传媒行业周报2024年34期：传媒半年报收尾，收入端仍具增长韧性

Investment Rating - The report rates the media industry as "Overweight" [2] Core Insights - The media industry maintained revenue growth in H1 2024, with total operating revenue increasing by 2.44% year-on-year, ranking 14th among 31 industries. However, net profit attributable to shareholders and net profit excluding non-recurring items decreased by 30.55% and 25.80% respectively, primarily due to rising channel costs and corporate income tax payments by state-owned cultural enterprises [3][10][19] - The summer box office for 2024 was approximately 11.6 billion yuan, significantly lower than the 20.6 billion yuan in 2023, marking the lowest box office in a normal operating year over the past decade. This decline is attributed to a lack of major film releases, with only two films surpassing 1 billion yuan in box office revenue [20][25] Summary by Sections 1. Media Industry Performance - The media sector's revenue growth remains resilient, with a 2.44% increase in H1 2024. However, profit margins have declined, with net profits down by over 30% due to increased costs and tax obligations [10][19] - Sub-sectors such as advertising, gaming, and publishing showed positive revenue growth, with advertising revenue up by 9.95%, gaming by 4.80%, and publishing by 0.33% [19][18] 2. Box Office Analysis - The 2024 summer box office totalled around 11.6 billion yuan, a significant drop from 20.6 billion yuan in 2023, attributed to insufficient major film releases [20][25] - The number of moviegoers during the summer season was approximately 280 million, which is considerably lower than previous years, despite a record number of screenings [25] 3. Company Performance Highlights - Companies like Baotong Technology, Shenzhou Taiyue, and Shunwang Technology achieved over 50% year-on-year growth in net profit in H1 2024 [19][18] - Advertising firm Fen Zhong Media maintained a double-digit growth rate, achieving a net profit of 2.23 billion yuan in H1 2024, up from 2.23 billion yuan in the same period last year [19][18] 4. Investment Opportunities - The report suggests focusing on vertical segments within the media industry that are expected to continue high growth, recommending stocks such as Kaiying Network, Sanqi Interactive, and Shanghai Film [9][19]