公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 传媒 ＃investSuggestion＃ ＃ ＃d 分yCo 众mp 传any＃媒 （ 002027.SZ ） investSug 增持 ( 维ges持tion ）Ch 000 经00 营9 业绩 稳健增长 ＃ ，tit 境le＃ 内 外 点位高速扩张 ange＃ ＃ createTime1＃ 2024年 05月 05日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 分众传媒发布2023年报及2024年一季报。2023年公司实现营业 司 收入119.04亿元，同比增长26.30%；归母净利润48.27亿元，同比增长 日期 2024-04-30 点 收盘价（元） 6.50 73.02%；扣非归母净利润 43.74 亿元，同比增长 82.68%。其中第四季度 公司实现营业收入 32.29 亿元，同比增长 57.13%；归母净利润 12.25 亿 评 总股本（百万股） 14442.20 元，同比增长85.81%；扣非归母净利润11.17亿元，同比增长151.99%。 报 流通股本（百万股） 14442 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 分 众传媒(002027.SZ) 证券研究报告 竞争壁垒稳固，以高分红增强股东回报 其他广告营销 投资评级 买入-A 确定性 维持评级 6个月目标价 7.8元 事件： 股价 (2024-04-30) 6.50元 公司发布2023年年报及2024年一季报，2023年实现营业收入119.04 亿（yoy+26.3%），归母净利润为 48.27亿（yoy+73.02%），2024Q1实 交易数据 现营业收入27.3亿（yoy+6.02%），归母净利润为10.4亿（yoy+10.5%）。 总市值(百万元) 93,874.30 发布 2023 年利润分配预案，拟每 10 股派 3.3 元（含税），共派发红 流通市值(百万元) 93,874.30 利 47.66 亿元。 总股本(百万股) 14,442.20 流通股本(百万股) 14,442.20 收入端逐步复苏，控费能力突出。2023Q4、2024Q1 公司分别实 12个月价格区间 5.58/7.76元 现收入为 32.28亿（yoy+57.13%）、27.30亿（yoy+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue recovery in 2023, with a significant profit elasticity. The projected high dividends and robust performance make it an attractive investment opportunity [7][8] - The company is expected to maintain high dividends, with plans to distribute at least 80% of its non-recurring net profit as cash dividends from 2024 to 2026 [2][7] Financial Performance Summary - In 2023, the company reported revenue of 11.90 billion yuan, a year-over-year increase of 26.3%, and a net profit attributable to shareholders of 4.83 billion yuan, up 73.0% [2][3] - For Q1 2024, the company achieved revenue of 2.73 billion yuan, reflecting a year-over-year growth of 6.02%, and a net profit of 1.04 billion yuan, up 10.5% [2][3] - The company plans to distribute a dividend of 0.33 yuan per share for 2023, totaling 4.77 billion yuan, with a dividend payout ratio of 98.7% [2][3] Revenue and Profitability Trends - The company's revenue from building media in 2023 was 11.12 billion yuan, with a gross margin of 65.86%, showing a year-over-year increase of 7.16 percentage points [4] - The cinema media revenue for 2023 was 769 million yuan, representing a year-over-year growth of 43.1% [6] - The company has diversified its advertising client base, with consumer goods contributing 6.69 billion yuan in revenue, a year-over-year increase of 28.7% [7] Future Projections - The company is projected to achieve revenues of 13.07 billion yuan, 14.04 billion yuan, and 14.99 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.35 billion yuan, 5.78 billion yuan, and 6.15 billion yuan [6][8] - The expected earnings per share (EPS) for the next three years are 0.37 yuan, 0.40 yuan, and 0.43 yuan [6][8] Market Performance - As of April 30, 2024, the company's stock price was 6.50 yuan, with a market capitalization of approximately 93.87 billion yuan [3][8] - The company's performance relative to the CSI 300 index over the past 1 month, 3 months, and 12 months was -0.3%, +14.2%, and +5.3%, respectively [3]

[Table_Page] 年报点评|广告营销 证券研究报告 [分Table_众Title] 传媒（002027.SZ） [公Tab司le_I评nves级t] 买入 当前价格 6.50元 业绩弹性释放，关注快消广告主拓展及海外业务增长 合理价值 8.34元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-02 ⚫ 事件：分众传媒披露 2023 年报及 24 年一季报。公司 23 年实现营收 相[Ta对ble市_Pi场cQu表ote现] 119.04亿元，同增26.30%；归母净利润48.27亿元，同增73.02%； 扣非归母净利润 43.74 亿元，同增 82.68%。23 年业绩亮眼，主要由 14% 于广告大盘回暖，业绩复苏弹性释放。23Q4 营收 32.28 亿元，同增 7% 57.13%；归母净利润12.25亿元，同增85.81%；扣非归母净利润11.17 0% 05/23 07/23 09/23 11/23 01/24 03/24 亿元，同增152.0%。24Q1营收27.30亿元，同增6.02%；归母净利 -7% 润10.40亿元，同增10.50%；扣非归 ...

