芒果超媒（300413）：“一综多星”，声鸣远扬

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The newly announced variety show "Voice of the Future 2025" is expected to drive a recovery in advertising revenue, as it features a unique collaboration among eight major platforms, aiming to become a hit content [2][13] - The company has adjusted its EPS forecasts for 2025-2027 to 0.82, 1.08, and 1.32 yuan respectively, based on improved expectations for advertising revenue [13] - The target price has been raised to 41.04 yuan, reflecting a PE ratio of 38x for 2026, based on comparable company valuations [15] Financial Summary - Total revenue is projected to decline from 14,628 million yuan in 2023 to 13,147 million yuan in 2025, before rebounding to 15,497 million yuan in 2026 and 16,601 million yuan in 2027, with a CAGR of 7.1% from 2025 to 2027 [4] - Net profit attributable to the parent company is expected to decrease significantly from 3,556 million yuan in 2023 to 1,364 million yuan in 2024, before recovering to 1,539 million yuan in 2025 and reaching 2,463 million yuan by 2027 [4] - The net asset return rate is forecasted to improve gradually from 6.1% in 2024 to 9.2% in 2027 [4] Industry Context - The "Broadcasting and Television 21 Regulations" are anticipated to promote innovation in content production, which may benefit the company as it has a substantial reserve of nearly 100 film and television projects [13] - The company is also expanding its micro-short drama offerings, with a significant increase in the number of releases in the first half of 2025 [13]