传媒行业专题研究：前三季度整体业绩承压，Q3游戏、互联网利润环比回升
GOLDEN SUN SECURITIES·2024-11-07 10:34

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The media sector's revenue for Q1-Q3 2024 decreased by 2.91% year-on-year to CNY 450.16 billion, while net profit dropped significantly by 31.77% to CNY 24.26 billion [2][8] - The gaming sector showed steady revenue growth, with Q1-Q3 2024 revenue reaching CNY 62.53 billion, up 5.49% year-on-year, although net profit fell by 29.93% [2][8] - The internet sector's revenue for Q1-Q3 2024 was CNY 94.87 billion, down 14.78% year-on-year, but Q3 showed a significant improvement in net profit, which increased by 35.98% [2][8] - The advertising sector performed well, with revenue of CNY 122.39 billion for Q1-Q3 2024, up 7.83% year-on-year, despite a slight decline in net profit [2][8] - The film and television production sector faced challenges, with Q1-Q3 2024 revenue of CNY 13.52 billion, down 6.11% year-on-year, and a net loss in Q3 [2][8] - The publishing and reading sector remained stable, with revenue of CNY 108.66 billion for Q1-Q3 2024, down 2.39% year-on-year, and net profit of CNY 9.968 billion, down 26.97% [2][8] Summary by Sections Overall Performance - The media sector's total revenue for Q1-Q3 2024 was CNY 450.16 billion, a decrease of 2.91% year-on-year, with a net profit of CNY 24.26 billion, down 31.77% [2][8] Subsector Performance Gaming - Revenue for Q1-Q3 2024 was CNY 62.53 billion, up 5.49% year-on-year, with a net profit of CNY 6.532 billion, down 29.93% [2][8] Internet - Revenue for Q1-Q3 2024 was CNY 94.87 billion, down 14.78% year-on-year, with a net profit of CNY 2.048 billion, down 57.94% [2][8] Advertising - Revenue for Q1-Q3 2024 was CNY 122.39 billion, up 7.83% year-on-year, with a net profit of CNY 5.344 billion, down 2.90% [2][8] Film and Television Production - Revenue for Q1-Q3 2024 was CNY 13.52 billion, down 6.11% year-on-year, with a net loss of CNY 3.22 billion in Q3 [2][8] Cinema - Revenue for Q1-Q3 2024 was CNY 16.407 billion, down 18.32% year-on-year, with a net profit of CNY 0.331 billion, down 84.02% [2][8] Publishing and Reading - Revenue for Q1-Q3 2024 was CNY 108.66 billion, down 2.39% year-on-year, with a net profit of CNY 9.968 billion, down 26.97% [2][8]