MANGO(SZ:300413) Zhongyuan Securities·2024-04-25 03:30Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [6][18]. Core Insights - The company achieved a revenue of 14.63 billion yuan in 2023, a year-on-year increase of 4.66%, and a net profit of 3.56 billion yuan, reflecting a significant year-on-year increase of 90.73% [4][6]. - The membership business is accelerating, with the effective membership scale reaching 66.53 million by the end of 2023, a growth of approximately 12.46% year-on-year, and membership revenue increasing by 10.23% to 4.31 billion yuan [5][6]. - The advertising business is showing signs of recovery, with a revenue of 3.53 billion yuan in 2023, although it still represents a decline of 11.57% year-on-year [5][6]. - The company has adopted a "four-platform" model, integrating Mango TV, Hunan TV, Golden Eagle Cartoon, and Xiaomang E-commerce, enhancing business synergy and resource integration [6][5]. Summary by Sections Financial Performance - In 2023, the company reported an operating income of 146.28 billion yuan, a net profit of 35.56 billion yuan, and a non-recurring profit of 18.60 billion yuan due to tax policy changes [4][6]. - The first quarter of 2024 saw an operating income of 33.24 billion yuan, a year-on-year increase of 7.21%, but a net profit decrease of 13.85% [4][6]. Business Segments - The company launched over 100 variety shows in 2023, with a 31% increase in effective playback volume year-on-year, maintaining its industry-leading position [5][6]. - The film and television segment saw a 46% increase in effective playback volume, with over 80 films and 100 micro-dramas in reserve for 2024 [5][6]. Future Outlook - The company expects EPS of 1.03 yuan, 1.14 yuan, and 1.22 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.37, 19.26, and 18.02 [6][7]. - The advertising market is projected to grow, with the company positioned to benefit from its content output and integrated platform advantages [5][6].