证券代码：300413 证券简称：芒果超媒 公告编号：2024-046 芒果超媒股份有限公司 表决结果：3 票赞成，0 票反对，0 票弃权。 第四届监事会第二十一次会议决议公告 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。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届监事会第二十一次会议（以下 简称"会议"）于 2024 年 10 月 24 日以通讯表决方式召开。会议由监事会主席方菲主 持，应出席监事 3 人，实际出席监事 3 人。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，监事会认为董事会编制和审核公司 2024 年第三季度报告的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的 实际情况，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：3 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 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-044 芒果超媒股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，芒果超媒股份有限公司（以下简称"公司"） 将参加由湖南证监局指导、湖南省上市公司协会举办的"湖南辖区 2024 年度投资者网 上集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次 互动交流，活动时间为 2024 年 10 月 10 日（星期四）15:30 至 17:00。届时公司将就经 营情况、公司治理、发展战略等投资者关心的问题，在线与投资者进行沟通与交流， 欢迎广大投资者积极参与。 特此公告。 芒果超媒股份有限公司董事会 2024 年 9 月 28 日 ...

| --- | --- | --- | --- | |-------------------------------------------------------------------|-------------|-----------------|------------------------------------------------------------------------------------------------------------------| | [Table_Author] [Table_Rank] 投资评级：买入（维持） | | | 主要观点： | | 报告日期： 2024-8-27[Table_BaseData] 收盘价（元） | | 18.31 | ⚫[Table_Summary] 事件公司发布 2024 年中报，24H1 公司实现营收 69.6 亿元（由于 | | 近 12 个月最高/最低（元） | 30.69/18.31 | | 23 年收购金鹰卡通，对上年同期调整后，yoy +2.46%）；实现归母 | | 总股本（百万股） 流通股本（百万股） 流通股比例（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit remains stable, with significant breakthroughs in membership business and increased investment in content [1][3] - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-over-year increase of 2.46%, while the operating profit was 1.23 billion yuan, up 2.15% year-over-year. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to tax policy impacts [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.96 billion yuan (YOY +2.46%), operating profit of 1.23 billion yuan (YOY +2.15%), and net profit of 1.065 billion yuan (YOY -15.45%). The non-recurring net profit was 912 million yuan (YOY -22.96%), with non-operating gains of 153 million yuan (YOY +99.3%) mainly from investment income [2][3] - The gross margin for H1 2024 was 28.84% (down 6.26 percentage points), and the net margin was 14.99% (down 3.02 percentage points) [3] Quarterly Breakdown - In Q1 2024, revenue was 3.32 billion yuan (YOY +7.2%), and in Q2 2024, it was 3.64 billion yuan (YOY -1.52%). The operating profit for Q1 was 547 million yuan (YOY +3.7%) and for Q2 was 686 million yuan (YOY +0.95%) [3] Business Segments - In H1 2024, revenue from Mango TV, new media content production, and content e-commerce was 4.957 billion yuan (YOY -3.6%), 634 million yuan (YOY +63.8%), and 1.357 billion yuan (YOY +8.7%), respectively. The gross margins for these segments were 36.1%, 28.1%, and 2.7% [3] - The company increased content investment, with costs for Mango TV and new media content production rising by 7.46% and 71.75% year-over-year, respectively [3] Membership and Advertising - The membership business saw a significant breakthrough, with H1 2024 revenue of 2.486 billion yuan (YOY +26.77%), accounting for 50.1% of Mango TV's revenue [3] - Advertising revenue for H1 2024 was 1.721 billion yuan (YOY -3.85%), impacted by a sluggish recovery in the advertising industry [4] Future Outlook - The company expects to achieve revenues of 15.022 billion yuan, 16.647 billion yuan, and 17.995 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.916 billion yuan, 2.191 billion yuan, and 2.380 billion yuan [8][9] - The report emphasizes the company's dual-platform integration and the continuous self-production capability of hit content, which is expected to establish a positive cycle in the long video content ecosystem [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Insights - The company's revenue for the first half of 2024 reached 6.96 billion yuan, with a year-on-year growth of 2%, while the net profit attributable to shareholders was 1.065 billion yuan, showing a decline of 15% [5][6]. - The decline in net profit is primarily attributed to the expiration of tax exemption policies, which impacted earnings by 193 million yuan in the first half of the year [5][6]. - Membership revenue grew significantly by 27% year-on-year, reaching 2.486 billion yuan, driven by popular content and an innovative membership benefits system [5][6]. - The advertising business generated 1.721 billion yuan, a decrease of 4% year-on-year, but is expected to recover as the industry stabilizes [5][6]. - The company has launched over 300 membership benefits, enhancing the average revenue per paying user (ARPPU) [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net cash flow from operating activities of -180 million yuan, compared to 1.05 billion yuan in the same period last year, due to increased investment in content [5][6]. - The second quarter of 2024 saw revenue of 3.636 billion yuan and a net profit of 593 million yuan, with respective year-on-year growth of 0.1% and a decline of 15.1% [5][6]. Business Segments - Membership business revenue was 2.486 billion yuan, up 27% year-on-year, supported by hit shows like "Singer 2024" and "Riding the Wind 2024" [5][6]. - The advertising segment's revenue was 1.721 billion yuan, down 4% year-on-year, but expected to recover with improved marketing strategies and AI optimization [5][6]. - The content e-commerce segment saw a gross merchandise volume (GMV) of 6.65 billion yuan, growing nearly 50% year-on-year [5][6]. Content Development - The company launched 56 new variety shows in the first half of 2024, an increase of 17 shows compared to the previous year, maintaining the highest effective viewership in the industry [5][6]. - Upcoming key shows in the second half of 2024 are expected to further boost membership and advertising revenues, with over 80 films in reserve for future releases [5][6]. Future Outlook - The company maintains its profit forecast, projecting net profits of 1.96 billion yuan, 2.19 billion yuan, and 2.44 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.05, 1.17, and 1.30 yuan [5][6].

