MANGO(SZ:300413) GOLDEN SUN SECURITIES·2024-08-22 11:07Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-on-year increase of 2.46%, while the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan due to increased tax expenses following changes in corporate income tax policies [1]. - The company is focusing on enhancing its membership business, with membership revenue reaching 2.486 billion yuan in H1 2024, a year-on-year growth of 26.77%, accounting for over 50% of its internet video business revenue [1]. - The company is actively exploring AI applications and international expansion, with its international app downloads surpassing 190 million in H1 2024 and a target of 260 million by the end of the year [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 6.96 billion yuan, with a slight increase of 2.46% year-on-year. The net profit attributable to shareholders was 1.065 billion yuan, down 15.45% year-on-year due to increased tax expenses [1]. - For Q2 2024, the company reported an operating income of 3.636 billion yuan, a marginal increase of 0.07%, and a net profit of 593 million yuan, a decrease of 16.04% [1]. Content and Membership Growth - The company launched 56 new variety shows in H1 2024, including popular titles, and maintained a leading position in effective viewership for variety shows [1]. - The membership business is a key growth driver, with significant investments in content and innovative membership benefits leading to increased retention and ARPPU [1]. Business Structure and Future Outlook - The company is optimizing its business structure, with a focus on the membership segment and exploring new revenue streams through partnerships and collaborations [1]. - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. is expected to enhance the company's content ecosystem and brand influence [1]. - The report forecasts net profits of 2.060 billion yuan, 2.367 billion yuan, and 2.625 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -42.1%, +14.9%, and +10.9% [2][1].