MANGO(300413) 申万宏源·2024-10-27 06:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 revenue of 3.32 billion, a year-on-year decrease of 7.1%, and a net profit of 380 million, down 27.4% year-on-year, which was below previous forecasts [4][5]. - Despite the revenue decline, the company effectively controlled costs, leading to an increase in gross margin and a historical low in absolute management expenses [4]. - The company is expanding its content offerings with several key shows set to launch in Q4, including popular variety shows and exclusive dramas [5]. - The international expansion strategy is underway, with significant growth in overseas app downloads, indicating potential for long-term revenue growth from membership and content distribution [5]. - Profit forecasts have been revised downwards due to the slow recovery of advertising revenue, with expected net profits for 2024-2026 adjusted to 1.725 billion, 1.965 billion, and 2.259 billion respectively [5]. Financial Summary - For Q3 2024, the company achieved total revenue of 3.32 billion, with a year-to-date revenue of 10.28 billion, reflecting a year-on-year decrease of 0.9% [4][6]. - The net profit for the first three quarters of 2024 was 1.44 billion, down 19% year-on-year [6]. - The company’s gross margin for Q3 2024 was reported at 29.1%, with a projected gross margin of 28.8% for 2024 [6]. - The earnings per share (EPS) for 2024 is estimated at 0.92 yuan, with a projected increase to 1.21 yuan by 2026 [6].