MANGO(300413) Guolian Securities·2024-10-30 01:18Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company is expected to achieve operating revenues of 15.36 billion, 16.90 billion, and 18.42 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 5%, 10%, and 9% respectively. The net profit attributable to the parent company is projected to be 1.89 billion, 2.22 billion, and 2.49 billion yuan, with year-on-year growth rates of -47%, 17%, and 12% respectively. The earnings per share (EPS) are expected to be 1.01, 1.18, and 1.33 yuan [2][6]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 3.32 billion yuan, a year-on-year decrease of 7%. For the first three quarters of 2024, the total operating revenue was 10.28 billion yuan, down 0.85% year-on-year. The net profit attributable to the parent company for the same period was 1.44 billion yuan, a decline of 18.96% year-on-year [6][7]. Membership Growth and Content Strategy - The company has achieved a record high in membership, with over 70 million effective members as of October. The company has introduced exclusive products to enhance the average revenue per user (ARPU). In Q3, the company launched 31 new seasonal variety shows, leading the four major long video platforms in terms of new content. The effective view count for variety shows reached 2.5 billion, a 22% increase year-on-year [6][7]. Content Pipeline - The company has a rich reserve of quality content, with several new shows set to launch in Q4 2024 and 2025. Notable upcoming shows include "Goodbye Lover 4" and various dramas, with over 80 dramas currently in reserve. The company anticipates that these new releases will gradually boost viewership and membership growth [6][7]. Financial Projections - The company forecasts operating revenues of 15.36 billion, 16.90 billion, and 18.42 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.89 billion, 2.22 billion, and 2.49 billion yuan. The EPS is projected to increase from 1.01 yuan in 2024 to 1.33 yuan in 2026 [2][6][7].