MANGO(SZ:300413) Wanlian Securities·2024-07-26 01:30Investment Rating - The investment rating for the company is "Add" [5][11]. Core Viewpoints - The company’s subsidiary, Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd., has successfully passed the generative AI model registration review by the Central Cyberspace Administration, marking it as the third batch and fourth entity in Hunan Province to achieve this [3]. - The Mango AI model aims to cover all scenarios in AI, supporting various applications in the audio-visual industry, including program creative planning, content generation, character dialogue, and content recommendation, thereby enhancing the company's AI capabilities across program creation, advertising, and platform operations [4]. - The company has launched over 40 AI products, applying AI in media asset operations, advertising, member interaction, video editing, and content production, which significantly improves operational efficiency and reduces costs [4][11]. Financial Forecast - The projected revenue for 2024, 2025, and 2026 is 162.77 billion, 177.62 billion, and 193.37 billion respectively, with corresponding net profits of 21.73 billion, 23.28 billion, and 26.51 billion [5][11]. - The earnings per share (EPS) are expected to be 1.16, 1.24, and 1.42 for the years 2024, 2025, and 2026, with price-to-earnings ratios of 16.36X, 15.27X, and 13.41X respectively [5][11].