新媒股份（300770.SZ） 增持 2023 年公司收入增长 6.6%，2024 年第一季度利润受税收政策影响。1）2023 年，公司收入 15.2 亿元，同比增长 6.6%，主要由于 IPTV、互联网视听、内 容版权业务均运营稳健；毛利率同比下降 1.9 个百分点至 51.9%；费用率整 体下降 1.6 个百分点至 5.0%；归母净利润 7.1 亿元，同比增长 2.4%。2）2024 年第一季度，公司收入 4.0 亿元，同比增长 12.3%；归母净利润 1.5 亿元， 同比下降 13.2%，主要由于公司不再享受免税优惠。 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|-------|--------|-------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,429 | 1,523 | 1,644 | 1,777 | 1,922 | | (+/-%) | 1.4% | ...

资料来源：Choice，东方财富证券研究所 【风险提示】 敬请阅读本报告正文后各项声明 2 敬请阅读本报告正文后各项声明 3 [Table_yemei] 新媒股份（300770）2023 年报&2024 年一季报点评 盈利预测 | --- | --- | --- | --- | --- | |------------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | 营业收入（百万元） | 1523.44 | 1612.62 | 1691.07 | 1758.12 | | 增长率 (%) | 6.64% | 5.85% | 4.86% | 3.97% | | EBITDA （百万元） | 741.25 | 779.32 | 823.57 | 857.26 | | 归属母公司净利润（百万 元） | 707.68 | 640.05 | 683.64 | 717.61 | | ...

2023 年运营稳健，2024 年一季度利润受税率影响 IPTV 和互联网视听主业稳中有进，内容版权业务探索新模式。分业务看：1） IPTV 基础业务方面，2023 年收入 8.1 亿，同比增长 9.1%，有效用户数 1951 万户，同比下降 1.7%；2）互联网视听业务方面，2023 年收入 6.1 亿，同比 增长7.3%，其中IPTV增值/互联网电视分别为4.0/2.1亿，同比+7.0%/+8.0%， 公司持续提升会员权益，丰富多元化内容供给，截至 2023 年底，云视听系 列 APP 全国有效用户为 2.5 亿户，同比+5%；有效智能终端数量达到 2172 万 台，同比+22%；3）内容版权业务受版权投资及回报的周期性和不确定性影 响，收入下降 15.0%至 0.89 亿元。 持续夯实 IPTV 主业，不断开拓新赛道。1）技术端，公司与广科院、华为、 科大讯飞、华中科技大学等合作，开展虚拟人、声纹互动等元宇宙创新应用 合作。2）内容端，公司持续打造电视剧、综艺、少儿、银发教育内容矩阵， 参与投资的电视剧《珠江人家》在央视一套热播，合作生产的首部 IPTV 家 庭情景短剧《欢喜一家人》在 16 个省 IP ...

Investment Rating - The investment rating for the company is "Buy" [5][17]. Core Views - The company has shown steady growth in revenue and profit for 2023, with revenue reaching 1.523 billion yuan (YoY +6.64%) and net profit of 708 million yuan (YoY +2.36%). The first quarter of 2024 saw revenue of 401 million yuan (YoY +12.30%), although net profit decreased by 13.19% due to the removal of corporate income tax exemptions [2][12]. - The company is focusing on enhancing content operations and user experience in its IPTV business, maintaining stable partnerships with major telecom operators and improving product offerings [3][10]. - The company is actively exploring XR and ultra-high-definition fields, collaborating with industry leaders to innovate and enhance its technological capabilities [11][12]. Financial Summary - For 2023, the company achieved a revenue of 1.523 billion yuan, with a projected revenue of 1.634 billion yuan for 2024, reflecting a growth rate of 7.25% [4][14]. - The net profit for 2023 was 708 million yuan, with a forecasted decline to 680 million yuan in 2024 due to tax rate adjustments [4][12]. - The earnings per share (EPS) for 2023 was 3.06 yuan, expected to decrease to 2.94 yuan in 2024, with a projected recovery in subsequent years [4][12]. Business Operations - The IPTV basic business generated revenue of 808.93 million yuan in 2023, with effective users reaching 19.51 million [3][10]. - The company has integrated high-quality content from various providers, enhancing user engagement and platform activity, resulting in a revenue of 400.43 million yuan from IPTV value-added services [3][10]. - The overall business revenue reached 205.14 million yuan, with a 7.96% year-on-year growth, and the number of effective smart terminal devices serviced by the company increased by 22% [10].