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 -34% -26% -18% -10% -2% 6% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 芒果超媒 深证成指 [Table_Report] 相关报告 Q2 业绩符合预期，下半年望持续改善 芒果超媒(300413) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 33.30 | | | 上次预测: | 33.30 | | [当前价格： Table_CurPrice] | | 19.90 | [table_A ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 芒果超媒(300413.SZ) 公司快报 会员业务表现亮眼，关注短剧、出海等 新方向进展 事件： 公司发布 2024 年半年报：实现营业收入 69.60 亿元，同比增长 2.46%；归母净利润 10.65 亿元，同比减少 15.45%。 收入端企稳，净利润仍受税收优惠政策变化影响。 2024 年上半年，公司业绩有所下滑，主要系企业所得税优惠政策变 化带来的影响，公司实现营业利润 12.33 亿元，同比增长 2.15%。从 单季度来看，2024 年第二季度公司营业收入为 36.36 亿元，季度环 比增长 9.36%，归母净利润 5.93 亿元，季度环比增长 25.45%。受主 业毛利率下滑影响，2024 年上半年公司毛利率为 28.84%，同比下降 6.26pct。 998345889 会员业务为核心驱动，运营商业务承压。 分业务看，2024 年上半年，芒果 TV 互联网视频业务作为公司营收的 主要来源，实现营业收入 49.57 亿元，占总营收的 71.23%，毛利率 为36.11%；新媒体互动娱乐内容制作业务收入6.34亿 ...

芒果超媒 300413.SZ 公司研究 | 中报点评 会员收入量价齐升，期待优质内容持续出 圈 | --- | --- | --- | |--------------------------|---------|-----------------| | | 增持 | （维持） | | 股价（2024年08月22日） | | 18.9 元 | | 目标价格 | | 21.16 元 | | 52 周最高价/最低价 | | 31.04/18.73 元 | | 总股本/流通 A 股（万股） | | 187,072/102,170 | | A 股市值（百万元） | | 35,357 | | 国家/地区 | | 中国 | | 行业 | | 传媒 | | 报告发布日期 | 2024 年 | 08 月 23 日 | 1 周 1 月 3 月 12 月 绝对表现% -9.31 -5.55 -25.81 -34.95 相对表现% -8.45 0.19 -15.73 -23.11 沪深 300% -0.86 -5.74 -10.08 -11.84 | --- | --- | |--------|------------------- ...

[Table_Main] 证券研究报告 | 公司点评 芒果超媒(300413.SZ) 2024 年 08 月 23 日 买入（维持） 所属行业：传媒/数字媒体 当前价格(元)：18.58 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 芒果超媒 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.55 | -7.82 | -25.81 | | 相对涨幅(%) | 0.19 | -2.59 | -15.74 | 资料来源：德邦研究所，聚源数据 相关研究 1.《芒果超媒（300413.SZ）点评：《歌 手 2024》热度超预期，关注后续片单 及招商情况》，2024.5.21 2.《芒果超媒（300 ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 芒果超媒（300413）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 18.90 | | 52 周股价波动（元） | 18.73-31.32 | | 总股本/流通 A 股（百万股） | 1871/1022 | | 总市值/流通市值（百万元） | 35357/19310 | | 相关研究 | | | [Table_ReportInfo] 《优质内容推动会员数新高，广告业务有望加 | | | 速复苏》2024.04.26 | | | 《23Q3 归母净利润增速稳健，收购金鹰卡通， | | | 夯实核心内容竞争力》2023.10.31 | | 市场表现 [Table_QuoteInfo] 芒果超媒 海通综指 - ...