JiShi Media(601929) 中邮证券·2024-10-28 07:30Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Insights - The company reported a revenue of 1.427 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.45%. However, the net profit attributable to shareholders was -310 million yuan, a decline of 60.46% year-on-year [3][4] - In Q3 2024, the company achieved a revenue of 509 million yuan, showing a significant year-on-year increase of 24.99%, while the net profit attributable to shareholders was -114 million yuan, an increase of 51.77% year-on-year [3][4] - The company is focusing on integrating high-quality IPTV assets and has initiated a strategic asset swap with its controlling shareholder, Jilin Broadcasting and Television Station, to enhance operational efficiency [4] - The establishment of a new subsidiary, Jilin Province Northeast Asia New Media Co., Ltd., aims to consolidate IPTV and cable television resources, providing a more comprehensive media service to users [4] - The company has committed to a share buyback and has seen its controlling shareholder increase holdings, which reflects confidence in the company's long-term development [4] Financial Summary - The company expects to achieve revenues of 1.984 billion yuan, 2.106 billion yuan, and 2.216 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be -410 million yuan, 36 million yuan, and 155 million yuan for the same years [4][6] - The earnings per share (EPS) are forecasted to be -0.12 yuan, 0.01 yuan, and 0.04 yuan for 2024, 2025, and 2026, respectively [4][6] - The company’s price-to-earnings (P/E) ratio is expected to be 174 times in 2025 and 40 times in 2026 [5][6]