味物性贡献业绩增长，高分红重视股东 分众传媒 2024 中报点评 (ZIUM品 pr 【 事件 】公司披露 24 年中报：24H1 实现营业收入 59.67 亿元(yoy+8.17%)，归母净 利润 24.93 亿元(yoy+11.74%)，扣非归母净利润 21.97 亿元(yoy+11.43%)；其中 24Q2 收入 32.38 亿元(yoy+10.05%)，归母净利润 14.53 亿元(yoy+12.65%)，扣非 净利润 12.52 亿元(yoy+6.82%)。 主业稳健增长，宏观因素扰动下仍具韧性。24H1 收入同比增长 8.17%。分业务 . 看，24H1 楼宇/院线的营业收入为 55.05/4.54 亿元(yoy +7.25%/ +20.75%)。 24H1 国内 GDP 同比增长 5%，社零同比增长 3.7%，广告市场同比增长 2.7%， 相较于大盘表现，公司在宏观经济波动中保持稳健增长。毛利率端，24H1 楼宇媒 体毛利率同增 0.3ppt 至 64.31%，综合毛利率同增 1.2ppt 至 65.13%。销售费用 率同比微降 0.12ppt 至 18.5%，管理费用率同比持平，整体成本费用控 ...

Company Overview - Revenue in 2022 was RMB 9,425 million, with a growth rate of -36.47%, while in 2023, revenue increased to RMB 11,904 million, showing a growth rate of 26.30% [1] - Net profit attributable to the parent company in 2022 was RMB 2,790 million, with a growth rate of -53.99%, and in 2023, it surged to RMB 4,827 million, reflecting a growth rate of 73.02% [1] - The diluted earnings per share (EPS) in 2022 was RMB 0.193, and in 2023, it increased to RMB 0.334 [1] - The ROE (Return on Equity) for 2022 was 16.46%, and it rose to 27.28% in 2023 [1] - The P/E ratio in 2022 was 34.58, and it decreased to 18.91 in 2023 [1] Performance Highlights - In H1 2024, the company reported revenue of RMB 5.97 billion, a year-on-year increase of 8.2%, and net profit attributable to the parent company of RMB 2.49 billion, up 11.7% year-on-year [2] - Q2 2024 revenue was RMB 3.24 billion, up 10.1% year-on-year, with net profit attributable to the parent company at RMB 1.45 billion, a 12.7% increase year-on-year [2] - The company proposed a cash dividend of RMB 0.1 per share for the first half of 2024 [2] - Revenue growth in H1 2024 was driven by the communications, real estate, and consumer goods sectors, with increases of 48.1%, 28.7%, and 14.2% respectively [2] - The cinema media channel saw a 20.8% increase in revenue in H1 2024, reaching RMB 450 million, but growth was constrained by a lackluster Q2 box office performance [2] Profitability and Valuation - The company's net profit margin improved in H1 2024, with H1 and Q2 net profit margins increasing by 1.3 and 1.0 percentage points respectively [2] - The gross profit margin in H1 2024 increased by 1.2 percentage points year-on-year, and in Q2, it rose by 2.3 percentage points [2] - The company's PE ratio for 2024-2026 is projected to be 15.79, 14.96, and 13.86 respectively, with a "Buy" rating maintained [2] Industry and Market Analysis - The company's performance is closely tied to the advertising industry, which is directly influenced by economic conditions [2] - The rise of new sectors such as AI and emerging brands is expected to contribute to future growth [2] - The company's strong market position in the elevator media sector is expected to support stable operations [2] Historical Ratings and Market Sentiment - The company has consistently received "Buy" ratings from analysts, with a target price range of RMB 7.20 to RMB 7.20 in December 2022 [7] - The market sentiment score for the company is 1.00, indicating a strong "Buy" recommendation [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7]. Core Insights - The company reported a revenue of 5.967 billion yuan for H1 2024, representing a year-on-year growth of 8.17%, with a net profit of 2.493 billion yuan, up 11.74% year-on-year [2][3]. - The revenue from daily consumer goods advertisers reached 3.815 billion yuan in H1 2024, marking a 14.22% increase and accounting for 63.93% of total revenue, the highest proportion recorded [2]. - The company plans to distribute a cash dividend of 0.10 yuan per share for H1 2024, totaling 1.444 billion yuan, which is 57.92% of the net profit attributable to shareholders [2]. - The company is accelerating its "downward and outward" strategy by collaborating with Meituan to develop and operate advertising in lower-tier cities, while also expanding its elevator media advertising business in the UAE [2][3]. Financial Data Summary - For 2022A, the company reported a revenue of 9.425 billion yuan, with a projected revenue of 12.692 billion yuan for 2024E, reflecting a growth rate of 26% [1]. - The net profit for 2022A was 2.790 billion yuan, with an expected increase to 5.316 billion yuan in 2024E, indicating a growth rate of 73% [1]. - The earnings per share (EPS) are projected to rise from 0.19 yuan in 2022A to 0.37 yuan in 2024E [1]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.9 in 2022A to 16.2 in 2024E, indicating improved valuation [1].

