MANGO(SZ:300413) INDUSTRIAL SECURITIES·2024-11-10 05:58Investment Rating - The investment rating for the company is "Buy" as of November 7, 2024 [4]. Core Views - The company reported a revenue of 10.278 billion yuan for the first three quarters of 2024, a 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 [4]. - The company has maintained stable operating income and operating profit, with a strong growth in membership revenue, exceeding 70 million effective members for Mango TV [4]. - The content performance remains strong, with significant increases in viewership for variety shows and a notable contribution from series to membership revenue [4]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.835 billion, 2.155 billion, and 2.384 billion yuan respectively, with corresponding P/E ratios of 28.5, 24.3, and 22.0 [4]. Financial Summary - For 2023, the company reported a gross profit margin of 33.0% and a return on equity (ROE) of 16.5% [3]. - The projected operating revenue for 2024 is 15.101 billion yuan, with a year-on-year growth of 3.2% [3]. - The net profit attributable to shareholders is expected to decline by 48.4% in 2024, with a recovery projected in subsequent years [3]. - The company’s total assets are reported at 32.623 billion yuan, with net assets of 22.569 billion yuan [2].