华福证券 广告媒体 2024年04月30日 公 司 分众传媒（002027.SZ） 买入（维持评级） 研 究 现金奶牛业绩平稳增长，海外市场拓展加速 当前价格： 6.50元 基本数据 投资要点： 总股本/流通股本(百万股) 14,442.20/14,442.20 流通A股市值(百万元) 93,874.30  公司发布2023年年报及2024年一季报：分众传媒2023年全年实现营收 每股净资产(元) 1.30 资产负债率(%) 24.33 119.04亿元，同比增长26.3%；归母净利润48.27亿元，同比增长73.02%；扣非 一年内最高/最低价(元) 7.83/5.51 归母净利43.74亿元，同比增长82.68%。 一年内股价相对走势 公 2024年一季度实现营收27.3亿元，同比增长6.02%；归母净利润10.4亿元，同 司 比增长10.5%；扣非归母净利9.45亿元，同比增长18.17%。 财 报  23年年度分红叠加24年中期分红，股息率有望进一步抬升：根据公司4月 点 评 30日公告：1）公司拟定2023年度利润分配预案为：每1股派发现金0.33元（含 税），共计派发47.66亿元，占扣非归母 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 9.20, unchanged from the previous forecast [1][2]. Core Insights - The company has a strong media point and brand communication advantage, maintaining a leading position in lifestyle media. With the empowerment of big data and AI, it is expected to achieve higher advertising efficiency [2]. - The outdoor advertising market is recovering strongly, with the company's elevator and cinema media gaining favor among brand advertisers, resulting in good operational performance. The 2023 revenue reached 11.904 billion yuan, a 26% increase, and the net profit attributable to shareholders was 4.827 billion yuan, up 73% [2]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 4.766 billion yuan, with a dividend payout ratio close to 99% and a dividend yield of 5.22% [2]. Financial Summary - For 2023, the company reported operating income of 11,904 million yuan, a 26% increase from the previous year, and a net profit of 4,827 million yuan, reflecting a 73% growth. The first quarter of 2024 saw an operating income of 2,730 million yuan, a 6% increase, and a net profit of 1,040 million yuan, up 11% [2]. - The company's revenue from elevator media was 11,119 million yuan, a 25% increase, while cinema media revenue reached 769 million yuan, a 43% increase [2]. - The company’s earnings per share (EPS) for 2024 are projected to be 0.40 yuan, with subsequent years expected to be 0.45 yuan in 2025 and 0.49 yuan in 2026 [2]. Valuation Metrics - The operating profit margin is projected to increase from 45.0% in 2023 to 50.4% by 2026. The return on equity (ROE) is expected to rise from 27.3% in 2023 to 38.1% in 2026 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 19.45 in 2023 to 13.14 by 2026, indicating a potentially attractive valuation as earnings grow [2].

