MANGO(300413) Guohai Securities·2024-08-27 07:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit remains stable, with significant breakthroughs in membership business and increased investment in content [1][3] - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-over-year increase of 2.46%, while the operating profit was 1.23 billion yuan, up 2.15% year-over-year. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to tax policy impacts [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.96 billion yuan (YOY +2.46%), operating profit of 1.23 billion yuan (YOY +2.15%), and net profit of 1.065 billion yuan (YOY -15.45%). The non-recurring net profit was 912 million yuan (YOY -22.96%), with non-operating gains of 153 million yuan (YOY +99.3%) mainly from investment income [2][3] - The gross margin for H1 2024 was 28.84% (down 6.26 percentage points), and the net margin was 14.99% (down 3.02 percentage points) [3] Quarterly Breakdown - In Q1 2024, revenue was 3.32 billion yuan (YOY +7.2%), and in Q2 2024, it was 3.64 billion yuan (YOY -1.52%). The operating profit for Q1 was 547 million yuan (YOY +3.7%) and for Q2 was 686 million yuan (YOY +0.95%) [3] Business Segments - In H1 2024, revenue from Mango TV, new media content production, and content e-commerce was 4.957 billion yuan (YOY -3.6%), 634 million yuan (YOY +63.8%), and 1.357 billion yuan (YOY +8.7%), respectively. The gross margins for these segments were 36.1%, 28.1%, and 2.7% [3] - The company increased content investment, with costs for Mango TV and new media content production rising by 7.46% and 71.75% year-over-year, respectively [3] Membership and Advertising - The membership business saw a significant breakthrough, with H1 2024 revenue of 2.486 billion yuan (YOY +26.77%), accounting for 50.1% of Mango TV's revenue [3] - Advertising revenue for H1 2024 was 1.721 billion yuan (YOY -3.85%), impacted by a sluggish recovery in the advertising industry [4] Future Outlook - The company expects to achieve revenues of 15.022 billion yuan, 16.647 billion yuan, and 17.995 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.916 billion yuan, 2.191 billion yuan, and 2.380 billion yuan [8][9] - The report emphasizes the company's dual-platform integration and the continuous self-production capability of hit content, which is expected to establish a positive cycle in the long video content ecosystem [8]