Focus Media(SZ:002027) Caixin Securities·2024-08-14 06:07Investment Rating - The investment rating for the company is "Buy" [5][7][10] Core Views - The company demonstrated strong resilience in its performance, with a 2024H1 revenue of 59.67 billion yuan, representing an 8.17% year-on-year increase, and a net profit of 24.93 billion yuan, up 11.74% year-on-year [5][6] - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling 14.44 billion yuan, which is 57.92% of the net profit for the period, indicating a commitment to shareholder returns [7][8] - The company maintains a leading position in the domestic elevator media market, with a projected revenue growth to 131.69 billion yuan in 2024 and a net profit of 52.41 billion yuan [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue 94.25 billion yuan, Net Profit 27.90 billion yuan - 2023A: Revenue 119.04 billion yuan, Net Profit 48.27 billion yuan - 2024E: Revenue 131.69 billion yuan, Net Profit 52.41 billion yuan - 2025E: Revenue 142.86 billion yuan, Net Profit 56.24 billion yuan - 2026E: Revenue 151.85 billion yuan, Net Profit 59.00 billion yuan [5][8] - Earnings Per Share (EPS) Forecasts: - 2022A: 0.19 yuan - 2023A: 0.33 yuan - 2024E: 0.36 yuan - 2025E: 0.39 yuan - 2026E: 0.41 yuan [5][8] - Valuation Metrics: - Price-to-Earnings (P/E) ratios are projected to decrease from 30.39 in 2022A to 14.37 in 2026E, indicating improving valuation over time [5][8] Market Position and Growth - The company has expanded its media points in both domestic and overseas markets, with a notable increase in elevator TVs in lower-tier cities and positive performance in overseas markets such as Hong Kong and Singapore [6][7] - The daily consumer goods sector has become a significant revenue contributor, with a 14.23% year-on-year increase in 2024H1, while the internet sector saw a decline [5][6]