芒果超媒：内容播放量持续上涨，会员业务不断深化

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 10.278 billion yuan for Q1-Q3 2024, a year-on-year increase of 0.80%, while the net profit attributable to shareholders decreased by 18.20% to 1.444 billion yuan due to increased tax expenses following changes in corporate income tax policies [1] - The effective playback volume for variety shows and dramas increased by 22% and 16% year-on-year, respectively, indicating a strong platform advantage [1] - The company has a rich content reserve, with significant upcoming releases expected to drive performance growth [1] - The membership business continues to deepen, with over 70 million effective members and a significant increase in average revenue per user [1] - The company is expanding its overseas market presence, with international app downloads exceeding 210 million [1] Financial Summary - For 2024, the company is expected to achieve a net profit of 1.77 billion yuan, with a year-on-year change of -50.2%, followed by 2.04 billion yuan in 2025 and 2.26 billion yuan in 2026, reflecting a growth of 15% and 11%, respectively [3][11] - The projected P/E ratios for 2024, 2025, and 2026 are 28, 25, and 22 times, respectively [1][3] - The company’s total revenue for 2024 is estimated at 15.192 billion yuan, with a growth rate of 3.9% [3][11]