MANGO(SZ:300413) Soochow Securities·2024-04-22 04:00Investment Rating - The report maintains a "Buy" rating for Mango Excellent Media (300413) [1] Core Views - The company reported a revenue growth of 4.7% year-on-year to 14.63 billion yuan in 2023, with a significant net profit increase of 90.7% to 3.56 billion yuan [2] - In Q1 2024, revenue grew by 7.2% year-on-year to 3.32 billion yuan, while net profit decreased by 13.9% to 470 million yuan, primarily due to changes in corporate income tax policies [2] - Mango TV continues to lead in viewership, with a strong lineup of content planned for 2024, including over 11 new variety shows in Q2 [2] - The company has announced a cash dividend plan, distributing 1.8 yuan per 10 shares, totaling 340 million yuan, a 39% increase year-on-year [2] - Due to the expiration of tax incentives for cultural enterprises, net profit forecasts for 2024 and 2025 have been adjusted downwards to 2.12 billion yuan and 2.37 billion yuan, respectively [2] Financial Summary - Total revenue (in million yuan) is projected to reach 16,302 in 2024, 17,874 in 2025, and 19,492 in 2026, with year-on-year growth rates of 11.44%, 9.64%, and 9.05% respectively [2] - The net profit attributable to shareholders is expected to be 2.12 billion yuan in 2024, 2.37 billion yuan in 2025, and 2.65 billion yuan in 2026, reflecting a year-on-year decrease of 40.31% in 2024, followed by growth rates of 11.74% and 11.82% in the subsequent years [2] - The latest diluted EPS is projected at 1.13 yuan for 2024, 1.27 yuan for 2025, and 1.42 yuan for 2026 [2] - The current stock price corresponds to P/E ratios of 20.75 for 2024, 18.57 for 2025, and 16.61 for 2026 [2]