MANGO(300413) 天风证券·2024-10-29 05:00Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a revenue of 10.278 billion yuan for the first three quarters of 2024, a slight year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 1.444 billion yuan, down 18.96% year-on-year [1]. - The membership business continues to show strong growth, with revenue reaching 2.486 billion yuan, a significant increase of 26.77% year-on-year, and the effective membership scale exceeding 70 million [2]. - The company is actively enhancing its content offerings, with a notable increase in the number of new seasonal variety shows and a strong performance in original dramas, which is expected to bolster user engagement and retention [3][4]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 15.436 billion yuan, 17.149 billion yuan in 2025, and 18.521 billion yuan in 2026, reflecting year-on-year growth rates of 5.52%, 11%, and 8% respectively [5][8]. - The net profit attributable to shareholders is expected to be 1.902 billion yuan in 2024, 2.096 billion yuan in 2025, and 2.379 billion yuan in 2026, with growth rates of -46.52%, 10.21%, and 13.51% respectively [5][8]. - The company’s EBITDA is forecasted to be 7.905 billion yuan in 2024, with a slight decrease in subsequent years [5]. User Engagement and Content Strategy - The monthly active user count for the company's platform reached 268 million, placing it among the top three in the long-video industry [2]. - The company has successfully integrated AIGC technology into several programs, enhancing content production efficiency and quality [4]. - The launch of the "730 Da Mang Theater" for micro-short dramas is expected to create a unique content cluster, further diversifying the company's offerings [4].