MANGO(300413)2025-01-20 10:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance forecast aligns with expectations, confirming a turning point in its business [1] - The company is expected to achieve total revenue of 16,128 million yuan in 2025, reflecting a 10.2% year-on-year growth [6] - The net profit attributable to the parent company is projected to be 2,326 million yuan in 2025, representing a 62.1% year-on-year increase [6] - The company has seen a significant increase in membership revenue, with over 50 million yuan in annual income, an 18% increase year-on-year [8] - Advertising revenue is expected to rebound, with a projected total of approximately 35.8 million yuan for the year, ending a downward trend [8] - The company is benefiting from tax exemptions for its cultural enterprises from 2024 to 2027, which will positively impact profits [8] - The company is expected to maintain its market share and continue to grow, supported by strong content and user engagement [8] Financial Data and Profit Forecast - Total revenue for 2023 is reported at 14,628 million yuan, with a projected increase to 16,128 million yuan in 2025 [6][10] - The net profit for 2023 is 3,556 million yuan, with a forecasted decrease to 1,435 million yuan in 2024, followed by a recovery to 2,326 million yuan in 2025 [6][10] - The company's gross profit margin is expected to stabilize around 27.9% in 2025 [6] - The return on equity (ROE) is projected to improve from 6.3% in 2024 to 9.2% in 2025 [6]