Focus Media(002027) 华福证券·2024-01-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [4][11]. Core Views - The company is projected to achieve a net profit of 4.8 to 4.98 billion yuan in 2023, representing a year-on-year growth of 72.0% to 78.5% [2]. - The company plans to maintain a steady dividend policy, committing to distribute at least 80% of the annual net profit excluding non-recurring items as cash dividends from 2024 to 2026 [2]. - The advertising market is showing signs of recovery, with significant growth in elevator and cinema advertising, which is expected to contribute positively to the company's revenue [2]. Financial Data and Valuation - Revenue projections for 2023 to 2025 are 12.1 billion, 14.5 billion, and 16.6 billion yuan respectively, with growth rates of 28.3%, 20.3%, and 14.1% [2][7]. - Net profit estimates for the same period are 4.99 billion, 5.89 billion, and 6.8 billion yuan, with growth rates of 77.9%, 18.0%, and 15.5% [2][7]. - The company’s earnings per share (EPS) are expected to increase from 0.34 yuan in 2023 to 0.47 yuan in 2025 [2][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 16.4 in 2023 to 12.1 in 2025, indicating improving valuation metrics [2][7].