芒果超媒：会员收入破50亿元，企业所得税政策落地

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company anticipates a 2024 operating profit between 1.666 to 2.026 billion yuan, with a year-on-year change ranging from a decline of 8.4% to an increase of 11.4% [1]. - The expected net profit attributable to shareholders is projected to be between 1.25 to 1.61 billion yuan, with adjustments for deferred tax assets leading to a net profit range of 1.7 to 2.06 billion yuan [1][3]. - The member business has seen significant growth, with revenue surpassing 5 billion yuan for the first time, reflecting an 18% year-on-year increase [2]. - The company is benefiting from favorable corporate income tax policies, which will exempt certain cultural enterprises from taxes from 2024 to 2027, positively impacting net profit [3]. Business Segments Summary - Membership Business: The company has achieved a record membership revenue of over 5 billion yuan, driven by high-quality long-form video content. The effective membership count is expected to reach 73.31 million by the end of 2024 [2]. - Advertising Business: The advertising segment has shown signs of recovery, with a sequential revenue increase of 8% in the second half of the year, contributing to an overall positive growth outlook for 2024 [2]. - International Expansion: The international app's "double growth plan" has resulted in a doubling of downloads and overseas revenue, with a target of 260 million downloads for the year [2]. Financial Projections - Revenue projections for 2024-2026 have been adjusted to 14.6 billion, 16.6 billion, and 18.3 billion yuan respectively, with expected year-on-year growth rates of -0.05%, 14.38%, and 10% [4]. - The net profit attributable to shareholders is forecasted to be 1.483 billion, 2.105 billion, and 2.356 billion yuan for the same period, reflecting a significant decrease in 2024 due to tax policy changes [4].