Focus Media(002027) 西部证券·2024-08-11 09:34Investment Rating - The investment rating for the company is "Buy" [3][4] Core Insights - The company's revenue and profit are steadily recovering, with a high dividend policy maintained. In the first half of 2024, the company reported a revenue of 5.967 billion yuan, a year-on-year increase of 8.17%, and a net profit attributable to shareholders of 2.493 billion yuan, up 11.74% year-on-year [3] - The demand for advertising in daily consumer goods remains strong, with the company's main advertising clients being in the daily consumer goods sector, accounting for 64% of the total advertising revenue in the first half of 2024, which is an increase of 3 percentage points year-on-year [3] - The company is expanding its media points in lower-tier and overseas markets, with a total of approximately 1.097 million self-operated elevator TV media devices as of July 31, 2024, showing growth in various market tiers [3] Financial Performance - The company's earnings per share (EPS) are projected to be 0.37, 0.40, and 0.43 for the years 2024, 2025, and 2026 respectively [2][3] - Revenue forecasts for 2024, 2025, and 2026 are 12.9 billion yuan, 13.9 billion yuan, and 14.9 billion yuan, reflecting a year-on-year growth of 7.9% for both 2024 and 2025, and 7.3% for 2026 [3] - The net profit attributable to shareholders is expected to be 5.361 billion yuan, 5.780 billion yuan, and 6.159 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 11%, 8%, and 7% respectively [3] Dividend Policy - The company has maintained a high dividend level, distributing 1.00 yuan per 10 shares (including tax) during the reporting period, totaling 1.444 billion yuan, with a dividend payout ratio of 57.92% [3] - The company plans to distribute cash dividends of no less than 80% of the net profit attributable to shareholders after deducting non-recurring gains and losses for the next three years, indicating a stable dividend policy [3]