Financial Performance - In the first half of 2024, the company achieved operating revenue of CNY 596,727.14 million, an increase of 8.17% compared to CNY 551,675.58 million in the same period last year [3] - The net profit attributable to shareholders was CNY 249,342.78 million, up 11.74% from CNY 223,141.76 million year-on-year [3] - The net profit excluding non-recurring gains and losses was CNY 219,718.96 million, reflecting an 11.43% increase from CNY 197,186.34 million [3] Advertising Client Structure - The client structure is diversified, covering various industries including daily consumer goods, internet, transportation, commercial services, entertainment, and home furnishings [4] - Daily consumer goods accounted for over 60% of the company's operating revenue in the first half of 2024, with significant growth in cosmetics, food, and healthcare sectors [4] Media Performance - In the building media segment, daily consumer goods generated approximately 59% of revenue, with a year-on-year growth of 12% [5] - The beverage sector was the largest contributor within daily consumer goods, accounting for about 30% of revenue [5] - The cosmetics sector saw a remarkable growth rate of 66% driven by both domestic and international brands [5] International Expansion - The company reported a 20% year-on-year growth in advertising revenue from international clients in the first half of 2024 [6] - The overseas market includes approximately 100 major cities across countries like South Korea, Thailand, and Japan, with over 170,000 media devices deployed [10] Cash Flow and Receivables - The accounts receivable balance increased due to revenue growth and extended payment terms influenced by the macroeconomic environment [7] - The cash inflow from operating activities in Q2 2024 was CNY 3.07 billion, a 17% increase year-on-year, indicating recovery from Q1 [8] Strategic Initiatives - The company is focusing on expanding its presence in lower-tier cities, responding to increasing advertising demand in these areas [9] - Collaboration with Meituan aims to enhance market penetration in lower-tier cities and improve service offerings for small and medium enterprises [9] Dividend Policy - Since its return to A-shares in 2015, the company has distributed over CNY 28.6 billion in cash dividends [11] - The planned cash dividend for the first half of 2024 is CNY 1.00 per 10 shares, totaling approximately CNY 1.44 billion, which is 57.92% of the net profit attributable to shareholders [11]

[Table_Title] 分众传媒（002027.SZ） 24H1 经营业绩稳健增长，中期分红持续回报股东 [Table_Summary] 核心观点： ⚫ 事件：分众传媒披露 24 年半年报，上半年经营业绩稳健增长。24H1， 公司实现营收 59.67 亿元，同比增长 8.17%，归母净利润 24.93 亿元， 同比增长 11.74%；扣非归母净利润 21.97 亿元，同比增长 11.43%。 单季度看，24Q2，分众传媒实现营收 32.38 亿元，同比增长 10.05%； 归母净利润 14.53 亿元，同比增长 12.65%，环比增长 39.74%；扣非 归母净利润 12.52 亿元，同比增长 6.82%，环比增长 32.47%。非经常 损益中，政府补助 1.37 亿元，持有交易性金融资产、交易性金融负债 产生的公允价值变动损益以及处置交易性金融资产、交易性金融负债 和可供出售金融资产取得的投资收益 0.87 亿元（23Q2 为 1.08 亿元）。 ⚫ 24H1 快消广告主贡献收入占比进一步提升，投放韧性较强。24H1， 梯媒及其他业务中，日用消费品广告主贡献营收 35.22 亿元，同比增 长 11.66 ...

n 业绩稳健增长，办大境外拓展力度，持续布 易智能苍销 分众传媒（002027）点评报告 报告关键卖水: 公司发布 2024 年半年报, 2024 年上半年实现营收 59.67 亿元 ( YoY+8. 17% )，归母净利润 24. 93 亿元（YoY+11. 74% )，村非归母净利 润 21. 97 亿元 ( YoY+11. 43% )。 投资卖点: 广告市场需求持续回暖，梯梯渠道承气度保持，公司业绩稳使增长，根 据 CTR 数据显示，国内广告花费 24H1 同比上涨 2. 7%，延续 23H1 上涨 趋势，整体市场在波动中逐渐回暖，恢复趋势显著，其中主要增长动力 未 自 子 电梯 LCD 及 电梯海报渠道，24H1 同比分别增长 22. 9%、16. 8%。 国内广告市场宽永回晓，梯煤茶道亲气度保持，公司作为核宇煤体龙头 企业，营收、利润凝实现稳健增长。从三营情况未看，24H1 销售 贵用及 管理數用同比小幅上涨，研发數用有所缩减。 样煤延续龙头趋势，积极拓展境外点位，广告主投放宽求旺盛。公司构 建了国内最大的城市生活園媒体千台，裁至 24 年 7 月 31 日，覆盖范 国彙括大陆约 300 个城市、香 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][12] Core Views - The company has shown steady growth in revenue and profit, with a significant increase in Q2 2024 compared to Q1 2024. The revenue for the first half of 2024 reached 5.967 billion yuan, with a year-on-year growth of 8.17%, and the net profit attributable to shareholders was 2.493 billion yuan, up 11.74% year-on-year [2][4] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares to all shareholders, enhancing shareholder returns [2][4] - The gross margin has steadily improved, reaching 65% in the first half of 2024, with a net margin of 41%, indicating strong operational leverage and good bargaining power within the industry [2][10] Financial Forecasts and Key Metrics - Revenue and profit forecasts for 2024, 2025, and 2026 are as follows: - Revenue: 13.332 billion yuan (2024E), 14.532 billion yuan (2025E), 15.404 billion yuan (2026E) [1][12] - Net profit: 5.722 billion yuan (2024E), 6.587 billion yuan (2025E), 6.976 billion yuan (2026E) [1][12] - Earnings per share (EPS): 0.40 yuan (2024E), 0.46 yuan (2025E), 0.48 yuan (2026E) [1][12] - The company maintains a strong return on equity (ROE) forecast of 31.1% for 2024, increasing to 34.9% by 2026 [1][12] Market Position and Resource Advantages - The company has a robust media network covering approximately 300 cities in China and around 100 major cities in countries such as South Korea, Thailand, and Japan. It operates 1.097 million self-owned media devices [10][12] - The company has a leading position in elevator media, with significant revenue contributions from daily consumer goods, real estate, and transportation sectors [10][12] - The cinema media segment has benefited from a recovering box office market, achieving a revenue of 454 million yuan in the first half of 2024, a year-on-year increase of 20.75% [10][12]

