MANGO(SZ:300413) KAIYUAN SECURITIES·2025-01-20 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved record high membership revenue, with advertising business showing signs of recovery and high-quality content continuously being released [1] - The company expects its operating profit for 2024 to be between 1.666 to 2.026 billion yuan, with a year-on-year change of -8.41% to +11.38% [4] - The forecast for net profit attributable to shareholders for 2024 is between 1.25 to 1.61 billion yuan, reflecting a significant year-on-year decline of -64.85% to -54.72% [4] - The company is expected to benefit from a tax exemption policy from 2024 to 2027, which has already been implemented [4] - The company has adjusted its profit forecast for 2024-2026, predicting net profits of 1.476, 2.081, and 2.343 billion yuan respectively [4] Membership and Revenue Growth - The company reported a record high in both membership numbers and revenue, with effective membership reaching 73.31 million by the end of 2024, a year-on-year increase of 10.2% [5] - The average revenue per user (ARPU) increased by 18%, driving membership revenue to exceed 5 billion yuan [5] - Advertising revenue showed a quarter-on-quarter growth of 8% in the second half of 2024, contributing to an overall positive growth for the year [5] Content Production and Performance - The company has a rich reserve of film and television content, with over 100 new shows planned for release in 2025 [6] - The launch of popular shows like "National Color and Fragrance" has attracted over 40 advertising partners, indicating strong market interest [6] - The company aims to continue leveraging high-quality content to drive revenue growth [6] Financial Summary and Valuation Metrics - The company's revenue for 2024 is projected to be 15.284 billion yuan, with a year-on-year growth of 4.5% [8] - The gross profit margin is expected to be 31.0% in 2024, with a net profit margin of 9.7% [8] - The earnings per share (EPS) for 2024 is forecasted at 0.79 yuan, with a price-to-earnings (P/E) ratio of 33.7 times [8]