MANGO(SZ:300413) Tebon Securities·2024-05-22 00:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the strong performance of the show "Singer 2024," which has exceeded expectations in viewership ratings, leading to increased advertising opportunities and potential revenue growth [6] - The company is expected to see revenue growth driven by both advertising and membership services, particularly as international expansion efforts continue [6] - The financial forecasts indicate a projected revenue of 162.22 billion, 176.93 billion, and 190.09 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year growth of 10.9%, 9.1%, and 7.4% [6][15] Summary by Sections Company Overview - The company operates in the media and digital media industry, with a current stock price of 25.30 yuan [2] - The total market capitalization is approximately 47.33 billion yuan, with a total asset value of 31.77 billion yuan [7] Financial Performance - The company reported a net profit of 20.03 billion yuan for 2024, with a significant year-on-year decrease of 43.7% [6][15] - The gross profit margin is projected to improve from 33.0% in 2023 to 34.6% in 2024 and stabilize at 35.0% in subsequent years [15][17] - The earnings per share (EPS) is expected to be 1.07 yuan in 2024, with a gradual increase to 1.37 yuan by 2026 [15] Market Position and Growth Potential - The show "Singer 2024" has achieved record viewership ratings, with a CVB rating of 0.62 and a market share of 2.67%, significantly higher than previous episodes [6] - The international reach of the program has expanded, with over 21.77 million viewers and a substantial increase in daily membership revenue [6] - The company is actively exploring new technologies such as AI and XR to enhance innovation and efficiency, which supports long-term growth prospects [6]