Investment Rating - The report maintains a "Buy" rating for Zhaoxin Media (301102 SZ) [4] Core Views - Zhaoxin Media achieved revenue of 505 million yuan in the first three quarters of 2024, a year-on-year increase of 16 59% However, net profit attributable to the parent company was 67 million yuan, a year-on-year decrease of 44 23% [1][4] - In Q3 2024, the company's revenue was 184 million yuan, up 3 35% year-on-year, while net profit attributable to the parent company was 26 million yuan, down 49 07% year-on-year [1][4] - The decline in profit is mainly attributed to the upfront costs of expanding advertising points, particularly in high-speed rail and outdoor 3D screen locations [1][4] Business Performance High-Speed Rail Advertising - High-speed rail advertising revenue in the first half of 2024 was 281 million yuan, up 13 98% year-on-year, reversing the decline in 2023 [4] - The company has signed agreements with 18 domestic railway bureaus, covering 31 provincial-level administrative regions and reaching over 2 billion passengers annually [4] Outdoor 3D Screens - Outdoor 3D screen revenue accelerated in 2024, with 39 72 million yuan generated in the first half, expected to continue growing in Q3 [5] - The company has launched 3D public art projects such as "Evolution," "Mirage," and "Take A Breath," with the "Take Home" campaign receiving positive feedback [5] Financial Analysis - Operating costs increased by 38 74% year-on-year in the first three quarters of 2024, driven by the expansion of high-speed rail and outdoor 3D screen points [6] - Interest expenses increased by 67 36% due to lease liabilities, and credit impairment losses rose by 56 06% year-on-year, further compressing profit margins [6] - The company expects net profit attributable to the parent company to reach 94 million yuan in 2024 and 158 million yuan in 2025, with P/E ratios of 45 71X and 27 13X, respectively [6] Market Performance - The current stock price is 10 54 yuan, with a total market capitalization of 4 06 billion shares and a circulating A-share volume of 101 5 million shares [7] - The stock's performance over the past 12 months has underperformed the CSI 300 index, with a significant decline in value [8]
兆讯传媒：收入增长稳健，点位开拓静待利润释放