证券代码：300770 证券简称：新媒股份 公告编号：2024-027 一、通知债权人的原因 广东南方新媒体股份有限公司（以下简称"公司"）于 2024 年 5 月 23 日召 开第三届董事会第十六次会议以及 2024 年 6 月 13 日召开 2023 年度股东大会， 审议通过了《关于注销回购股份并减少公司注册资本的议案》《关于修订<公司章 程>的议案》，鉴于存放于公司回购专用证券账户的 1,927,237 股回购股份，尚未 用于转换公司发行的可转换为股票的公司债券且即将期满三年，公司拟按规定注 销上述回购股份，并相应减少公司注册资本。具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn）上发布的相关公告。 本次注销回购股份完成后，公司的总股本将由 231,058,146 股变更为 229,130,909 股，注册资本也相应由人民币 231,058,146 元变更为人民币 229,130,909 元。 二、需债权人知悉的信息 公司本次注销回购股份将导致注册资本减少，根据《中华人民共和国公司法》 （以下简称"《公司法》"）等相关法律、法规的规定，公司特此通知债权人。公 司债权人自本公告披露之日起 ...

关于广东南方新媒体股份有限公司 2023 年度股东大会的 法 律 意 见 书 北京大成（广州）律师事务所 北 京 大 成 （ 广 州 ） 律 师 事 务 所 guangzhou.dachenglaw.com 广州市天河区珠江新城珠江东路 6 号广州周大福金融中心 14-15 层（510623） 14-15F,CTF Finance Centre, No 6 Zhujiang East Road, Tianhe District, 510623, Guangzhou, China Tel: +86 20-85277000 Fax: +86 20-85277002 二零二四年六月 dentons.cn 北京大成（广州）律师事务所 关于广东南方新媒体股份有限公司 2023 年度股东大会的 法律意见 致：广东南方新媒体股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大会 规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有关规 范性文件的要求，北京大成（广州）律师事务所（以下简称" ...

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% | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [14]. Core Insights - The company's main business segments are steadily growing, with a focus on expanding diverse content offerings [10]. - In 2023, the company achieved a revenue of 1.523 billion yuan, a year-on-year increase of 6.64%, and a net profit attributable to the parent company of 707.68 million yuan, up 2.37% year-on-year [12]. - The company is expected to continue its growth trajectory, with projected revenues for 2024-2026 of 1.612 billion, 1.691 billion, and 1.758 billion yuan respectively, and net profits of 640.05 million, 683.64 million, and 717.61 million yuan [19]. Financial Summary - The company's EBITDA for 2023 was 741.25 million yuan, with projections of 779.32 million, 823.57 million, and 857.26 million yuan for the following years [4]. - The gross margin for 2023 was 51.65%, a decrease of 2.16 percentage points year-on-year, while the net margin was 46.44%, down 1.91 percentage points [11]. - The company reported a cash flow from operating activities of 625.24 million yuan for 2023, with expectations of growth in subsequent years [5]. Business Performance - The IPTV core business continued to develop steadily, with effective user numbers at 19.51 million, and revenue from this segment reached 809 million yuan, a 9.14% increase [16]. - The internet audio-visual business also saw growth, with revenue increasing by 7.31% to 606 million yuan [16]. - The company plans to distribute a total cash dividend of 18.60 yuan per 10 shares for the year 2023, amounting to 426 million yuan [18].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][11][26]. Core Views - The company demonstrated stable operations in 2023, with a revenue growth of 6.6% year-on-year, reaching 1.52 billion yuan. However, the net profit for the same year was 710 million yuan, reflecting a modest growth of 2.4% [5][17]. - The first quarter of 2024 is expected to see a decline in net profit by 13.2% due to the loss of tax exemptions, despite a revenue increase of 12.3% [5][11]. - The IPTV and internet audio-visual segments are showing steady progress, while the content copyright business is exploring new models due to cyclical and uncertain returns [10][11]. Summary by Sections Business Performance - IPTV basic business generated 810 million yuan in revenue in 2023, up 9.1% year-on-year, with effective users decreasing by 1.7% to 19.51 million [10][11]. - Internet audio-visual business revenue reached 610 million yuan, a 7.3% increase, with IPTV value-added and internet TV revenues at 400 million and 210 million yuan, respectively [10][11]. - Content copyright revenue fell by 15.0% to 8.9 million yuan due to investment and return uncertainties [10][11]. Future Outlook - The company is focusing on strengthening its IPTV core business while exploring new avenues, including collaborations with various institutions for innovative applications in the metaverse [10][11]. - The company aims to enhance its content production capabilities and optimize content creation through data analysis and AI technology [10][11]. Financial Projections - The net profit forecast for 2024-2026 is adjusted to 633 million, 679 million, and 728 million yuan, reflecting a year-on-year growth rate of -11%, 7%, and 7%, respectively [11][18]. - The diluted EPS is projected to be 2.74, 2.94, and 3.15 yuan for the years 2024, 2025, and 2026, with corresponding PE ratios of 14, 13, and 12 times [11][18].

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].