MANGO(300413)2024-10-27 23:30Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company reported a revenue of 3.318 billion yuan in Q3 2024, a year-on-year decrease of 7.14%. The net profit attributable to shareholders was 380 million yuan, down 27.41% year-on-year [1]. - The new media business continues to develop, with Mango TV launching 31 variety shows in Q3 2024, ranking first among major platforms. Popular shows like "Hello, Saturday 2024" and "Chinese Restaurant 8" have performed exceptionally well [1]. - The integration of cultural technology and AI is showing initial results in cost reduction and efficiency improvement. The "Mango Large Model" has been approved for various applications, enhancing the company's AI capabilities across content creation and advertising [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 10.278 billion yuan, a slight decrease of 0.85% year-on-year. The net profit attributable to shareholders was 1.444 billion yuan, down 18.96% year-on-year [1]. - Management expenses for Q3 2024 were 257 million yuan, with a management expense ratio of 2.50%, a decrease of 1.3 percentage points year-on-year [1]. - The company expects net profits for 2024, 2025, and 2026 to be 1.971 billion yuan, 2.156 billion yuan, and 2.419 billion yuan, respectively, with corresponding PE ratios of 25x, 23x, and 21x [1][3].