Core Viewpoint - Zhaoxun Media (301102.SZ), known as the "first stock of high-speed rail media in China," reported a revenue of 670 million yuan in 2024, marking a year-on-year growth of 12.26%, with a net profit attributable to shareholders of 75.6343 million yuan [1] Group 1: High-Speed Rail Digital Media Business - The high-speed rail digital media network is a crucial foundation for Zhaoxun Media's first business curve and core advantage, characterized by its extensive coverage, depth, and quality [2] - The company has solidified its competitive edge, signing contracts with 529 railway passenger stations and operating 495 of them, with over 98.4% being high-speed rail stations, and managing 4,957 digital media screens [2] - Zhaoxun Media has made significant upgrades to major stations like Beijing South and Shenzhen North, enhancing its media offerings and creating impactful visual advertising spaces [2] Group 2: Outdoor Media Business Development - Zhaoxun Media's outdoor naked-eye 3D screen business has begun to take shape, with new installations in key urban commercial areas, including Shenzhen and other major cities [4] - The company has established a top-tier visual creative team and is exploring AI applications in digital content production, achieving notable advancements in digital image processing [4] - The outdoor media business is progressing smoothly, with completed projects enhancing customer engagement and overall profitability [4] Group 3: Market Trends and Economic Environment - The macroeconomic environment in China is stable, providing a conducive backdrop for the advertising and media industry, with advertising revenue surpassing 1.5 trillion yuan in 2024, a 17.9% increase from the previous year [6] - The integration of advertising with the real economy is expected to continue, with significant growth in various media advertising revenues, which exceeded 1 trillion yuan for the first time [6] - Zhaoxun Media's dual-core advertising model combining high-speed rail digital media and urban commercial screen media has gained recognition from numerous leading brands, indicating strong market demand [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to acquire 100% equity of New潮传媒 for an estimated value of 8.3 billion yuan, primarily through share issuance at a price of 5.68 yuan per share [4][8] - The acquisition is expected to optimize media resources, reduce costs, and enhance operational efficiency and profitability [8] - The outdoor advertising market in China is projected to grow from 85.2 billion yuan in 2024 to over 120.2 billion yuan by 2029, benefiting the company from urbanization trends [8] Financial Data and Profit Forecast - Total revenue is forecasted to be 12.63 billion yuan in 2024, 13.54 billion yuan in 2025, and 14.51 billion yuan in 2026, with year-on-year growth rates of 6.1%, 7.2%, and 7.2% respectively [6][10] - Net profit attributable to the parent company is expected to reach 5.34 billion yuan in 2024, 5.87 billion yuan in 2025, and 6.48 billion yuan in 2026, with growth rates of 10.6%, 10.0%, and 10.3% respectively [6][10] - The company's earnings per share are projected to be 0.37 yuan in 2024, 0.41 yuan in 2025, and 0.45 yuan in 2026 [6][10] - The report anticipates a price-to-earnings ratio of 19 for 2024, 18 for 2025, and 16 for 2026 [6][10]

文｜财经故事荟 2025年4月9日，分众以83亿元拟收购新潮。这场被业内称为"核弹级"的并购交易，也是全球最大的户外 媒体并购案，背后有太多的故事。 分众传媒为何要收购新潮？ 分众传媒董事长江南春曾多次表示不会收购新潮，因为收购新潮后，还会有更多的竞争对手出现，所以 一定要把新潮打死。但今天却花了83亿将新潮收入囊中，为什么？行业老大消灭竞争对手的一般规律 是：首先最好打死，打不死就买，买不了就投，投不了就会长期内卷。 今天分众传媒和新潮传媒的十年的竞争正好走到了第二阶段，打不死就卖掉。因为据了解新潮传媒2022 年营收19.40亿元，净亏损4.69亿元；2023年营收19.32亿元，净亏损2.79亿元；2024年收入超过20亿，公 司全面盈利6000多万，且账上还有20亿现金储备。 新潮传媒最近几年表现出了强大的发展势头，据说2025年盈利规模还将继续增加，如果不卖掉会对分众 造成了巨大的竞争压力。所以，对于分众而言，选择在此时收购新潮是一个好战略，一方面能够缓解来 自市场方面的竞争压力；另一方面能增加社区的媒体资源，扩大利润的增量资产。并购公告后分众的股 票涨停，说明资本市场对行业双巨头合并后，未来的发展 ...

