] y r t s u d n I _ e l b a T [ [ 芒Ta 果bl 超e_ 媒T （itl 3e 0] 0 413）2023年报&一季报点评 公 司 会员规模再创新高，“四平台”多元发 研 究 展 挖掘价值 投资成长 / [Table_Rank] 传 增持 （维持） 媒 互 2024 年 04 月 24 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年报和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 146.28 亿元，同比增长 4.66%；实现归 证券分析师：潘琪 母净利润35.56亿元，同比增长90.73%；实现扣非归母净利润16.95 证书编号：S1160524040001 亿元，同比增长5.70%。 联系人：陈子怡 电话：021-23586305 2024年一季度，公司实现营业收入33.24亿元，同比增长7.21%；实 [相T对ab指le数_P表ic现Q ...

公 司 研 证券研究报告 究 ＃industryId＃ 传媒 ＃ ＃d 芒yCo 果mp 超any＃媒 （ 300413.SZ ） investSug 买入 ( 维ges持tion C）h 0 生000 态09 拓 宽 收入稳增， ＃ 所title＃ 得 税致 利润短期波动 ange＃ 2024 年 04月 23日 投资 要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 芒果超媒发布 2023年报及 2024年一季报。2023 年，公司实现营 司 业收入146.28亿元，同比增长4.66%；归母净利润35.56亿元，同比增长 日期 2024-4-23 90.73%；扣非归母净利润16.95亿元，同比增长5.70%。其中，2023年第 点 收盘价（元） 22.02 四季度，公司实现营业收入 44.32 亿元，同比增长 18.56%；归母净利润 评 总股本（百万股） 1870.72 17.90 亿元，同比增长 862.63%；扣非归母净利润 0.81 亿元，同比增长 报 流通股本（百万股） 1021.70 60.73%。2024 年第一季度，公司实现营业收入 33.24 亿元，同比增长 ...

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 芒果超媒(300413)公司点评报告 2024年04月23日 [Table_业Title绩] 稳健增长，会员数量创新高 [Table_Inves 买t] 入|维持 ——芒果超媒(300413) 2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报及2024年一季报。 52周最高/最低价（元）： 40.31 / 20.4 A股流通股（百万股）： 1021.70 点评： A股总股本（百万股）： 1870.72  归母净利润快速增长，金鹰卡通超额完成业绩承诺 流通市值（百万元）： 22681.74 2023年，公司实现营业收入146.28亿元，同比增长4.66%，其中Q4单季 总市值（百万元）： 41530.00 实现营收42.62亿元，同比增长21.16%。全年归母净利润35.56亿元，同 [过Ta去bl一e_年Pic股Q价uo走te]势 比增长90.73%；扣非归母净利润16.95亿元，同比增长5.70%。年内，金 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company has achieved record high membership numbers, which has significantly contributed to revenue growth. The release of high-quality content is anticipated to further enhance performance [1][5][6] - The company’s revenue for 2023 was 14.63 billion yuan, reflecting a year-on-year increase of 4.66%, while the net profit attributable to shareholders was 3.56 billion yuan, up 90.73% year-on-year [5] - The company is expected to continue benefiting from a recovery in advertising revenue and an increase in membership driven by quality content [5][6] Financial Performance Summary - In Q4 2023, the company reported revenue of 4.26 billion yuan, a year-on-year increase of 22.98%, and a net profit of 1.78 billion yuan, up 1110.43% year-on-year. After excluding the impact of tax policy, the net profit was 1.93 billion yuan, a year-on-year increase of 3.36% [5] - The effective membership count reached 66.53 million by the end of 2023, a year-on-year increase of 12.46%, contributing to a membership revenue of 4.31 billion yuan, which is a 10.23% increase year-on-year [6] - The average revenue per user (ARPU) for 2023 was 5.40 yuan, with Q4 membership revenue growing by 35.64% year-on-year [6] Future Projections - The company has over 80 film and television projects in reserve for 2024, with significant content releases expected to drive growth. The integration of AI technology is also anticipated to enhance efficiency and reduce costs [7] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.92 billion yuan, 2.18 billion yuan, and 2.38 billion yuan respectively, with corresponding earnings per share (EPS) of 1.03 yuan, 1.17 yuan, and 1.27 yuan [5][8]