Investment Rating - The report maintains a "Recommend" rating for Focus Media (002027 SZ) [12][13] Core Views - Focus Media's offline traffic reach value is indispensable, and its channel value is prominent due to the scarcity of community elevator media [12] - The company has a deep point barrier and a stable industry competition pattern [12] - The high dividend payout ratio demonstrates long-term value [12] Financial Performance - 2023 revenue reached 11 904 billion yuan, a 26 30% YoY increase [1][11] - 2023 net profit attributable to parent company was 4 827 billion yuan, up 73 02% YoY [1][11] - 2023 gross margin improved significantly by 5 77 percentage points to 65 48% [1][11] - 2023 net profit margin reached 40 55%, up 10 95 percentage points YoY [1][11] - Q1 2024 revenue was 2 73 billion yuan, a 6 02% YoY increase [1][11] - Q1 2024 net profit attributable to parent company was 1 04 billion yuan, up 10 50% YoY [1][11] Business Segments - Daily consumer goods industry clients contributed 56 23% of 2023 revenue, up 1 04 percentage points YoY [1][11] - Internet industry accounted for 11 75% of 2023 revenue, remaining stable YoY [1][11] - Building media business generated 11 119 billion yuan in 2023, a 25 28% YoY increase [1][11] - Cinema media business reached 769 million yuan in 2023, up 43 10% YoY [1][11] Channel Expansion - Elevator TV media points reached 1 116 million units by Q1 2024, compared to 1 057 million in 2023 and 868 000 in 2022 [1][11] - Elevator poster media points reached 3 078 million units by Q1 2024, compared to 3 015 million in 2023 and 2 69 million in 2022 [1][11] Dividend Policy - 2023 dividend proposal is 0 33 yuan per share (including tax), with a dividend yield of 5 08% based on April 30 closing price [12] - The profit distribution ratio reached 98 7% [12] Future Projections - 2024-2026 net profit attributable to parent company is projected to be 5 471 billion, 5 930 billion, and 6 331 billion yuan respectively [12] - 2024-2026 PE ratios are estimated at 17x, 16x, and 15x respectively based on April 30 closing price [12][13]

[Table_Header] 公司点评●广告营销 2024年 04 月30 日 [Table_Title] [Table_StockCode] 分众传媒(002027.SZ) 业绩修复趋势显著，营销垂类大模型已部署 [Table_InvestRank] 推荐 (维持) --公司 2023 年报暨 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公a司ry]发 布 2023 年度报告和 2024 年一季报：2023 年公司实现营业收 [岳Ta铮b le_Authors] ：010-8092-7630 入 119.04 亿元，同比增长 26.30%；归属于上市公司股东的净利润 48.27 亿 ：yuezheng_yj@chinastock.com.cn 元，同比增长 73.02%；扣非归母净利润 43.74 亿元，同比增长 82.68%，公 分析师登记编码：S0130522030006 司 23 年利润分配预案为拟现金分红 0.33 元/股。2024 年第一季度公司实 研究助理 祁天睿 现营业收入 27.30 亿元，同比增长 6.02%；归母净利润 10.40 亿元，同比增 ：01 ...

业绩简评  2024年 4月 29日,公司发布23 年报及 24 年一季报，23 年营 收119.0 亿元/同比+26.3%，归母净利48.3 亿/同比+73.0%， 扣非归母 43.7 亿/同比+82.7%；24 年 Q1 营收 27.3 亿/同比 +6.0%，归母净利 10.4 亿/同比+10.5%，扣非归母 9.5 亿/同 比+18.2%。公司23年利润分配预案为拟现金分红0.33元/股。 经营分析  23年业绩高增，同比显著修复。1）收入：23 年同增26.3%， 主要系广告投放逐步修复，Q1-4收入分别为25.7、29.4、31.6、 32.3 亿元，逐季度增长，同比-12.4%、+53.8%、+25.4%、+57.1%。 其中，日用消费品仍然贡献50%以上收入，交通及通讯行业收 入增速较高，分别同比+47.3%、147.7%。2）盈利：23年净利 率同比+11.0pct 至 40.6%，预计主要由于占比较高的营业成 本（媒体租赁成本）较为刚性，公司经营杠杆高，收入增长 能撬动利润以更高速度增长，毛利率同比+5.8pct，同时管理 费率同比-2.7pct。 人民币(元) 成交金额(百万元)  ...

