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分众传媒(002027):毛利率创阶段新高,持续重视股东回报
Changjiang Securities· 2025-11-01 23:45
Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 9.607 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.73%. The net profit attributable to shareholders was 4.240 billion yuan, up 6.87% year-on-year. In Q3 2025, revenue reached 3.494 billion yuan, with a year-on-year increase of 6.08%, and net profit was 1.576 billion yuan, growing 6.85% year-on-year [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 9.607 billion yuan, a 3.73% increase year-on-year, and a net profit of 4.240 billion yuan, reflecting a 6.87% growth. In Q3 2025 alone, revenue was 3.494 billion yuan, marking a 6.08% year-on-year increase, while net profit was 1.576 billion yuan, up 6.85% year-on-year [2][5]. Business Outlook - The company's core business in elevator media remains stable, with ongoing mergers and acquisitions expected to drive growth. The report highlights the potential for strong performance in the elevator media sector, maintaining a positive outlook on the investment value of the company [2][5]. Shareholder Returns - The company has announced a cash dividend of 0.50 yuan per share (before tax) for Q3 2025, amounting to an estimated total payout of 722 million yuan. This represents approximately 51% of the company's net profit for the first three quarters, indicating a strong commitment to shareholder returns [12].