MANGO(SZ:300413)2024-04-23 11:31Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company's Q1 core video business shows improvement, with a focus on the performance of key variety shows in Q2 [9] - The company reported a revenue of 14.63 billion yuan for 2023, a year-on-year increase of 4.7%, and a net profit of 3.56 billion yuan, up 90.7% year-on-year [9] - In Q1 2024, the company achieved a revenue of 3.32 billion yuan, a year-on-year growth of 7.2%, but the net profit decreased by 13.9% [9] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 14.63 billion yuan, with a net profit of 3.56 billion yuan, reflecting a significant increase in profitability [9][12] - Q1 2024 revenue reached 3.32 billion yuan, with a net profit of 472 million yuan, indicating a decline compared to the previous year [11][12] Business Segments - Internet video business revenue was 10.6 billion yuan in 2023, growing by 2%, with membership and advertising segments showing positive growth [10] - Content e-commerce revenue increased by 32%, with the small mango e-commerce segment growing by 50% [10] Cost and Margin Analysis - The overall gross margin for 2023 was 33%, a slight decline of 1 percentage point year-on-year [10] - In Q1 2024, the gross margin dropped to 29%, impacted by increased content costs in the core video business [10] Cash Flow and Dividends - Operating cash flow improved significantly, with a net cash flow of 1.08 billion yuan in 2023 and 170 million yuan in Q1 2024 [10] - The cash dividend for 2023 was 337 million yuan, representing 20% of the non-net profit, an increase of 5 percentage points from 2022 [10] Future Outlook - The company plans to launch key variety shows in Q2, which are expected to drive performance [10] - Profit forecasts for 2024 and 2025 have been adjusted downwards, with expected net profits of 1.93 billion yuan and 2.23 billion yuan respectively [10]