MANGO(300413) 华鑫证券·2025-04-28 01:23Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is focusing on increasing content and R&D investments to drive new growth momentum, with a significant emphasis on innovative content production and technology integration [4][5]. - The company aims to enhance its international presence through the "Mango Going Global Three-Year Action Plan" and the development of an AI-driven interactive platform [6][7]. - The financial forecast indicates a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenues of 154.67 billion, 168.59 billion, and 182.58 billion respectively, and net profits of 16.07 billion, 19.92 billion, and 24.62 billion [10][12]. Summary by Sections Company Overview - The company is a leading player in the media industry, continuously innovating in content production, with a strong focus on self-produced content and a comprehensive media ecosystem [4]. Financial Performance - In 2024, the company's new media interactive entertainment content production and copyright costs reached 810 million, up 17% year-on-year. The internet video business costs were 6.2855 billion, an increase of 8.46% year-on-year [5]. - The first quarter of 2025 saw a year-on-year decline in revenue and net profit of 12.76% and 19.8% respectively, primarily due to a contraction in traditional TV shopping business and increased content investment [5]. Growth Strategy - The company is leveraging AI technology through the establishment of the "Shanhai Research Institute" and the development of its own AI model to enhance content innovation and production efficiency [7]. - The company is also exploring new business models, including e-commerce through its "Xiaomang E-commerce" platform, which achieved an annual GMV of 161 million in 2024, with a compound growth rate of 125% over four years [9]. Profitability Forecast - The report projects a gradual increase in earnings per share (EPS) from 0.86 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 29.9 to 19.5 [10][12].