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 4,827,101,718.50, representing a 73.02% increase compared to RMB 2,789,952,461.91 in 2022[11]. - The net cash flow from operating activities increased by 14.61% to RMB 7,677,996,753.60 from RMB 6,698,961,025.48 in the previous year[11]. - Basic earnings per share rose to RMB 0.3342, a 72.98% increase from RMB 0.1932 in 2022[11]. - The weighted average return on equity was 28.42%, up from 14.82% in the previous year[11]. - The company's operating revenue for the year reached approximately ¥11.90 billion, representing a year-on-year increase of 26.30%[12]. - The diluted earnings per share increased to ¥0.3342, up 72.98% from the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥4.37 billion, an increase of 82.68% compared to ¥2.39 billion last year[13]. - The company achieved operating revenue of CNY 1,190,372.49 million, a year-on-year increase of 26.30% due to the recovery in domestic advertising demand[30]. - The net profit attributable to shareholders was CNY 482,710.17 million, up 73.02% from CNY 278,995.25 million in the previous year[30]. - The total comprehensive income for 2023 was approximately CNY 4.78 billion, a significant increase compared to the previous year's loss of CNY 321.1 million[176]. Cash Flow and Investments - The net cash inflow from operating activities was CNY 767,799.68 million, an increase of 14.61% year-on-year[30]. - The company reported a significant increase of 1,469.59% in cash inflow from financing activities, totaling CNY 925.90 million[44]. - The total cash inflow from investment activities reached CNY 28,712,391,942.74, significantly up from CNY 17,892,689,418.35 in the previous year[174]. - The net cash flow from investment activities was CNY 1,723,522,897.13, recovering from a negative cash flow of CNY -2,908,990.00 in 2022[174]. - The total cash outflow for financing activities was CNY 6,065,723,884.92, compared to CNY 1,877,485,964.38 in the previous year[175]. Assets and Liabilities - Total assets decreased by 3.48% to RMB 24,361,016,948.69 from RMB 25,238,766,516.08 in 2022[11]. - The company's intangible assets rose to ¥65,993.59 million, a significant increase of 453.39% due to the acquisition of new leasing contracts[49]. - The total liabilities decreased from ¥7,942,749,193.15 to ¥6,319,945,427.10, a reduction of approximately 20.43%[169]. - The company's long-term equity investments were valued at ¥2,132,535.64 million, reflecting a growth of 1.30% compared to the previous period[47]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.33 per share, totaling RMB 4,765,925,909.58 based on the total share capital of 14,442,199,726 shares as of March 31, 2024[2]. - The cash dividend represents 100% of the total distributable profit for the reporting period[100]. - The company has a policy that cash dividends should account for at least 80% of profit distribution during its mature development stage[99]. Market and Business Strategy - The outdoor advertising market in China grew by approximately 11.01% in 2023, reaching a scale of about ¥82.05 billion[17]. - The company has maintained its focus on information technology consulting services and software development as its main business[9]. - The company is exploring opportunities in various advertising scenarios, including high-speed rail stations, office buildings, and outdoor screens, to enhance brand interaction with consumers[58]. - The company is committed to continuous cash dividends as part of its strategy to enhance shareholder value[65]. Corporate Governance - The company has a robust governance structure, with independent committees effectively providing professional opinions to the board[66]. - The company emphasizes social responsibility and stakeholder communication, aiming for a balanced approach to interests among all parties involved[67]. - The company maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations, with no interference in decision-making processes[67]. - The company held two shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting the rights of minority shareholders[66]. Research and Development - The company’s R&D expenses decreased by 10.30% to CNY 61,855.54 million compared to the previous year[38]. - The number of R&D personnel decreased by 3.75% to 154, with the proportion of R&D personnel in total employees dropping from 3.18% to 2.90%[41]. - The company has completed the development of a customer portrait software that utilizes machine learning to analyze customer behavior and preferences[39]. Employee and Management - The total number of employees at the end of the reporting period was 5,309, with 1,379 in sales, 173 in technical roles, 848 in development, and 2,221 in operations[90]. - The company emphasizes a performance-based compensation system, linking salary adjustments to departmental performance and individual evaluations[94]. - The company has established a comprehensive online learning platform to enhance employee training and development[96]. Compliance and Risk Management - The company has maintained effective internal controls in all significant aspects according to the "Basic Norms for Internal Control of Enterprises" as of December 31, 2023[109]. - The internal control audit report received a standard unqualified opinion, confirming the effectiveness of financial reporting internal controls[109]. - The company has committed to avoiding competitive relationships with FM Korea and its subsidiaries, ensuring no competitive business activities exist as of the commitment date[118]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 223,468, an increase from 215,202 at the end of the previous month[150]. - The company has a total of 14,442,199,726 shares, with 100% being ordinary shares[148]. - The top ten unrestricted shareholders include Alibaba (China) Network Technology Co., Ltd. with 885,100,134 shares, accounting for a significant portion of the total shares[151].