MANGO(SZ:300413) Orient Securities·2024-05-26 00:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.96 CNY based on a 28x PE for 2024 [5][3]. Core Insights - The launch of "Singer 2024" on May 10 has generated significant buzz, topping the trending charts and surpassing "Riding the Wind 2024" in viewership. The show features an innovative all-live format and a revamped competition structure, which includes elimination rounds and surprise guest singers, keeping the audience engaged [2]. - The first episode of "Singer 2024" garnered 230 million views, while the second episode saw a 12% increase in viewership, reaching 258 million. The second episode also achieved a 63.43% increase in ratings compared to the first episode, with a peak online viewership of 309% for Mango TV members [2]. - The international reach of "Singer 2024" is notable, with over 2.88 million views overseas, and the second episode's international app viewership was nearly four times that of the first episode. The daily membership revenue surged by 153%, marking a new high for the year [2]. - In April, Mango's total viewership reached 11.322 billion, a year-on-year increase of 50.64% and a month-on-month increase of 64.58%. The viewership for dramas was 3.65 billion (yoy +28.38%), while variety shows reached 7.672 billion (yoy +64.19%) [2]. Financial Summary - The company's revenue for 2022 was 13.704 billion CNY, with a projected increase to 16.384 billion CNY in 2024, reflecting a 12% year-on-year growth. The net profit attributable to the parent company is expected to be 1.993 billion CNY in 2024, down from 3.556 billion CNY in 2023 [4]. - The report forecasts net profits of 1.993 billion CNY, 2.339 billion CNY, and 2.678 billion CNY for 2024, 2025, and 2026 respectively, with a downward adjustment due to increased production costs [3][4]. - The gross margin is projected to be 31.8% in 2024, with a net margin of 12.2% [4].