证 券 研 究 报 告 公司点评报告 公司研究 [Table_Title] 业绩稳健增长，加大境外拓展力度，持续布 局智能化营销 [Table_StockName] ——分众传媒（002027）点评报告 [Table_ReportDate] 2024 年 08 月 09 日 [Table_Summary] 报告关键要素: 公司发布 2024 年半年报，2024 年上半年实现营收 59.67 亿元 （YoY+8.17%）；归母净利润 24.93 亿元（YoY+11.74%）；扣非归母净利 润 21.97 亿元（YoY+11.43%）。 3312 投资要点: ⚫ 广告市场需求持续回暖，梯媒渠道景气度保持，公司业绩稳健增长。根 据 CTR 数据显示，国内广告花费 24H1 同比上涨 2.7%，延续 23H1 上涨 趋势，整体市场在波动中逐渐回暖，恢复趋势显著，其中主要增长动力 来自于电梯 LCD 及电梯海报渠道，24H1 同比分别增长 22.9%、16.8%。 国内广告市场需求回暖，梯媒赛道景气度保持，公司作为楼宇媒体龙头 企业，营收、利润端实现稳健增长。从三费情况来看，24H1 销售费用及 管理费用同比小幅上涨， ...

公司点评报告 · 传媒互联网行业 心业务稳健增长，长期业绩韧性凸显 2024 年中报业绩点评 核心观点 o 事件：公司发布 2024 年度中期报告：2024 年上半年公司实现营业收入 59.67 亿元，同比增长 8.17%；归属于上市公司股东的净利润 24.93 亿元，同比增长 11.74%；扣非归母净利润 21.97 亿元，同比增长 11.43%。其中，2024 第二 季度单季度公司实现营业收入 32.38，同比增长 10.05%；归属于上市公司股 东的净利润 14.53 亿元，同比增长 12.65%；扣非归母净利润 12.52 亿元，同 比增长 6.82%。 。 核心业务稳健增长，政策端有担受益 公司核心业务楼宇媒体广告业务 2024 年上半年实现营收 55.05 亿元，同比增长 7.25%，占总营收比例为 92.26%, 核心业务整体保持稳健增长。8 月 3 日国务院关于促进服务消费高质量发展的 意见，有望提振消费者信心，释放消费需求。公司作为最大的生活圈媒体平台， 在品牌传播领域里具有平台优势和媒体价值,已经成为了消费品品牌传播的核 心降地，有望受益于消费端的新增长。 积极拥抱 AI 技术，持续提升数 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清 晰，通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002027 证券简称：分众传媒 公告编号：2024-032 分众传媒信息技术股份有限公司 2024 年半年度利润分配方案的公告 三、董事会意见 董事会认为：公司 2024 年半年度利润分配方案综合考虑了公司目前的总体 运营情况、所处发展阶段与未来资金需求等因素，践行了"以投资者为本""质 量回报双提升"的发展理念，提升了公司投资价值及投资者获得感。上述利润分 配方案不会对公司的日常经营产生影响，亦不存在损害公司股东利益的情形，符 合《公司法》《公司章程》及公司确定的利润分配政策和股东回报规划。 分众传媒信息技术股份有限公司（以下简称"公司"）于2024年8月7日召开 第八届董事会第十四次会议和第八届监事会第十一次会议，审议通过了《公司 2024年半年度利润分配方案》。现将有关事项公告如下： 一、利润分配方案基本情况 根据公司 2024 年半年度财务报告（未经审计），公司 2024 年上半年合并报 表归属于上市公司普通股股东的净利润为 2,493,427,829.20 元，截至 20 ...