传媒/数字媒体 公 司 研 究 芒果超媒（300413.SZ） 2024 年 10 月 28 日 会员数再创新高，优质内容释放或推动业绩修复 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 肖江洁（联系人） fangguangzhao@kysec.cn 证书编号：S0790520030004 xiaojiangjie@kysec.cn 证书编号：S0790124070035 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 26.80 | | 一年最高最低 ( 元 ) | 31.56/18.07 | | 总市值 ( 亿元 ) | 501.35 | | 流通市值 ( 亿元 ) | 273.82 | | 总股本 ( 亿股 ) | 18.71 | | 流通股本 ( 亿股 ) | 10.22 | | 近 3 个月换手率 (%) | 94.59 | 核心主业稳健发展，看好后续优质内容释放，维持"买入"评级 2024 年前三季度公司营业收入为 102.78 亿元（同比-0.8 ...

公司点评报告 ·传媒互联网行业 t质内容供给延续,AI 降本增效成效初显 2024 年三季报业绩点评 核心观点 ● 事件 公司发布 2024年度三季报:2024年第三季度公司实现营业收入 33.18 亿元,同比下降 7.14%(2023年同期数据采用调整后口径,下同);归母净 利润 3.80 亿元,同比下降 27.41%; 扣非归母净利润 3.14 亿元,同比下降 26.80%。2024 前三季度公司实现营业收入 102.78 亿元,同比下降 0.85%; 归母净利润 14.44亿元,同比下降18.96%;扣非归母净利润 12.26亿元,同 比下降 23.98%。 ● 新媒体业务持续发展,优质节目供给延续 2024年第三季度,公司旗下芒果 TV 共上线 31部各类综艺节目,在"爱优腾芒"四个平台中排名第一。多款经 典热门综艺节目如《你好,星期六2024》《中餐厅 8》《披荆斩棘 4》表现突 出,位列台综、网综霸屏榜前列。《中餐厅》系列播放量已突破3亿,随着优 质综艺内容的持续供给,公司在综艺节目制作、播映领域已处于领先地位。 ● 文化科技深度融合,AIGC 助力降本增效 公司旗下"芒果大模型"已通过网 信办备 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——芒果超媒 2024 年三季报业绩点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 陈筱 ( 分析师 ) | | 021-38675863 | | chenxiao@gtjas.com | | 登记编号 S0880515040003 | | --- | --- | |---------------------|-------------------| | | | | 陈俊希 ( 分析师 ) | 李芓漪 ( 分析师 ) | | 021-38032025 | 021-38038428 | | chenjunxi@gtjas.com | liziyi@gtjas.com | | S0880520120009 | S0880523080004 | 本报告导读： 受奥运会分流、大屏行业治理等影响，公司 Q3 业绩短暂承压，Q4 以来《再见爱人 4》开 ...

证券研究报告 互联网影视音频 公司快报 2024 年 10 月 27 日 芒果超媒(300413.SZ) Q3 业绩承压，关注热播综艺、精品大 剧 Q4 表现 事件： 公司发布 2024 年三季报：公司前三季度实现营业收入 102.78 亿 元，同比减少 0.85%；归母净利润 14.44 亿元，同比减少 18.96%； 扣非后归母净利润 12.26 亿元，同比减少 23.98%。 收入端基本持平，利润端承压。 分季度看，2024Q1-Q3 公司实现收入 33.24/36.36/33.18 亿元；归母 净利润 4.72/5.93/3.80 亿元；其中第三季度的收入同比减少 7.14%， 归母净利润同比减少 27.41%。业绩承压主要受企业所得税优惠政策 变化影响，公司前三季度确认所得税费用较去年同期增加约 2.8 亿 元。但公司在费用控制方面取得了一定成效，前三季度销售/管理/财 务费用率分别同比下降 3.65/1.40/0.63pct，销售费用同比减少 24.19%，管理费用同比减少 36.32%，主要得益于人力成本的减少。 营收结构不断优化，会员业务增长动力足。 2024 年芒果综艺持续领跑，芒果 TV ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 revenue of 3.32 billion, a year-on-year decrease of 7.1%, and a net profit of 380 million, down 27.4% year-on-year, which was below previous forecasts [4][5]. - Despite the revenue decline, the company effectively controlled costs, leading to an increase in gross margin and a historical low in absolute management expenses [4]. - The company is expanding its content offerings with several key shows set to launch in Q4, including popular variety shows and exclusive dramas [5]. - The international expansion strategy is underway, with significant growth in overseas app downloads, indicating potential for long-term revenue growth from membership and content distribution [5]. - Profit forecasts have been revised downwards due to the slow recovery of advertising revenue, with expected net profits for 2024-2026 adjusted to 1.725 billion, 1.965 billion, and 2.259 billion respectively [5]. Financial Summary - For Q3 2024, the company achieved total revenue of 3.32 billion, with a year-to-date revenue of 10.28 billion, reflecting a year-on-year decrease of 0.9% [4][6]. - The net profit for the first three quarters of 2024 was 1.44 billion, down 19% year-on-year [6]. - The company’s gross margin for Q3 2024 was reported at 29.1%, with a projected gross margin of 28.8% for 2024 [6]. - The earnings per share (EPS) for 2024 is estimated at 0.92 yuan, with a projected increase to 1.21 yuan by 2026 [6].