2024 年 04 月 23 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 重磅产品将陆续释放，科技与内容深度融 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 方博云 S0350521120002 合发展 fangby@ghzq.com.cn ——芒果超媒（ ） 年及 业绩点评 300413 2023 2024Q1 最近一年走势 事件 : 2024年4月21日，芒果超媒发布2023年年报及2024年一季报： （1）2023年收入146.3亿元（YOY+4.66%），归母净利润35.6亿元 （YOY+90.7%），扣非归母净利润16.95亿元（YOY+5.70%）。 （2）2024Q1收入33.2亿元（YOY+7.2%），归母净利润4.7亿元 （YOY-13.85%），扣非归母净利润4.7亿元（YOY-10.4%）。 （3）2023年度拟每10股派发现金股利1.8元，合计3.37亿元，分红 率为9.5%。 相对沪深300表现 2024/04/22 表现 1M 3M 12M 投资要点 : 芒果超媒 -17.1% 5.1% -31 ...

Investment Rating - The investment rating for the company is "Add" [5][11]. Core Insights - The company has solidified its position as a leader in variety shows and optimized its layout for long and short dramas, with significant increases in effective playback volume for both genres in 2023 [3][8]. - The membership business has entered a new phase of high-quality development, with a notable increase in member revenue and a strong recovery trend in advertising business [3][8]. - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. has enriched the company's content matrix and expanded its "four-platform" model, enhancing its core competitiveness [3][8]. Summary by Sections Financial Performance - In 2023, the company achieved an annual revenue of 14.628 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 3.556 billion yuan, a year-on-year increase of 90.73% [3][4]. - For Q1 2024, the company reported a revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, and a net profit of 472 million yuan, a year-on-year decrease of 13.85% [3][4]. Business Development - The company is focusing on deepening its variety show offerings and exploring new markets, with plans for new shows and collaborations, including a partnership with Douyin for micro-short dramas [3][8]. - The membership revenue grew by 35.64% year-on-year in Q4, with the total number of effective members reaching 66.53 million, marking a new high [3][8]. Forecast and Valuation - The revenue forecast for 2024-2026 is set at 16.2778 billion yuan, 17.7625 billion yuan, and 19.336 billion yuan, respectively, with corresponding net profits of 2.1729 billion yuan, 2.3279 billion yuan, and 2.6513 billion yuan [4][8]. - The earnings per share (EPS) are projected to be 1.16 yuan, 1.24 yuan, and 1.42 yuan for the years 2024, 2025, and 2026, respectively [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company's Q1 core video business shows improvement, with a focus on the performance of key variety shows in Q2 [9] - The company reported a revenue of 14.63 billion yuan for 2023, a year-on-year increase of 4.7%, and a net profit of 3.56 billion yuan, up 90.7% year-on-year [9] - In Q1 2024, the company achieved a revenue of 3.32 billion yuan, a year-on-year growth of 7.2%, but the net profit decreased by 13.9% [9] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 14.63 billion yuan, with a net profit of 3.56 billion yuan, reflecting a significant increase in profitability [9][12] - Q1 2024 revenue reached 3.32 billion yuan, with a net profit of 472 million yuan, indicating a decline compared to the previous year [11][12] Business Segments - Internet video business revenue was 10.6 billion yuan in 2023, growing by 2%, with membership and advertising segments showing positive growth [10] - Content e-commerce revenue increased by 32%, with the small mango e-commerce segment growing by 50% [10] Cost and Margin Analysis - The overall gross margin for 2023 was 33%, a slight decline of 1 percentage point year-on-year [10] - In Q1 2024, the gross margin dropped to 29%, impacted by increased content costs in the core video business [10] Cash Flow and Dividends - Operating cash flow improved significantly, with a net cash flow of 1.08 billion yuan in 2023 and 170 million yuan in Q1 2024 [10] - The cash dividend for 2023 was 337 million yuan, representing 20% of the non-net profit, an increase of 5 percentage points from 2022 [10] Future Outlook - The company plans to launch key variety shows in Q2, which are expected to drive performance [10] - Profit forecasts for 2024 and 2025 have been adjusted downwards, with expected net profits of 1.93 billion yuan and 2.23 billion yuan respectively [10]

