4]. - The first quarter of 2024 saw a revenue of 3.324 billion yuan, a 7.21% increase year-on-year, although net profit decreased by 13.85% due to higher tax expenses [1]. Financial Performance Summary - In 2023, the company's internet video business generated 10.614 billion yuan in revenue, a 1.88% increase, with membership revenue growing by 10.23% to 4.315 billion yuan [2]. - The effective membership count reached 66.53 million by the end of 2023, contributing to a positive cycle of content investment and membership growth [2]. - The company forecasts revenues of 16.451 billion yuan, 18.278 billion yuan, and 19.740 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 12.47%, 11.10%, and 8.00% [4]. Business Segments - Membership business is expected to maintain high growth driven by both membership numbers and ARPPU (Average Revenue Per User) [2]. - The advertising business showed signs of recovery, with a 15.95% increase in revenue in Q4 2023 compared to the previous year [2]. - The company is expanding its content offerings, with over 100 new variety shows launched in 2023 and a strong pipeline of upcoming projects [3]. Strategic Developments - The company is enhancing its content supply chain and diversifying its business ecosystem, including collaborations in children's programming and e-commerce [3]. - The international expansion of the Mango TV app has reached over 195 countries, with plans to increase user base and content output [3]. - The integration of AI technologies across various business operations is expected to improve efficiency and reduce costs [3].

证券研究报告 | 2024年04月25日 芒果超媒（300413.SZ） 买入 23 年年报及 24Q1 点评：广告增速向上，内容表现值得期待 核心观点 公司研究·财报点评 营收增长稳健，所得税政策调整扰动业绩表现。1）23年全年公司实现营业 传媒·数字媒体 收入146.28亿元、归母净利润35.56亿元，同比分别增长5%、91%，对应全 证券分析师：张衡 证券分析师：陈瑶蓉 面摊薄EPS 1.9元；Q4单季度公司实现营收44.32亿元、归母净利润17.90 021-60875160 021-61761058 zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn 亿元，同比分别增长27.9%、1120.8%；全年及Q4业绩大幅增长主要在于所 S0980517060002 S0980523100001 得税政策变化带来的一次性收益16.29亿元2）2024年Q1单季度公司实现 基础数据 营业收入33.24亿元、归母净利润4.61亿元，同比分别增长8.8%、-12.8%， 投资评级 买入(维持) 对应全面摊薄EPS 0.25元；营收增长表现稳健，业绩下滑主要在于所得税 ...

Investment Rating - The report maintains a "Strong Buy" rating for Mango Excellent Media [1][7]. Core Views - The advertising business shows a clear recovery trend, and micro-short dramas are expected to become a new content growth area [2][7]. - In 2023, the company achieved revenue of 14.628 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 3.556 billion yuan, a year-on-year increase of 90.7% [1][2]. Revenue Breakdown - The revenue from Mango TV's internet video business was 10.614 billion yuan, up 1.9% year-on-year, with advertising revenue at 3.532 billion yuan, down 11.6% year-on-year, and membership revenue at 4.315 billion yuan, up 10.2% year-on-year [2]. - Content e-commerce generated revenue of 2.823 billion yuan, a significant increase of 32.1% year-on-year [2]. Profitability Metrics - The gross profit margin for the company was 33.0%, a decrease of 0.9 percentage points year-on-year, while the net profit margin attributable to shareholders was 11.6%, down 1.2 percentage points year-on-year [3]. - The company’s operating costs were 9.803 billion yuan, with a sales expense of 2.260 billion yuan, a management expense of 610 million yuan, and a research and development expense of 280 million yuan [3]. Future Outlook - The company has a strong pipeline with over 80 films and 100 micro-short dramas planned for release, which is expected to enhance content supply [7]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2.207 billion yuan, 2.714 billion yuan, and 3.017 billion yuan, respectively, with corresponding price-to-earnings ratios of 19X, 15X, and 14X [7][8].

