XMGF(SZ:300770) East Money Securities·2024-05-06 08:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [14]. Core Insights - The company's main business segments are steadily growing, with a focus on expanding diverse content offerings [10]. - In 2023, the company achieved a revenue of 1.523 billion yuan, a year-on-year increase of 6.64%, and a net profit attributable to the parent company of 707.68 million yuan, up 2.37% year-on-year [12]. - The company is expected to continue its growth trajectory, with projected revenues for 2024-2026 of 1.612 billion, 1.691 billion, and 1.758 billion yuan respectively, and net profits of 640.05 million, 683.64 million, and 717.61 million yuan [19]. Financial Summary - The company's EBITDA for 2023 was 741.25 million yuan, with projections of 779.32 million, 823.57 million, and 857.26 million yuan for the following years [4]. - The gross margin for 2023 was 51.65%, a decrease of 2.16 percentage points year-on-year, while the net margin was 46.44%, down 1.91 percentage points [11]. - The company reported a cash flow from operating activities of 625.24 million yuan for 2023, with expectations of growth in subsequent years [5]. Business Performance - The IPTV core business continued to develop steadily, with effective user numbers at 19.51 million, and revenue from this segment reached 809 million yuan, a 9.14% increase [16]. - The internet audio-visual business also saw growth, with revenue increasing by 7.31% to 606 million yuan [16]. - The company plans to distribute a total cash dividend of 18.60 yuan per 10 shares for the year 2023, amounting to 426 million yuan [18].