证券研究报告：传媒 | 公司点评报告 发布时间：2025-09-28 股票投资评级 增持|首次覆盖 个股表现 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 三人行 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 30.15 | | --- | --- | | 总股本/流通股本（亿股）2.11 / 2.11 | | | 总市值/流通市值（亿元）64 / 64 | | | 52 周内最高/最低价 | 41.33 / 25.11 | | 资产负债率(%) | 41.7% | | 市盈率 | 45.68 | | 第一大股东 | 青岛多多行投资有限公 | | 司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 三人行(605168) 广告主业稳健修复，切入算力赛道培育新增长点 ⚫ 事件回顾 2025 年 8 月 29 日，公司发布 2025 年半年报， 2025H1，公司实 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.657 billion yuan for the first half of 2025, a year-on-year decline of 13.36%, while the net profit attributable to shareholders was 144 million yuan, an increase of 10.83% [2][5]. - In Q2 2025, the company achieved a revenue of 840 million yuan, down 13.93% year-on-year, with a net profit of 71 million yuan, a decrease of 13.15% [5]. - The company is focusing on its advertising business while actively expanding new business areas, with the lottery business expected to see significant breakthroughs [2][5]. Summary by Sections Financial Performance - For H1 2025, the company achieved a net profit of 144 million yuan, up 10.83% year-on-year, and a non-recurring net profit of 127 million yuan, up 4.56% [5]. - In Q2 2025, the gross margin improved, with a year-on-year increase of 1.47 percentage points and a quarter-on-quarter increase of 6.99 percentage points, reaching 22.06% [10]. Business Development - The company is actively expanding its marketing services for leading clients across various industries, including a new marketing project for the AITO brand in the automotive sector [10]. - The lottery business is being developed with over 30 stores launched in various provinces and nearly 1,000 cinema channel stores signed [10]. - A strategic cooperation agreement was signed with a well-known chip application design and distribution service provider to enhance investment strategies and resource sharing [10]. Future Outlook - The company expects to achieve net profits of 330 million yuan and 505 million yuan for 2025 and 2026, respectively, corresponding to PE ratios of 21.95 and 14.33 [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company reported a Q2 performance that exceeded expectations, primarily due to reduced costs from AI empowerment and significant financial restructuring. The debt-to-asset ratio improved from 41.72% at the beginning of the year to 35.66% by mid-2025, with total liabilities decreasing by 22.77% to 1.487 billion [2]. - The company has established a strategic partnership with Keton Technology to enhance its capabilities in chip sales and computing power services, leveraging Keton's extensive industry resources and relationships with over 80 leading chip manufacturers [2]. - The company has developed an AI-driven marketing platform that automates the entire marketing process, significantly reducing labor costs and improving return on investment (ROI) [3]. Financial Summary - For the first half of 2025, the company achieved a revenue of 1.657 billion, a year-on-year decrease of 13.36%, while the net profit attributable to shareholders reached 144 million, a year-on-year increase of 10.83% [1]. - The company forecasts revenues of 3.739 billion, 4.168 billion, and 4.545 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 381 million, 467 million, and 549 million, reflecting significant growth in profitability [4][3]. - The company’s cash reserves increased by 47.18% to 920 million by mid-2025, providing a solid foundation for future growth [3].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company's H1 2025 revenue is under pressure, with total operating income at 1.657 billion RMB, a year-over-year decrease of 13.36%. However, net profit increased to 144 million RMB, up 10.83% year-over-year [1]. - The decline in revenue is attributed to a slow macroeconomic recovery and reduced marketing budgets from major advertisers in the automotive and fast-moving consumer goods sectors [2]. - The company has significantly improved its operating cash flow, with a net cash flow from operating activities of 569 million RMB, an increase of 709 million RMB year-over-year, indicating a positive shift from negative to positive cash flow [3]. - The company is actively pursuing a diversified strategic layout, including advancements in AI applications and digital marketing, which are expected to enhance operational efficiency and reduce labor costs [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 1.657 billion RMB, with a net profit of 144 million RMB. The second quarter revenue was 840 million RMB, down 13.93% year-over-year, while the net profit for Q2 was 71 million RMB, down 13.08% [1]. - The comprehensive gross margin is 18.62%, slightly down by 0.46 percentage points year-over-year, primarily due to increased operating costs from expanding digital marketing services [2]. - The company's cash reserves reached 919 million RMB, a 47.18% increase from the beginning of the year, and the debt-to-asset ratio improved from 41.72% to 35.66% [3]. Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 to be 386 million RMB, with projected earnings per share (EPS) of 1.83 RMB. The target price is set at 40.28 RMB, corresponding to a price-to-earnings (PE) ratio of 22 times for 2025 [5][11].

证券代码：605168 证券简称：三人行 公告编号：2025-030 三人行传媒集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为积极践行"以投资者为本"的发展理念，持续推动公司高质量发展与投资 价值提升，维护全体股东利益，切实履行公司的责任和义务，共同助力资本市场 长期稳健发展，三人行传媒集团股份有限公司（以下简称"三人行"或"公司"） 于 2025 年 8 月 14 日召开第四届董事会第十一次会议，审议通过了《2025 年度 "提质增效重回报"行动方案》，具体如下： 一、聚焦主营业务，提升经营质量 偿债安全边际明显提升；货币资金 74,927.47 万元，叠加期末交易性金融资产中 储备更为充裕。同时，得益于公司在 AI 技术应用方面的效率提升，报告期内人 力配置更趋精干高效，人工薪酬开支显著减少，整体费用得到有效下降。AI 赋 能下的人效跨越式增长，为盈利效率的稳步增强注入了源源不断的动力，进一步 夯实了公司在行业竞争中的成本优势与盈利能力，为高质量发展奠定了更为坚实 的基础。 合作的基础上，进一步 ...