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 [6][18]. Core Insights - The company achieved a revenue of 14.63 billion yuan in 2023, a year-on-year increase of 4.66%, and a net profit of 3.56 billion yuan, reflecting a significant year-on-year increase of 90.73% [4][6]. - The membership business is accelerating, with the effective membership scale reaching 66.53 million by the end of 2023, a growth of approximately 12.46% year-on-year, and membership revenue increasing by 10.23% to 4.31 billion yuan [5][6]. - The advertising business is showing signs of recovery, with a revenue of 3.53 billion yuan in 2023, although it still represents a decline of 11.57% year-on-year [5][6]. - The company has adopted a "four-platform" model, integrating Mango TV, Hunan TV, Golden Eagle Cartoon, and Xiaomang E-commerce, enhancing business synergy and resource integration [6][5]. Summary by Sections Financial Performance - In 2023, the company reported an operating income of 146.28 billion yuan, a net profit of 35.56 billion yuan, and a non-recurring profit of 18.60 billion yuan due to tax policy changes [4][6]. - The first quarter of 2024 saw an operating income of 33.24 billion yuan, a year-on-year increase of 7.21%, but a net profit decrease of 13.85% [4][6]. Business Segments - The company launched over 100 variety shows in 2023, with a 31% increase in effective playback volume year-on-year, maintaining its industry-leading position [5][6]. - The film and television segment saw a 46% increase in effective playback volume, with over 80 films and 100 micro-dramas in reserve for 2024 [5][6]. Future Outlook - The company expects EPS of 1.03 yuan, 1.14 yuan, and 1.22 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.37, 19.26, and 18.02 [6][7]. - The advertising market is projected to grow, with the company positioned to benefit from its content output and integrated platform advantages [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 14.628 billion yuan in 2023, a year-on-year increase of 4.66%, and a net profit of 3.556 billion yuan, up 90.73% year-on-year [1] - In Q1 2024, the company achieved a revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, but a net profit decrease of 13.85% due to increased tax expenses [1] - The company is focusing on enhancing its content ecosystem and exploring AI applications in variety shows, with significant growth in effective viewership for both variety shows and dramas [1] - Membership revenue grew by 10.23% year-on-year to 4.315 billion yuan in 2023, with a notable increase of 35.64% in Q4 2023 [1] - The advertising business showed signs of recovery, with a 15.95% increase in Q4 2023 compared to the previous year [1] Financial Summary - In 2023, the company achieved a total revenue of 14.628 billion yuan, with a net profit of 3.556 billion yuan [6] - The projected net profits for 2024, 2025, and 2026 are 2.060 billion yuan, 2.367 billion yuan, and 2.625 billion yuan respectively, reflecting a year-on-year change of -42%, +15%, and +11% [6] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20, 18, and 16 times respectively [6] Content Ecosystem Development - The company has expanded its content offerings significantly, launching over 100 variety shows and 128 dramas in 2023 [1] - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. aims to enhance the company's presence in the children's content sector [1] - The integration of various platforms, including Mango TV and Xiaomang E-commerce, is expected to create synergies and enhance user engagement [1]

证券研究报告 公司点评 芒果超媒(300413.SZ) 传媒｜ 数字媒体 业绩符合预期，内容投入、所 得税等导致Q1 盈利下滑 2024年 04月 23日 预测指标 2022A 2023 A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 137.04 146.28 162.54 176.96 188.42 净利润(亿元) 18.25 35.56 18.40 19.77 20.93 评级变动 维持 每股收益（元） 0.98 1.90 0.98 1.06 1.12 交易数据 每股净资产（元） 10.08 11.49 12.39 13.36 14.39 当前价格（元） 22.20 P/E 22.76 11.68 22.57 21.00 19.84 52周价格区间（元） 20.40-40.31 P/B 2.20 1.93 1.79 1.66 1.54 总市值（百万） 41530.10 资料来源：iFinD，财信证券 流通市值（百万） 22681.80 总股本（万股） 187072.10 投资要点： 流通股（万股） 102170.00  事件：公司发布 2023年及2024一季报，2023年分别实 ...

根据年报数据2023年公司实现的营业收入146.28亿同比增长了4.66%规模经营运35.56亿同比增长90.73%课费规模经营运16.95亿同比增长5.7%2024年度一季度公司实现营业收入33.24亿 同比增长7.21%营业利润5.47亿元同比增长3.69%公司一季度也实行了开门红和开门稳经营情况测试下下面我们进入交流环节今天来到公司现场参会的有公司总经理梁德诚先生芒果TV副总裁CPO陆海波先生 我估计很多投资者可能对于公司在文化和科技进行投资这块很感兴趣所以我们今天特别倾情邀请鲁海波先生参加本次会议还有财务部部长郝建宇女士还有公司的董事长董怀冰蔡华冰先生下午临时参加我们省里的另外一个省委的一个协调会所以暂时不能来到现场下面有请第一位提问嘉宾中间的 刘仲敬-谢谢郑总,也感谢芒果的各位领导,然后很有心第一个提问,我想问一下关于我们中期战略目标的一个问题,因为有注意到二月份,也就是年初的时候,我们集团领导其实在年会上有提到, 芒果TV要在三年内建成全国第一用户过亿的一个长视频平台那这个目标我们作为就是投资人听到肯定还是很兴奋的它非常远大然后看上去也是有很大的一个空间但是也想请管理层跟我们进一步分享一下就这个全 ...