23年归母净利同比增90.73%，会员业务加速发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company reported a 90.73% year-on-year increase in net profit attributable to shareholders, reaching 3.556 billion yuan, primarily due to a one-time adjustment from changes in corporate income tax policy [1]. - The company's revenue for 2023 was 14.628 billion yuan, a 4.66% increase year-on-year, with a significant growth in membership business, which is expected to continue driving revenue growth [2][4]. - The first quarter of 2024 saw a revenue of 3.324 billion yuan, a 7.21% increase year-on-year, although net profit decreased by 13.85% due to higher tax expenses [1]. Financial Performance Summary - In 2023, the company's internet video business generated 10.614 billion yuan in revenue, a 1.88% increase, with membership revenue growing by 10.23% to 4.315 billion yuan [2]. - The effective membership count reached 66.53 million by the end of 2023, contributing to a positive cycle of content investment and membership growth [2]. - The company forecasts revenues of 16.451 billion yuan, 18.278 billion yuan, and 19.740 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 12.47%, 11.10%, and 8.00% [4]. Business Segments - Membership business is expected to maintain high growth driven by both membership numbers and ARPPU (Average Revenue Per User) [2]. - The advertising business showed signs of recovery, with a 15.95% increase in revenue in Q4 2023 compared to the previous year [2]. - The company is expanding its content offerings, with over 100 new variety shows launched in 2023 and a strong pipeline of upcoming projects [3]. Strategic Developments - The company is enhancing its content supply chain and diversifying its business ecosystem, including collaborations in children's programming and e-commerce [3]. - The international expansion of the Mango TV app has reached over 195 countries, with plans to increase user base and content output [3]. - The integration of AI technologies across various business operations is expected to improve efficiency and reduce costs [3].