芒果超媒：2024年半年报点评：会员收入增长亮眼，所得税政策变化影响利润

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - 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, primarily due to changes in corporate income tax policies [2][3]. - Membership revenue showed strong growth, increasing by 27% to 2.486 billion yuan, driven by high-quality content and a robust membership benefits system [3][5]. - The advertising revenue declined by 4% to 1.721 billion yuan, but the overall recovery trend remains intact [3]. - The operator business faced a significant decline of 46%, generating 750 million yuan, impacted by the implementation of industry governance measures [3]. - The content e-commerce segment reported a revenue of 1.357 billion yuan, up 8.74%, with a GMV of 6.65 billion yuan, reflecting nearly 50% growth [3]. - The new media interactive entertainment content production business saw a remarkable increase of 63.80%, generating 633 million yuan [3]. Financial Performance Summary - For H1 2024, the company’s operating expenses decreased, with sales, management, and R&D expense ratios at 10.96%, 2.85%, and 1.28%, respectively, down from the previous year [2]. - The company expects net profits for 2024-2026 to be 2.072 billion, 2.292 billion, and 2.547 billion yuan, with corresponding EPS of 1.11, 1.23, and 1.36 yuan, reflecting a PE ratio of 17, 15, and 14 times [5][6]. - The company has a total market capitalization of approximately 37.227 billion yuan, with a circulating market value of about 20.332 billion yuan [7]. Content Strategy - The company launched 56 new variety shows in H1 2024, an increase of 17 shows from the previous year, with significant viewership for programs like "Singer 2024" [4]. - The company has a robust pipeline of over 80 upcoming dramas, including potential hits like "National Color and Fragrance" and "Water Dragon Chant" [4].