证券研究报告 | 公司更新 | 广告营销 分众传媒(002027) 报告日期：2025 年 07 月 23 日 分众传媒更新：家电、3C、互联网行业高景气， "碰一碰"数字 化及整合新潮催化可期 ——分众传媒更新报告 投资要点 1.广告轮播时长：22.5 分钟； 2.广告主：22 个，单个轮播周期中播放广告 90 次； 3.大客户广告主——淘宝省钱卡、淘宝闪购、闲鱼、京东、美团、Coach、贵州 珍酒、瑞幸咖啡、东鹏补水啦、外星人维 C 水。 本次轮播广告总时长 1350 秒，覆盖 22 家广告主。行业分布呈现显著结构化特 征：日用消费品 13 家（占比 59.1%）持续巩固主业基石，互联网、家电及 3C 数 码均占 3 家（各 13.6%），商业服务占 2 家（9.1%），娱乐休闲占 1 家（4.5%）。 7 月 11 日草根研究： 1.广告轮播时长：22.5 分钟； 2.广告主：22 个，单个轮播周期中播放广告 90 次； 基本数据 3.本周大客户广告主——淘宝省钱卡、淘宝闪购、美团、京东、瑞幸咖啡、东鹏 补水啦、外星人维 C 水、三得利乌龙茶、君乐宝、百岁山、兔头妈妈。 本次轮播广告总时长 1350 秒 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the significance of the "Touch and Go" feature in elevator media and the collaboration with Alipay, which is expected to enhance advertising efficiency and contribute to revenue growth [3][5] - The acquisition of Chengdu Xinchao Media Group is projected to increase the company's coverage and improve single-point efficiency, further solidifying its market leadership [9] Summary by Sections Company Overview - The company, Focus Media (分众传媒), is a leading player in elevator media advertising in China, with a total of 3.06 million advertising points as of March 2025, including 1.26 million elevator TV media and 1.8 million elevator poster media [3] Recent Developments - On June 24, 2025, Alipay announced the launch of the "Touch and Go" feature, allowing users to interact with advertisements in elevators to receive rewards, thereby linking online and offline advertising [3] - The company plans to acquire 100% of Chengdu Xinchao Media Group for an estimated valuation of 8.3 billion [2] Market Dynamics - The instant retail market is experiencing rapid growth, and the competition is intensifying. Focus Media is expected to benefit from increased advertising budgets from instant retail companies [5] - The report notes that the outdoor advertising market is showing a steady increase, with a 6% year-on-year growth in Q1 2025 [9] Financial Projections - Revenue projections for 2025-2027 are estimated at 13.53 billion, 14.49 billion, and 15.54 billion respectively, with year-on-year growth rates of 10.4%, 7.1%, and 7.2% [9] - The expected net profit for the same period is projected to be 5.56 billion, 5.98 billion, and 6.53 billion, with growth rates of 7.7%, 7.7%, and 9.1% [9][10] Strategic Implications - The integration of Xinchao Media is anticipated to enhance the company's bargaining power and improve the efficiency of advertising points, benefiting both the company and its advertisers [8] - The "Touch and Go" feature is expected to reshape marketing value by providing detailed consumer data and enhancing user engagement for Alipay [8]