MANGO(SZ:300413) GUOTAI HAITONG SECURITIES·2025-10-27 11:04Investment Rating - The investment rating for the company is "Accumulate" with a target price of 41.04 CNY [4][12]. Core Insights - The company's revenue continues to show a quarter-on-quarter increase, with new dramas and variety shows expected to launch in the fourth quarter, which is anticipated to positively impact performance due to strong content [2][12]. - The company achieved a quarterly revenue of 30.99 billion CNY in Q3 2025, marking a 1.18% increase from the previous quarter, although it represents a 6.58% decline year-on-year [12]. - The company is expected to enter a period of concentrated content release, which should enhance both membership and advertising revenues [12]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 90.63 billion CNY, a year-on-year decrease of 11.82%, and a net profit attributable to shareholders of 10.16 billion CNY, down 29.67% [12]. - The operating cash flow for the first three quarters was 6.74 billion CNY, reflecting a significant year-on-year increase of 307.14%, with cash reserves exceeding 13 billion CNY [12]. - The company forecasts earnings per share (EPS) of 0.82 CNY, 1.08 CNY, and 1.32 CNY for the years 2025, 2026, and 2027 respectively [12][14]. Market Performance - The stock price has fluctuated between 21.13 CNY and 35.76 CNY over the past 52 weeks, with a current price of 28.88 CNY [5][12]. - The company has a total market capitalization of 54,026 million CNY and a net asset value per share of 12.38 CNY, resulting in a price-to-book ratio of 2.3 [5][6]. Upcoming Content - The new drama "Water Dragon Chant" launched on October 24, 2025, with over 5 million pre-orders and more than 50 million views on the first day [12]. - The variety show "Sound of the Future 2025" is set to premiere on October 28, 2025, and will be broadcast across multiple platforms, which is expected to further boost revenue [12].