Focus Media(002027) 申万宏源证券·2025-04-16 04:44Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to acquire 100% equity of New潮传媒 for an estimated value of 8.3 billion yuan, primarily through share issuance at a price of 5.68 yuan per share [4][8] - The acquisition is expected to optimize media resources, reduce costs, and enhance operational efficiency and profitability [8] - The outdoor advertising market in China is projected to grow from 85.2 billion yuan in 2024 to over 120.2 billion yuan by 2029, benefiting the company from urbanization trends [8] Financial Data and Profit Forecast - Total revenue is forecasted to be 12.63 billion yuan in 2024, 13.54 billion yuan in 2025, and 14.51 billion yuan in 2026, with year-on-year growth rates of 6.1%, 7.2%, and 7.2% respectively [6][10] - Net profit attributable to the parent company is expected to reach 5.34 billion yuan in 2024, 5.87 billion yuan in 2025, and 6.48 billion yuan in 2026, with growth rates of 10.6%, 10.0%, and 10.3% respectively [6][10] - The company's earnings per share are projected to be 0.37 yuan in 2024, 0.41 yuan in 2025, and 0.45 yuan in 2026 [6][10] - The report anticipates a price-to-earnings ratio of 19 for 2024, 18 for 2025, and 16 for 2026 [6][10]