会员发展提档换速，内容生态持续夯实

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 14.628 billion yuan in 2023, a year-on-year increase of 4.66%, and a net profit of 3.556 billion yuan, up 90.73% year-on-year [1] - In Q1 2024, the company achieved a revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, but a net profit decrease of 13.85% due to increased tax expenses [1] - The company is focusing on enhancing its content ecosystem and exploring AI applications in variety shows, with significant growth in effective viewership for both variety shows and dramas [1] - Membership revenue grew by 10.23% year-on-year to 4.315 billion yuan in 2023, with a notable increase of 35.64% in Q4 2023 [1] - The advertising business showed signs of recovery, with a 15.95% increase in Q4 2023 compared to the previous year [1] Financial Summary - In 2023, the company achieved a total revenue of 14.628 billion yuan, with a net profit of 3.556 billion yuan [6] - The projected net profits for 2024, 2025, and 2026 are 2.060 billion yuan, 2.367 billion yuan, and 2.625 billion yuan respectively, reflecting a year-on-year change of -42%, +15%, and +11% [6] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20, 18, and 16 times respectively [6] Content Ecosystem Development - The company has expanded its content offerings significantly, launching over 100 variety shows and 128 dramas in 2023 [1] - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. aims to enhance the company's presence in the children's content sector [1] - The integration of various platforms, including Mango TV and Xiaomang E-commerce, is expected to create synergies and enhance user engagement [1]