MANGO(SZ:300413) KAIYUAN SECURITIES·2024-04-23 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company has achieved record high membership numbers, which has significantly contributed to revenue growth. The release of high-quality content is anticipated to further enhance performance [1][5][6] - The company’s revenue for 2023 was 14.63 billion yuan, reflecting a year-on-year increase of 4.66%, while the net profit attributable to shareholders was 3.56 billion yuan, up 90.73% year-on-year [5] - The company is expected to continue benefiting from a recovery in advertising revenue and an increase in membership driven by quality content [5][6] Financial Performance Summary - In Q4 2023, the company reported revenue of 4.26 billion yuan, a year-on-year increase of 22.98%, and a net profit of 1.78 billion yuan, up 1110.43% year-on-year. After excluding the impact of tax policy, the net profit was 1.93 billion yuan, a year-on-year increase of 3.36% [5] - The effective membership count reached 66.53 million by the end of 2023, a year-on-year increase of 12.46%, contributing to a membership revenue of 4.31 billion yuan, which is a 10.23% increase year-on-year [6] - The average revenue per user (ARPU) for 2023 was 5.40 yuan, with Q4 membership revenue growing by 35.64% year-on-year [6] Future Projections - The company has over 80 film and television projects in reserve for 2024, with significant content releases expected to drive growth. The integration of AI technology is also anticipated to enhance efficiency and reduce costs [7] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.92 billion yuan, 2.18 billion yuan, and 2.38 billion yuan respectively, with corresponding earnings per share (EPS) of 1.03 yuan, 1.17 yuan, and 1.27 yuan [5][8]