MANGO(SZ:300413) EBSCN·2025-04-21 15:17Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Viewpoints - The company is seen as a representative of cultural strength in China, with steady business progress, including a significant lead in variety shows and strategic partnerships in e-commerce [1][2]. - The small mango e-commerce platform is expected to achieve rapid growth, with a projected GMV exceeding 16 billion yuan in 2024, representing a 55% year-on-year increase [2]. - The company has a rich reserve of variety shows and is gradually entering the output cycle for dramas, with a strong lineup planned for 2025 [3]. Summary by Sections Business Progress - The company has shown a clear advantage in variety shows, with the series "乘风 2025" accumulating over 1.3 billion views in March and related short videos reaching 2.16 billion views [1]. - The partnership with Jason Entertainment aims to explore the IP peripheral market, which has a potential value of over 100 billion yuan [2]. - Collaborations with Huawei in the automotive entertainment sector are set to enhance the company's technological offerings [1]. Financial Performance - For 2024, the company anticipates membership revenue exceeding 5 billion yuan, an 18% increase year-on-year, and expects advertising revenue to reach approximately 3.58 billion yuan [4]. - The forecasted net profit for 2024 is between 1.25 billion and 1.61 billion yuan, reflecting a significant decline compared to previous years [4]. - The company has adjusted its profit forecasts for 2024 to 1.415 billion yuan, a 27% decrease from previous estimates, and has also slightly revised down the profit forecasts for 2025 and 2026 [4]. Earnings and Valuation - The company’s revenue is projected to grow from 14.805 billion yuan in 2024 to 16.233 billion yuan in 2025, with a compound annual growth rate of approximately 9.64% [5]. - The expected earnings per share (EPS) for 2024 is 0.76 yuan, with a projected increase to 1.11 yuan in 2025 [5]. - The price-to-earnings (P/E) ratio is forecasted to be 37 for 2024, decreasing to 25 in 2025, indicating a potential improvement in valuation as earnings recover [5].