传媒行业月报：前三季度业绩承压，关注游戏、广告、出版板块

Investment Rating - The report maintains a "Market Perform" rating for the media industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The media sector experienced a 5.30% increase in October, outperforming major indices such as the ChiNext Index, Shanghai Composite Index, and CSI 300 by 5.79 percentage points, 7.00 percentage points, and 8.46 percentage points respectively [3][23]. - The overall performance of the media sector is under pressure due to external economic conditions, market competition, and changes in tax policies, with a projected decline in profits exceeding 30% for the first three quarters of 2024 [4][16]. - The gaming sector shows stability with record sales in Q3 2024, driven by high-quality game releases like "Black Myth: Wukong," which has significantly boosted overseas revenue [17][18]. Summary by Sections 1. Investment Recommendations - Focus on sectors benefiting from domestic consumption recovery, particularly gaming and advertising, while maintaining long-term interest in high-dividend, low-risk publishing companies [5][19]. 2. October Market Review - The media sector's trading volume reached 1,151.36 billion yuan, a 142.92% increase month-on-month, with 91 out of 142 stocks rising [3][23]. - Sub-sectors such as internet advertising and other advertising marketing saw increases exceeding 10%, while internet video, publishing, and animation experienced slight declines [3][25]. 3. Valuation Levels - As of October 31, the media sector's PE ratio (ttm, excluding negative values) stood at 22.91 times, compared to an average of 24.49 times since 2019, indicating a historical percentile of 44.6% [4][30]. 4. Industry News - The domestic film market generated a box office of 36.25 billion yuan in October 2024, a year-on-year decrease of 2.13%, with a total of 383.95 billion yuan for the first ten months, down 22.13% year-on-year [37][43]. - The gaming sector has seen a significant increase in the issuance of domestic game licenses, with 1,072 titles approved in 10 batches by the end of October, marking a 36.56% increase year-on-year [17][36]. 5. Monthly Industry Data - The top five TV dramas and web series in October were "Jinxiu Anning," "Dark Night and Dawn," "People's Police," "Mortal Song," and "Snow Maze," indicating strong viewer engagement [53][54]. - The average ticket price in the film market was 40.28 yuan, with a total of 0.9 billion viewers in October, reflecting a 1.12% year-on-year increase [37].