Core Viewpoint - The acquisition of New潮传媒 by 分众传媒 for 8.3 billion yuan marks a significant consolidation in China's outdoor advertising industry, enhancing 分众传媒's media network, especially in lower-tier cities and community settings [1][2]. Group 1: Strategic Rationale - The acquisition is driven by three core strategic logics: significant resource complementarity, acceleration of digital transformation through technology synergy, and alignment with national policies to boost domestic demand [1][7]. - The merger will optimize media resource coverage and enhance the comprehensive competitiveness in client development and service [2][8]. Group 2: Market Expansion - The integration of New潮传媒's 740,000 community media terminals fills coverage gaps in non-core areas, creating a complete scene loop from high-end business buildings to community settings [1][3]. - The combined media network will allow advertisers to reach diverse consumer groups, from urban elites to community families, across first-tier cities and lower-tier markets [3][7]. Group 3: Technological Advancements - 分众传媒 is redefining brand growth logic by integrating offline scenarios with digital technology, aiming to become a "super hub" connecting brand exposure and consumer conversion [5][6]. - The company is leveraging AI technology to enhance service efficiency and create new industry solutions, significantly improving advertising strategy formulation and data analysis capabilities [6][8]. Group 4: National Strategy Alignment - The strategic integration aligns with the national directive to expand domestic demand and promote consumption, positioning 分众传媒 as a key infrastructure in the consumption upgrade wave [7][8]. - The company is actively pursuing a "downward and outward" strategy, expanding media resources in lower-tier cities while optimizing coverage in first and second-tier cities [7][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company plans to acquire 100% equity of New Wave Media through a combination of issuing shares and cash payment, with an estimated value of 8.3 billion yuan, corresponding to a price-to-sales (PS) ratio of 4.3 times based on New Wave Media's revenue of 1.932 billion yuan in 2023 [2][5] - The acquisition is expected to create synergies by complementing the company's media network coverage, especially after the bankruptcy of the third-largest media company, Huayu Media, which enhances the company's bargaining power as a leading media player [2][11] - New Wave Media has shown steady revenue growth but has not yet achieved profitability, with revenues of 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan for the years 2022, 2023, and the first nine months of 2024, respectively [11] - The company is projected to achieve net profits of 5.3 billion yuan and 5.9 billion yuan for the years 2024 and 2025, with price-to-earnings (PE) ratios of 20 and 18 times, respectively, assuming no consideration of the New Wave acquisition [2][11] Summary by Sections Acquisition Details - The company intends to acquire New Wave Media for 8.3 billion yuan at a share price of 5.68 yuan, with a PS ratio of 4.3 based on projected revenues [2][5] Financial Performance - New Wave Media's revenues for 2022, 2023, and the first nine months of 2024 were 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan, respectively, while it reported losses of 467 million yuan, 273 million yuan, and 5 million yuan [11] Market Position - The acquisition is expected to enhance the company's market position as the leading media player, benefiting from improved competition dynamics and increased bargaining power [11]

Core Viewpoint - The acquisition of New潮传媒 by 分众传媒 for 8.3 billion yuan is a strategic move to expand its market presence and enhance its competitive position in the outdoor advertising industry, particularly in the elevator advertising segment [1] Strategic Motives and Transaction Logic - Business Complementarity: The merger combines 分众's focus on high-end office buildings and core business districts with 新潮's presence in lower-tier cities and communities, creating a comprehensive media network that enhances advertising reach [2] - Policy and Timing: The acquisition benefits from favorable regulatory conditions that encourage mergers and acquisitions, with 新潮's improving financial status reducing integration risks [3] - Transaction Structure: The deal's valuation has raised concerns, but the share payment structure aligns long-term interests of 新潮's shareholders with 分众's growth potential, suggesting significant profit increases post-merger [4] Industry Impact and Future Challenges - Market Share Increase: Post-acquisition, 分众's market share in outdoor advertising will rise to 17.2%, still below leading global competitors, indicating limited overall market impact but strengthening 分众's competitive edge [5] - Competitive Landscape: The elimination of 新潮 as a major competitor may alleviate pricing pressures, allowing 分众 to enhance its pricing power in the market [5] - Digital Integration: The integration of 新潮's digital capabilities into 分众's operations is expected to attract more small and medium-sized advertisers, leveraging AI for precise marketing strategies [5] - Long-term Growth: The success of this acquisition hinges on balancing scale advantages with technological empowerment, which is crucial for the high-quality development of the advertising industry in China [6]

Core Viewpoint - The acquisition of New潮传媒 by 分众传媒 aims to enhance media coverage and create significant synergies, particularly in lower-tier cities and community scenarios, thereby optimizing resource integration and expanding market reach [1][2][5] Group 1: Acquisition Details - 分众传媒 plans to acquire 100% of New潮传媒 from 50 transaction parties, including Zhang Jixue and companies like 重庆京东海嘉电子商务有限公司 and 百度在线网络技术（北京）有限公司 [1] - The acquisition is positioned as a strategic move to respond to favorable policies for mergers and acquisitions in the market [1][2] - Post-acquisition, New潮传媒 will become a wholly-owned subsidiary of 分众传媒, allowing for enhanced media resource coverage and structural optimization [2][5] Group 2: Market Context - The Chinese advertising market is projected to reach 1.5 trillion yuan in 2024, demonstrating resilience amid macroeconomic fluctuations [2] - Outdoor advertising, particularly outdoor video advertising, is expected to grow at a compound annual growth rate of approximately 9.1% [2] Group 3: Competitive Positioning - 分众传媒 holds a market share of approximately 14.5% in the outdoor advertising sector, while New潮传媒 accounts for about 2.7% [5] - The merger is anticipated to enhance the competitive edge of 分众传媒 by optimizing outdoor media value and fostering a sustainable advertising ecosystem [5] Group 4: Strategic Goals - The company aims to support the rise of Chinese brands by promoting differentiation and value-driven strategies, thereby stimulating consumer demand and market vitality [8] - Through this acquisition, 分众传媒 seeks to play a significant role in boosting the domestic economy and enhancing consumer market dynamics [8] Group 5: Shareholder Value Creation - 分众传媒 has a history of returning value to shareholders, with over 28.6 billion yuan in cash dividends and a dividend rate exceeding 43% since its return to A-shares in 2015 [9] - The acquisition strategy emphasizes long-term value creation through equity ties, transforming the transaction into a collaborative ecosystem rather than a mere asset purchase [9]