芒果超媒：上半年营收及营业利润双增，会员成业绩增长核心驱动

Investment Rating - The investment rating for Mango Excellent Media (300413.SZ) is not explicitly stated in the provided documents, but the report suggests a positive outlook on the company's performance and potential recovery in earnings [1][2]. Core Viewpoints - The report highlights that Mango Excellent Media achieved a revenue of 6.96 billion yuan in the first half of 2024, representing a year-on-year increase of 2.46%. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, with a net profit margin of 15.30% [1]. - The company’s membership business is identified as a core driver of revenue growth, with membership revenue reaching 2.486 billion yuan, up 27% year-on-year, accounting for over 50% of the internet video business revenue [1][2]. - The report anticipates a recovery in overall performance, driven by popular shows and potential adjustments in tax policies that could enhance profitability [2]. Summary by Sections Financial Performance - In H1 2024, Mango Excellent Media reported a revenue of 6.96 billion yuan, a 2.46% increase year-on-year, and an operating profit of 1.233 billion yuan, up 2.15% year-on-year. The net profit attributable to shareholders was 1.065 billion yuan, down 15.45% year-on-year, with a net profit margin of 15.30% [1]. - In Q2 2024, the company achieved a revenue of 3.636 billion yuan, a quarter-on-quarter increase of 9.4%, but a year-on-year decrease of 1.5% [1]. Business Segments - The internet video business generated revenue of 4.957 billion yuan, while content e-commerce revenue was 1.357 billion yuan, reflecting a year-on-year growth of 8.74% [1]. - The company’s content production revenue surged by 63.80% to 634 million yuan, although the gross margin decreased by 3.3 percentage points [1]. Future Outlook - The report projects that the company will benefit from upcoming popular shows, with expected revenues of 16.1 billion yuan in 2024, 17.6 billion yuan in 2025, and 19.1 billion yuan in 2026, reflecting year-on-year growth rates of 9.93%, 9.62%, and 8.15% respectively [2]. - The net profit attributable to shareholders is forecasted to be 2.019 billion yuan in 2024, with a significant year-on-year decrease of 43.23%, followed by a recovery in subsequent years [2].