融媒体优势显现，广告复苏，会员加速

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.40 CNY per share, reflecting a reasonable value of 681 billion CNY for the company [1][2]. Core Insights - The company reported a revenue of 14.6 billion CNY in 2023, a year-on-year increase of 4.7%. Advertising revenue was 3.5 billion CNY, down 12% YoY, while membership revenue reached 4.3 billion CNY, up 10% YoY, with a total membership of 66.53 million [1][2]. - The company completed the acquisition of Golden Eagle Cartoon, which generated a net profit of 63.47 million CNY during the reporting period, fulfilling performance commitments [1]. - The company’s operating expenses remained stable, leading to a positive growth in EBITDA, which reached 1.85 billion CNY in 2023, a 2% increase YoY [1][2]. - The first quarter of 2024 saw revenue of 3.32 billion CNY, a 7% increase YoY, with operating profit reaching 547 million CNY, up 3.7% YoY [1][2]. Summary by Sections Business Update - The company has established a unique media integration ecosystem, focusing on innovative content and media strategies to enhance its diversified content monetization ecosystem. It aims to strengthen its competitiveness in variety shows while expanding into drama and children's content [7][10]. - The integration of Mango TV, Golden Eagle Cartoon, and other platforms is expected to enhance content supply and commercial revenue sources, with a focus on increasing membership and ARPU [7][10]. Financial Forecast - The company is projected to achieve a non-GAAP net profit of 2.09 billion CNY in 2024 and 2.52 billion CNY in 2025. The valuation for the streaming business is estimated at 547 billion CNY based on a 4x PS ratio, while the IPTV/OTT business is valued at 134 billion CNY based on a 5x PS ratio [2][24]. Content Strategy - The company plans to increase its investment in drama series, with a focus on high-quality content to ensure stable business profits. Upcoming key projects include "Four Seas Bright" and "Water Dragon Chant" [20][21]. - The 2024 variety show lineup includes major titles such as "Singer 2024" and "Riding the Wind 2024," which are expected to drive viewer engagement and revenue [19][20].