证 券 研 究 报 告 互联网影视音频 2025 年 08 月 28 日 落地 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,080 | 12,616 | 13,363 | 14,317 | | 同比增速(%) | -3.7% | -10.4% | 5.9% | 7.1% | | 归母净利润(百万) | 1,364 | 1,431 | 1,764 | 2,128 | | 同比增速(%) | -61.6% | 4.9% | 23.3% | 20.6% | | 每股盈利(元) | 0.73 | 0.76 | 0.94 | 1.14 | | 市盈率(倍) | 37 | 35 | 29 | 24 | | 市净率(倍) | 2.3 | 2.2 | 2.0 | 1.9 | 芒果超媒（300413）2025 年中报点评 推荐（维持） 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 27 日收盘价 仍在承压期 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 26 CNY [5]. Core Views - The company is a leading player in the film and television industry, with strong content and distribution capabilities. It is expected to continue its efforts in content innovation, particularly in variety shows and high-quality dramas [2]. - Cultural export is anticipated to be a significant growth driver for the company, with 2025 marking the first year of the "Mango Going Global Three-Year Action Plan" (2025-2027) [2]. - The company is expected to leverage new technologies, particularly AI, to reshape the content industry, which may lead to new growth opportunities [2]. Financial Summary - In 2024, the company achieved revenue of 14.08 billion CNY and a net profit of 1.364 billion CNY, representing a year-on-year decrease of 3.75% and 61.63%, respectively. The non-recurring net profit was 1.645 billion CNY, showing a slight decline of 2.99% [1]. - For Q1 2025, the company reported revenue of 2.9 billion CNY and a net profit of 379 million CNY, with year-on-year decreases of 12.76% and 19.8%, respectively [1]. - The revenue contributions from Mango TV, content production and operation, and content e-commerce have changed slightly, with Mango TV's effective membership growing to 73.31 million and revenue increasing to 5.148 billion CNY [1]. - The projected revenues for 2025, 2026, and 2027 are 14.285 billion CNY, 16.411 billion CNY, and 18.563 billion CNY, respectively, with corresponding net profits of 1.952 billion CNY, 2.443 billion CNY, and 2.816 billion CNY [2][4].