MANGO(300413) Guotai Junan Securities·2024-10-27 12:53Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Views - The company's Q3 performance was temporarily impacted by the Olympics and industry regulations, but Q4 has seen a strong start with the launch of "Goodbye Lover 4" and a significant improvement in the supply of quality dramas compared to the first three quarters [3][10]. - The membership business is showing positive momentum, with Mango TV's membership surpassing 70 million, reflecting a growth of over 5% from the end of 2023 [10]. - The report projects a recovery in year-on-year growth for Q4, despite the challenges faced in Q3 [10]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 10.28 billion yuan, a year-on-year decline of 0.9%, and a net profit attributable to shareholders of 1.44 billion yuan, down 19% year-on-year [10]. - In Q3 alone, the company reported revenue of 3.32 billion yuan, a decrease of 7.1% year-on-year, and a net profit of 380 million yuan, down 27.4% year-on-year [10]. - The EPS forecast for 2024-2026 has been adjusted to 1.04, 1.32, and 1.50 yuan respectively, with a target price maintained at 33.30 yuan [10][11]. Market Data - The current stock price is 26.80 yuan, with a target price of 33.30 yuan, indicating potential upside [5]. - The stock has a market capitalization of 50.135 billion yuan and a P/E ratio of 25.70 based on the current price [6][11]. - The stock has shown a 33% increase over the past month and a 40% increase over the past three months [9].