作者 分析师 顾 晟 执业证书编号：S0680519100003 邮箱：gusheng@gszq.com 研究助理 刘书含 执业证书编号：S0680122080034 邮箱：liushuhan@gszq.com 相关研究 1、《新媒股份（300770.SZ）：产品运营能力持续提升， 探索多元变现模式》2023-08-31 2、《新媒股份（300770.SZ）：基础业务稳健增长，多元 变现模式探索新空间》2023-04-24 请仔细阅读本报告末页声明 2024 年 04 月 23 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------|-------|-------|-------|-------|---------------------------------------|-----------|-----------|------------|-----------|-----------| | 财务 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.91 CNY per share, indicating an expected strong performance relative to the market over the next 12 months [3][2]. Core Insights - The company reported steady growth in 2023, achieving revenue of 1.523 billion CNY, a year-on-year increase of 6.64%. The net profit attributable to shareholders was 708 million CNY, up 2.37% year-on-year. The company has a strong cash position with 2 billion CNY in cash and cash equivalents at year-end [1][2]. - The IPTV and OTT core businesses are stable, with a focus on new technologies such as AI. The IPTV basic business generated 810 million CNY in revenue, a 9.14% increase, while the internet TV business saw a 7.96% increase to 205 million CNY [1]. - The company plans to distribute a cash dividend of 10.6 CNY per 10 shares, totaling 240 million CNY, with a payout ratio of 60.22% for 2023 [1]. Financial Summary - For 2024, the company expects revenue between 1.523 billion CNY and 1.615 billion CNY, representing a growth of 0% to 6%. The net profit attributable to shareholders is projected to decline by 12% to 18% due to changes in corporate income tax policy [1][2]. - The financial forecast for 2024 and 2025 estimates revenues of 1.606 billion CNY and 1.727 billion CNY, respectively, with net profits of 611 million CNY and 697 million CNY [2][1]. - Key financial metrics include an EBITDA of 741 million CNY for 2023, with a projected increase to 854 million CNY in 2024 [2][1].

广东南方新媒体股份有限公司 关于会计师事务所 2023 年度履职情况评估报告 广东南方新媒体股份有限公司（以下简称"公司"）聘请广东司农会计师事 务所（特殊普通合伙）（以下简称"司农事务所"）为公司 2023 年度审计机构。 根据《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，公司对 司农事务所 2023 年度审计过程中的履职情况进行了评估。经评估，司农事务所 在 2023 年的年报审计过程中坚持以公允、客观的态度进行独立审计，表现了良 好的职业操守和业务素质，审计行为规范有序，出具的审计报告客观、完整、清 晰、及时。具体情况如下： 一、2023 年年审会计师事务所基本情况 司农事务所成立于 2020 年 11 月 25 日，同年 12 月 9 日经广东省财政厅粤 财穗函【2020】27 号批复，取得《会计师事务所执业证书》；同年 12 月 31 日， 司农事务所通过了财政部、证监会从事证券服务业务会计师事务所备案。司农事 务所注册地址为广东省广州市南沙区南沙街兴沙路 6 号 704 房-2。截至 2023 年 12 月 31 日，司农事务所从业人员 333 人，合伙人 32 人，注册会计师 13 ...

