逼没了新潮，分众“好日子”不远了？

Core Insights - The company reported a challenging Q4 2023 with a revenue decline of 7% year-on-year, and Q1 2024 revenue of 28.6 billion CNY, reflecting a modest growth of 4.7% [1][11][30] - The acquisition of New潮传媒 is expected to enhance the company's long-term profitability despite its current operational challenges [2][34][35] - The company maintains a high dividend expectation of 4.8% return based on a projected dividend of 4.77 billion CNY for 2024 [2][30] Financial Performance - Q4 2023 total revenues were 30 billion CNY, while Q1 2024 revenues were 28.6 billion CNY, indicating a tough market environment [11][30] - The gross profit margin for Q1 2024 was 61.7%, down from previous quarters, but the core operating profit margin remained stable at 38.8% [3][30] - The net income for Q1 2024 was 10.1 billion CNY, reflecting a year-on-year increase of 10.5% [3][30] Strategic Outlook - The acquisition of New潮传媒 for 8.3 billion CNY is seen as a strategic move to enhance market position and operational efficiency [2][34] - The company is focusing on optimizing its cost structure and improving its operational efficiency to counteract revenue pressures [2][30] - The management's long-term strategy includes leveraging its market leadership to negotiate better rental terms and enhance service offerings [5][34] Market Context - The overall outdoor advertising market saw a 7% year-on-year growth in Q1 2024, driven by a 5% increase in advertising rates [13][15] - The company is expected to face continued pressure from macroeconomic factors, but there is optimism regarding potential policy support for domestic demand [7][16] - The competitive landscape is shifting with the potential acquisition of New潮传媒, which could consolidate market share and improve pricing power [4][34]