MANGO(SZ:300413) Huaxin Securities·2024-08-22 02:03Investment Rating - The report maintains a "Buy" rating for the company Mango TV [2] Core Views - The report highlights that Mango TV's membership revenue has grown significantly, while advertising revenue has slightly declined. The company is expected to benefit from a recovery in the advertising market and ongoing content investments [2][4] - The report anticipates that the company's international expansion plan for Mango TV will yield positive results, enhancing its cultural and technological integration [3][4] Summary by Sections Financial Performance - In the first half of 2024, Mango TV reported revenue of 6.96 billion yuan, a year-over-year increase of 2.46%. However, net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [2] - For Q2 2024, total revenue was 3.64 billion yuan, showing a year-over-year decline of 1.52% but a quarter-over-quarter increase of 9.36% [2] - Membership revenue reached 2.486 billion yuan, up 27% year-over-year, while advertising revenue fell by 4% to 1.721 billion yuan [2] Content Strategy - In the first half of 2024, Mango TV launched 56 new variety shows, an increase of 17 compared to the same period in 2023. The company is also investing heavily in drama series, with over 80 new projects in the pipeline [2][3] - The introduction of a new short drama channel is expected to further enhance content offerings and drive membership growth [2] Future Projections - The report forecasts revenues of 15.6 billion yuan in 2024, 17.2 billion yuan in 2025, and 19.3 billion yuan in 2026, with net profits projected at 1.92 billion yuan, 2.14 billion yuan, and 2.41 billion yuan respectively [4][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.14 yuan, and 1.29 yuan, respectively [4][6]