芒果超媒：《歌手2024》热度破圈，新模式增厚管线流量

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The launch of "Singer 2024" has generated significant buzz, topping the trending charts and surpassing viewership of "Riding the Wind 2024" with a total viewership of 230 million for the first episode and 258 million for the second episode, marking a 12% increase [1] - The company is expected to see stable revenue growth driven by its popular variety show IP matrix and high-quality drama productions, with projected net profits of 1.993 billion, 2.339 billion, and 2.678 billion yuan for 2024, 2025, and 2026 respectively [2][4] - The company’s total viewership in April reached 11.322 billion, a year-on-year increase of 50.64%, with significant contributions from both drama and variety shows [1] Financial Summary - The company’s revenue is projected to grow from 14.628 billion yuan in 2023 to 16.384 billion yuan in 2024, reflecting a 12% year-on-year increase [3] - The net profit attributable to the parent company is expected to decrease by 43.9% in 2024 to 1.993 billion yuan, following a substantial increase of 90.7% in 2023 [3] - The company’s earnings per share (EPS) is forecasted to be 1.07 yuan in 2024, down from 1.90 yuan in 2023 [3] Valuation - The target price for the company is set at 29.96 yuan, based on a 28x PE ratio for 2024 [2][4] - The company’s market capitalization is approximately 46.955 billion yuan, with a current share price of 25.1 yuan [4]