证券研究报告 | 季报点评 gszqdatemark 2024 10 27 年 月 日 芒果超媒（300413.SZ） 内容播放量持续上涨，会员业务不断深化 具体事件：公司发布 2024 三季报。2024Q1~Q3 公司实现营业收入 102.78 亿元，同增 0.80%；归母净利润 14.44 亿元，同减 18.20%，主要是由于企业所得税优惠政策变化后， 公司所得税费用增加，导致税后利润同比有所下滑（营业利润同比增长 0.01%至 16.92 亿 元）。其中 2024Q3 公司实现营业收入 33.18 亿元，同减 5.39%；归母净利润 3.80 亿元，同 减 26.30%，业绩下滑我们预计主要是由于运营商业务收入下降及广告业务尚未恢复。 综艺/剧集有效播放量分别同比上涨 22%/16%，平台优势显著。云合数据显示，综艺方 面，2024Q3 芒果上新综艺 31 部，位居长视频平台之首，芒果 TV 全网综艺有效播放 25 亿， 同比上涨 22%，独播综艺《你好，星期六 2024》《中餐厅 8》《歌手 2024》位列电视综艺霸 屏榜 TOP10，独播综艺《披荆斩棘 4》《密室大逃脱 6》《快乐老友记 2》位列网 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-047 芒果超媒股份有限公司 关于调整内容资源库扩建项目内部投资结构的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 芒果超媒股份有限公司（以下简称"公司"）2024 年 10 月 24 日召开的第四届董 事会第二十四次会议和第四届监事会第二十一次会议审议通过了《关于调整内容资源 库扩建项目内部投资结构的议案》。在募集资金投资项目实施主体、募集资金投资用 途及投资总规模不发生变更的情况下，为了确保募集资金的有效使用和项目的顺利推 进，结合项目实施实际情况，公司拟调整内容资源库扩建项目内部投资结构，根据相 关规则本次调整无需提交股东大会审议。现就相关事项公告如下： 一、募集资金及投资项目基本情况 1、募集资金基本情况 经中国证券监督管理委员会《关于同意芒果超媒股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2021〕2105 号）核准，公司向特定对象发行 A 股股票 90,343,304 股，发行价格为 49.81 元/股，募集资金总额为人民币 4,499,999,972.24 元， ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-045 芒果超媒股份有限公司 第四届董事会第二十四次会议决议公告 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，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届董事会第二十四次会议（以下 简称"会议"）于 2024 年 10 月 24 日以通讯表决方式召开。会议由董事长蔡怀军主持， 应出席董事 9 人，实际出席董事 9 人，公司监事对表决结果进行了统计确认。会议的 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、会议审议情况 1、审议通过《关于公司 2024 年第三季度报告的议案》 经审议，董事会认为公司 2024 年第三季度报告所载信息真实、准确、完整，不存 在任何虚假记载、误导性陈述或者重大遗漏。2024 年第三季度报告详见公司同日在巨 潮资讯网披露的公告。 表决结果：9 票赞成，0 票反对，0 票弃权。 2、审议通过《关于调整内容资源库扩建项目内部投资结构的议案》 经审议，董事会认为本次调整内容资源库扩建项目内部投资结构系根据项目实际 情况所作的必要 ...

