MANGO(300413) 国海证券·2024-10-28 16:16Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance shows a decline in revenue and net profit, primarily due to increased income tax [2][3] - The company is expected to benefit from increased investment in series and content production, which is anticipated to drive membership revenue growth [5][8] - The integration of AIGC (Artificial Intelligence Generated Content) in content production is progressing well, with various applications already in place [8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 33.2 billion yuan, a year-over-year decrease of 7.14%, and a quarter-over-quarter decrease of 8.74% [2][3] - The net profit attributable to shareholders was 3.80 billion yuan, down 27.41% year-over-year and 35.95% quarter-over-quarter [2][3] - The net profit margin for Q3 2024 was 14.05%, a decrease of 3.14 percentage points year-over-year, while the gross margin was 29.15%, down 6.67 percentage points year-over-year [3] Content Strategy - The company has solidified its leading position in variety shows, with 2.5 billion effective plays in Q3 2024, a year-over-year increase of 22% [4] - The company has a clear strategy for content production across three tiers: head, mid-tier, and customized member content [4] - The effective membership scale has exceeded 70 million, marking a new high, driven by strong content offerings and innovative member benefits [5] Future Outlook - Revenue projections for 2024-2026 are estimated at 150.22 billion yuan, 166.47 billion yuan, and 179.95 billion yuan respectively, with net profits expected to be 18.11 billion yuan, 21.85 billion yuan, and 23.72 billion yuan [9][10] - The company is actively pursuing international expansion, with overseas downloads of its app increasing significantly [8]