证券研究报告 公 2024年04月23日 司 报 告 芒果超媒(300413) │ 行 业： 传媒/数字媒体 公 投资评级： 买入（维持） 司 当前价格： 22.20元 年 会员规模加速增长，重磅内容播出在即 目标价格： 27.50元 报 点 事件： 评 基本数据 公司发布2023年报：全年营收146.28亿元，调整后同比增长4.66%；归母 总股本/流通股本(百万股) 1,870.72/1,021.70 净利润35.56亿元，调整后同比增长90.73%；扣非归母净利润16.95亿元， 流通A股市值(百万元) 22,681.74 调整后同比增长5.7%。公司发布2024年一季报：单季度营收33.24亿元， 每股净资产(元) 11.74 同比增长7.21%；归母净利润4.72亿元，同比下降13.85%。 资产负债率(%) 31.31 ➢ 会员规模加速增长，广告业务增速回正 一年内最高/最低(元) 40.85/19.22 2023年公司业绩保持稳健增长，主要系优质内容的稳定供给。综艺方面， 《乘风2023》《披荆斩棘第三季》等IP续集热度持续，《快乐老友记》《女 股价相对走势 子推理社》等创新综艺豆瓣评分达到9分 ...

芒 果超媒（300413.SZ）2023年年报及2024年一季报点评 业务稳健运营，关注 ARPPU 提升 2024年04月23日 ➢ 事件：公司发布2023年年报及2024年一季报 推荐 维持评级 公司发布2023年年报及2024年一季报。2023年营收146.28亿元，同比增长 当前价格： 22.20元 4.66%，归母净利润35.56亿元，同比增长90.73%，归母扣非净利润16.95亿 元，同比增长5.7%。非经常性损益18.6亿元，其中因会计准则调整，而产生的 [分Ta析ble师_A ut陈ho良r] 栋 当期损益的一次性调整16.29亿元。24Q1营收33.2 亿元，同比增长7.21%， 执业证书： S0100523050005 归母净利润4.72亿元，同比下降13.85%，归母扣非净利润4.67亿元，同比下 邮箱： chenliangdong@mszq.com 降10.4%。利润下降的原因主要系：税政策到期导致所得税费用计入0.89亿元。 分析师 李瑶 执业证书： S0100523090002 ➢ 广告业务恢复较好 邮箱： liyao_yj@mszq.com 公司广告业务显著回暖，2023 年广 ...

[Table_Header] 公司点评●数字媒体 2024年 04 月22 日 [Table_Title] [Table_StockCode] 视频平台业务稳步发展，关注重点综艺 芒果超媒(300413.SZ) 上线表现 [Table_InvestRank] 推荐 (维持) --公司 2023 年报暨 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023 年度报告和 2024 年一季报：2023 年公司实现营业收入 [岳Ta铮b le_Authors] ：010-8092-7630 146.28亿元，同比增长 4.66%；归属于上市公司股东的净利润 35.56亿元，同 ：yuezheng_yj@chinastock.com.cn 比增长 90.73%；扣非归母净利润 16.95 亿元，同比增长 5.70%。2024 年第一 分析师登记编码：S0130522030006 季度公司实现营业收入 33.24 亿元，同比增长 7.21%；归母净利润 4.72亿元， 同比下降 13.85%；扣非归母净利润 4.67亿元，同比下降 10.40%。 研究助理 祁天睿  ...