Financial Performance - The company's operating revenue for the current period is ¥400,609,062.88, representing a 12.30% increase compared to ¥356,743,477.72 in the same period last year[22]. - Net profit attributable to shareholders of the listed company decreased by 13.19% to ¥147,965,662.62 from ¥170,442,727.10 year-on-year[22]. - Total operating revenue for the current period reached ¥400,609,062.88, an increase of 12.3% from ¥356,743,477.72 in the previous period[44]. - Total operating costs amounted to ¥220,563,972.27, up 17.5% from ¥187,640,260.76 in the prior period[44]. - Operating costs included ¥199,022,565.75 for operating expenses, which rose from ¥168,548,387.87, reflecting a 17.9% increase[44]. - Research and development expenses were ¥11,951,390.75, compared to ¥11,293,618.76, indicating a 5.8% increase year-over-year[44]. - Other income decreased significantly to ¥960,665.85 from ¥5,167,590.83, a decline of 81.5%[44]. - Tax expenses decreased to ¥1,851,051.55 from ¥3,639,338.92, a reduction of 49.1%[44]. - Financial expenses showed a slight improvement, with a net of -¥13,967,114.12 compared to -¥14,795,278.75 in the previous period[44]. - Interest income increased to ¥19,851,107.55 from ¥19,308,079.34, reflecting a growth of 2.8%[44]. Assets and Liabilities - The total current assets increased to ¥4,518,596,462.32 from ¥4,190,121,425.77, representing a growth of approximately 7.8%[1]. - The total liabilities and equity increased to ¥4,939,439,781.43 from ¥4,619,845,816.06, reflecting a growth of approximately 6.9%[4]. - Total assets increased by 6.92% to ¥4,939,439,781.43 compared to ¥4,619,845,816.06 at the end of the previous year[22]. - Total liabilities rose to approximately CNY 1.10 billion, compared to CNY 930.78 million, indicating an increase of around 18.2%[38]. - The company’s short-term borrowings and other current liabilities totaled CNY 1.08 billion, an increase from CNY 908.10 million, marking a rise of about 19.2%[38]. - The company’s contract liabilities increased to CNY 56.43 million from CNY 38.23 million, reflecting a growth of about 47.6%[38]. Cash Flow - The net cash flow from operating activities was ¥204,327,969.71, a decrease of 45.9% compared to ¥377,725,521.85 in the previous period[8]. - The cash inflow from operating activities totaled ¥832,419,713.75, up from ¥716,661,673.78, indicating an increase of approximately 16.2%[8]. - The cash outflow from operating activities was ¥628,091,744.04, compared to ¥338,936,151.93 in the previous period, indicating a significant increase of about 85.0%[8]. - The company reported a net cash outflow from investing activities of CNY 188.91 million, compared to a smaller outflow of CNY 7.57 million in the prior period[42]. - The company reported a net increase in cash and cash equivalents of CNY 12.99 million, a significant decrease compared to CNY 367.63 million in the prior year[42]. - Cash and cash equivalents at the end of the period were CNY 2.02 billion, a decrease from CNY 2.77 billion in the previous year, reflecting a decline of approximately 27.2%[42]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,969, with the largest shareholder holding 38.75%[33]. - The total equity attributable to shareholders increased to ¥3,827,793,953.47 from ¥3,679,828,290.85, representing a growth of approximately 4.0%[4]. - The company's retained earnings grew to ¥2,311,860,280.17 from ¥2,163,894,617.55, an increase of about 6.8%[4]. - The company’s total equity remained stable at CNY 231.06 million, unchanged from the previous year[38]. Other Financial Metrics - The basic earnings per share decreased to ¥0.65 from ¥0.74, a decline of about 12.2%[12]. - The weighted average return on net assets decreased to 3.94% from 4.80% year-on-year, a decline of 0.86%[22]. - The company experienced a 38.56% rise in selling expenses, amounting to ¥9,933,540.46 compared to ¥7,169,055.11 in the previous year[25]. - The company reported a significant increase in income tax expense by 1754.92% to ¥26,427,615.40 from ¥1,424,729.87 in the previous year[25]. - The company reported a net investment loss of ¥676,112.03, slightly improved from a loss of ¥718,173.11 in the previous period[44]. Audit Information - The company has not yet audited the first quarter report for 2024[47].

广东南方新媒体股份有限公司 董事会提名委员会工作细则 （2024 年 4 月修订） 第一章 总则 第一条 为规范广东南方新媒体股份有限公司（以下简称"公司"）董事、 高级管理人员的产生，优化董事会和管理层的组成，完善公司治理结构，根据《中 华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相 关法律、法规、规范性文件及《广东南方新媒体股份有限公司章程》（以下简称 "《公司章程》"）的规定，公司特设立董事会提名委员会，并制定本细则。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责拟定董 事、高级管理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格 进行遴选、审核，并向董事会提出建议。 第二章 人员组成 第三条 提名委员会由 5 名董事组成，其中独立董事 3 名。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事 ...

广东南方新媒体股份有限公司 董事会审计委员会对会计师事务所 2023 年度审计 工作履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》和广东南方新媒体股份有 限公司（以下简称"公司"）的《公司章程》《董事会审计委员会工作制度》等规 定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将 董事会审计委员会对广东司农会计师事务所（特殊普通合伙）（以下简称"司农 事务所"）2023 年度审计工作履行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一） 会计师事务所基本情况 司农事务所成立于 2020 年 11 月 25 日，同年 12 月 9 日经广东省财政厅粤财 穗函【2020】27 号批复，取得《会计师事务所执业证书》；同年 12 月 31 日，司 农事务所通过了财政部、证监会从事证券服务业务会计师事务所备案。司农事务 所注册地址为广东省广州市南沙区南沙街兴沙路 6 号 704 房-2。截至 2023 年 1 ...