传媒行业快评报告：2024年广告市场稳步前行，梯媒渠道景气度保持

Investment Rating - The industry investment rating is "Outperform the Market" [4][10] Core Viewpoints - The advertising market in 2024 is expected to show stable growth, with an overall scale continuing to expand. The market is projected to increase by 1.6% year-on-year, driven by steady macroeconomic growth and technological innovation [1] - Key sectors such as entertainment and leisure, cosmetics/bathroom products, telecommunications, and clothing have significantly increased their advertising investments, with respective increases of 22.0%, 34.7%, 35.9%, and 51.8% compared to 2023 [1] - The food industry remains the largest in terms of advertising volume, with a slight year-on-year increase of 1.1%, while the pharmaceutical and beverage sectors saw reductions in spending of 3.4% and 12.1%, respectively [1] Summary by Sections Advertising Market Growth - The advertising market is experiencing differentiated channel investments, with outdoor advertising, particularly elevator LCDs and posters, leading the growth. Their respective advertising expenditures increased by 21.0% and 13.6% year-on-year [2] - Other channels such as train/high-speed rail station and cinema video advertising also maintained year-on-year growth, increasing by 1.6% and 7.4% respectively, while other advertising channels showed varying degrees of decline [2] Key Industry Trends - Major industries are increasing outdoor advertising investments, with significant year-on-year growth in expenditures for clothing (87.9%), cosmetics/bathroom products (68.3%), and telecommunications (66.1%) [3] - The beverage industry, despite being among the top three in advertising volume, experienced a 2.6% reduction in spending [3] - New entrants in outdoor advertising include brands like Nanji Ren, Blue Moon, and Han Shu, with notable increases in advertising spending from brands such as Zhen Jiu, Song Da, Hongxing Erke, and Xue Er Si, all exceeding tenfold growth [3] Investment Recommendations - The advertising market is expected to continue its upward trend in spending due to economic recovery, policy relaxation, and increased consumer willingness to spend. Key sectors such as entertainment and leisure, cosmetics/bathroom products, telecommunications, and clothing are projected to see significant increases in advertising investments [3]