Focus Media(002027) 东方证券·2024-08-11 03:01Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 7.69 CNY per share [1][6]. Core Views - The company reported a revenue of 5.967 billion CNY for the first half of 2024, representing a year-on-year increase of 8.17%, and a net profit attributable to shareholders of 2.493 billion CNY, up 11.74% year-on-year [5]. - The company's main business showed steady growth despite macroeconomic disturbances, with revenue from building and cinema media reaching 5.505 billion CNY and 0.454 billion CNY, respectively, reflecting year-on-year growth of 7.25% and 20.75% [5]. - The advertising revenue from the consumer sector increased by 14%, with expectations for Q3 performance driven by the Olympics and holiday effects [5]. - The company has seen a 3.9% increase in point resources compared to the end of 2023, with significant growth in elevator media points [5]. - A high dividend payout is planned, with a proposal to distribute 1 CNY per 10 shares, totaling 1.444 billion CNY, which accounts for 57.92% of the net profit for the first half of 2024 [5]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 5.967 billion CNY, with a net profit of 2.493 billion CNY, and a non-recurring net profit of 2.197 billion CNY [5]. - The gross margin for building media increased by 0.3 percentage points to 64.31%, while the overall gross margin rose by 1.2 percentage points to 65.13% [5]. - The company forecasts net profits of 5.255 billion CNY, 5.699 billion CNY, and 6.086 billion CNY for 2024, 2025, and 2026, respectively [6].