IPTV及OTT主业稳健，稳定高分红回报股东

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.91 CNY per share, indicating an expected strong performance relative to the market over the next 12 months [3][2]. Core Insights - The company reported steady growth in 2023, achieving revenue of 1.523 billion CNY, a year-on-year increase of 6.64%. The net profit attributable to shareholders was 708 million CNY, up 2.37% year-on-year. The company has a strong cash position with 2 billion CNY in cash and cash equivalents at year-end [1][2]. - The IPTV and OTT core businesses are stable, with a focus on new technologies such as AI. The IPTV basic business generated 810 million CNY in revenue, a 9.14% increase, while the internet TV business saw a 7.96% increase to 205 million CNY [1]. - The company plans to distribute a cash dividend of 10.6 CNY per 10 shares, totaling 240 million CNY, with a payout ratio of 60.22% for 2023 [1]. Financial Summary - For 2024, the company expects revenue between 1.523 billion CNY and 1.615 billion CNY, representing a growth of 0% to 6%. The net profit attributable to shareholders is projected to decline by 12% to 18% due to changes in corporate income tax policy [1][2]. - The financial forecast for 2024 and 2025 estimates revenues of 1.606 billion CNY and 1.727 billion CNY, respectively, with net profits of 611 million CNY and 697 million CNY [2][1]. - Key financial metrics include an EBITDA of 741 million CNY for 2023, with a projected increase to 854 million CNY in 2024 [2][1].