A股传媒24Q3总结：游戏企稳梯媒有韧性，整体仍承压

Investment Rating - The report maintains a "Positive" outlook on the media industry [2] Core Insights - The overall media industry in A-shares is under pressure, with gaming showing signs of stabilization and media resilience [2][3] - For Q1-Q3 2024, the SW media industry achieved revenue of 366.2 billion, a year-on-year growth of 0.2%, while net profit attributable to shareholders decreased by 33% [3][5] - The gaming sector showed a notable recovery in Q3 2024, with revenue growth of 6% and a profit margin of 12%, indicating a positive trend [2][10] Summary by Sections Gaming - The gaming sector's revenue and profit stabilized in Q3 2024, with key companies like Kaiying Network and Giant Network exceeding expectations [2][10] - The second-tier companies are entering a new product cycle, expected to drive growth from Q4 2024 into early 2025 [10][11] - Notable companies to watch include Giant Network, Kaiying Network, and others, with a focus on upcoming product launches [2][10] Film - The film market faced challenges, with box office revenue for Q1-Q3 2024 at 34.8 billion, down 24% year-on-year, and a significant 44% decline in Q3 [2][10] - Upcoming films like "Fengshen Part II" and "Boonie Bears: Rebooting the Future" are expected to improve viewing demand in 2025 [2][10] Long Video - The long video sector experienced a short-term decline in demand, with Mango TV maintaining its position as the third-largest player [2][10] - The overall viewership for online dramas and variety shows decreased, but Mango TV's competitive edge in content continues to grow [2][10] Advertising - The advertising sector remains under pressure, but companies like Focus Media show resilience with revenue growth [2][10] - The overall advertising expenditure continues to decline, but Focus Media's performance indicates a stable competitive landscape [2][10] Publishing - The publishing sector faced mixed performance, with some state-owned publishers experiencing profit declines due to tax policy changes [2][10] - Companies like Changjiang Publishing and Southern Publishing showed more stable performance amidst the challenges [2][10]