Financial Performance - Revenue for Q3 2024 was RMB 3,317,814,008.84, a decrease of 7.14% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was RMB 379,514,088.32, a decrease of 27.41% year-over-year[2] - Basic earnings per share for Q3 2024 was RMB 0.20, a decrease of 28.57% year-over-year[2] - The company's total revenue for the first three quarters of 2024 was RMB 10,277,740,561.91, a slight decrease of 0.85% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 18.96% YoY due to a RMB 280 million increase in income tax expenses[7] - Total operating revenue for the period was 10,277,740,561.91 yuan, slightly down from 10,365,650,609.35 yuan in the previous period[13] - Net profit attributable to parent company shareholders reached 1,444,347,079.50 RMB[15] - Basic earnings per share were 0.77 RMB, down from 0.95 RMB in the previous period[15] Cash Flow - Operating cash flow for the first three quarters of 2024 was negative RMB 325,541,825.67, a significant decrease of 129.86% compared to the same period last year[2] - Net cash flow from operating activities decreased by 129.86% to RMB -325.54 million, mainly due to increased investment in top content reserves[7] - Operating cash flow was -325,541,825.67 RMB, a significant decrease from 1,090,179,623.07 RMB in the previous period[17] - Investment cash flow was -8,268,922,275.46 RMB, compared to 1,610,624,499.77 RMB in the previous period[17] - Net cash flow from investing activities dropped by 613.40% to RMB -8.27 billion, influenced by changes in fixed deposits and large certificates of deposit[7] - Total cash inflow from operating activities was 10,869,472,987.71 RMB, up from 10,240,605,067.76 RMB[17] - Cash paid for goods and services was 8,233,839,466.00 RMB, up from 6,304,783,248.79 RMB[17] - Cash received from other operating activities was 295,482,556.59 RMB, down from 339,192,102.23 RMB[17] - Cash paid for employee benefits was 1,264,367,914.00 RMB, up from 1,224,201,217.44 RMB[17] - Cash paid for taxes was 315,823,269.62 RMB, up from 205,868,873.36 RMB[17] - Net cash flow from financing activities was -278,403,787.32 RMB[18] - Total cash inflow from financing activities was 258,515,632.97 RMB[18] - Cash used for debt repayment was 98,486,532.97 RMB[18] - Cash used for dividend, profit distribution, or interest payment was 338,626,750.27 RMB[18] - Total cash outflow from financing activities was 536,919,420.29 RMB[18] - Net increase in cash and cash equivalents was -8,872,927,854.51 RMB[18] - Beginning cash and cash equivalents balance was 11,867,316,344.43 RMB[18] - Ending cash and cash equivalents balance was 2,994,388,489.92 RMB[18] - The impact of exchange rate changes on cash and cash equivalents was -59,966.06 RMB[18] Assets and Liabilities - Total assets as of the end of Q3 2024 were RMB 32,623,277,283.34, an increase of 3.82% compared to the end of the previous year[3] - Shareholders' equity as of the end of Q3 2024 was RMB 22,568,906,981.92, an increase of 5.01% compared to the end of the previous year[3] - Monetary funds decreased by 74.63% to RMB 3.01 billion, mainly due to reclassification of fixed deposits and large certificates of deposit[7] - Trading financial assets increased by 84.86% to RMB 1.94 billion, driven by growth in bank structured deposits[7] - Prepaid expenses rose by 77.10% to RMB 1.80 billion, primarily due to increased advance payments for TV drama purchases[7] - Other current assets surged by 3257.89% to RMB 4.37 billion, mainly from short-term fixed deposits and large certificates of deposit[7] - Total assets increased to 32,623,277,283.34 yuan from 31,422,386,654.49 yuan[12] - Monetary funds decreased to 3,014,032,304.46 yuan from 11,882,208,257.60 yuan[10] - Trading financial assets increased to 1,944,681,583.61 yuan from 1,052,000,000.00 yuan[10] - Accounts receivable rose to 4,366,412,230.02 yuan from 3,496,523,370.15 yuan[10] - Prepayments increased to 1,800,480,470.95 yuan from 1,016,664,374.18 yuan[10] - Inventory decreased to 1,616,337,362.51 yuan from 1,717,435,689.33 yuan[11] - Contract assets increased to 896,295,686.52 yuan from 838,691,849.14 yuan[11] - Other current assets surged to 4,371,239,101.50 yuan from 130,178,232.12 yuan[11] - Total current liabilities decreased slightly to 9,799,581,268.95 yuan from 9,860,481,719.86 yuan[12] Investment and Income - Non-recurring gains and losses for Q3 2024 amounted to RMB 65,414,375.08, primarily driven by investment management gains of RMB 65,210,525.47[4] - Investment income increased by 203.68% to RMB 215.92 million, driven by interest income from fixed deposits and structured deposits[7] - Revenue from sales of goods and services was 10,573,989,519.11 RMB, up from 9,901,412,965.53 RMB[16] Shareholder Information - Mango Media Co., Ltd. remains the largest shareholder with a 56.09% stake[8] Tax and Subsidies - Government subsidies received during Q3 2024 amounted to RMB 2,336,077.37[4] - Income tax expenses skyrocketed by 16055.59% to RMB 277.28 million due to changes in corporate income tax preferential policies[7] Miscellaneous - Weighted average return on equity for Q3 2024 was 1.70%, a decrease of 0.89 percentage points compared to the same period last year[3] - The third quarter report was unaudited[18]

中国国际金融股份有限公司 关于芒果超媒股份有限公司 调整内容资源库扩建项目内部投资结构的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为 芒果超媒股份有限公司（以下简称"芒果超媒"、"公司"）2020 年度向特定对 象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》等法律、法规和规范性文件的规定，对芒果超媒调整 内容资源库扩建项目内部投资结构事项进行了核查，具体情况如下： 一、募集资金及投资项目基本情况 1、募集资金基本情况 经中国证券监督管理委员会《关于同意芒果超媒股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2021〕2105 号）核准，公司向特定对象发行 A 股股票 90,343,304 股，发行价格为 49.81 元/股，募集资金总额为人民币 4,499,999,972.24 元，扣除发行费用（不含增值税）人民币 14,207,871.04 元，实 际募集资金净额为 ...