MANGO(300413) 华鑫证券·2025-01-20 00:04Investment Rating - The report maintains a "Buy" investment rating for the company [4][10]. Core Insights - The company is expected to see a significant rebound in its advertising revenue and membership growth, with effective members reaching 73.31 million in 2024, leading to a membership revenue exceeding 5 billion yuan, a year-on-year increase of 18% [2][3]. - The company anticipates a strong content supply in 2025, with various new shows and series planned, which is expected to drive further growth in both membership and advertising revenues [3][10]. - The forecasted revenues for 2024-2026 are 14.745 billion, 16.197 billion, and 18.186 billion yuan respectively, with corresponding net profits of 1.409 billion, 2.040 billion, and 2.791 billion yuan [10][12]. Summary by Sections Membership and Revenue Growth - The company reported a total of 73.31 million effective members by the end of 2024, indicating a solid foundation of quality content and the success of its international app expansion plan [3]. - Membership revenue is projected to be over 5 billion yuan in 2024, marking an 18% increase year-on-year [3]. Advertising Revenue and Content Supply - Advertising revenue is showing positive growth, with a projected 8% increase in the second half of 2024 compared to the first half [3]. - The company plans to launch a variety of new content in 2025, including dramas and variety shows, which is expected to enhance viewer engagement and drive revenue [3][10]. Financial Forecast - The company forecasts revenues of 14.745 billion yuan for 2024, with a net profit of 1.409 billion yuan, reflecting a significant decrease of 60.4% year-on-year due to tax adjustments [10][12]. - For 2025, revenues are expected to rise to 16.197 billion yuan, with net profits rebounding to 2.040 billion yuan, a 44.8% increase [10][12].