芒果超媒：内容端蓬勃，税负仍影响净利

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 10.278 billion RMB for the first three quarters of 2024, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 1.444 billion RMB, down 18.96% year-on-year [2]. - The third quarter of 2024 saw a revenue of 3.318 billion RMB, a decline of 7.14% year-on-year, with a net profit of 380 million RMB, down 27.41% year-on-year [2]. - The increase in income tax expenses due to policy adjustments has negatively impacted net profit, which decreased by 280 million RMB compared to the same period last year [2]. - The company is increasing its content reserves, which has led to a decline in operating cash flow [2]. Summary by Sections Business Performance - The company has established a three-tiered variety show development matrix, leading to a 22% year-on-year increase in effective views for its variety shows, totaling 2.5 billion views in Q3 2024 [3]. - The company launched 31 new seasonal variety shows in Q3 2024, leading the market among major platforms [3]. - The contribution of drama series to membership revenue has increased, with member content views accounting for 79% of total views, a 16% increase year-on-year [3]. - The international app downloads have risen from 130 million to 210 million, with a target of 260 million for the year [3]. Financial Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 1.964 billion RMB, 2.161 billion RMB, and 2.465 billion RMB, respectively, with corresponding P/E ratios of 25.53, 23.20, and 20.34 [3][5].