证券代码：300413 证券简称：芒果超媒 公告编号：2024-053 芒果超媒股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会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有关规定。 （2）公司董事、监事和高级管理人员； （3）公司聘请的律师； （4）根据相关法规应当出席股东大会的其他人员。 4、会议召开的日期、时间 现场会议时间：2024年12月26日（星期四）15：00（参加现场会议的股东请于会前 30分钟到达开会地点，办理登记手续）。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2024年12月 26日的交易时间，即9:15-9:25、9:30-11:30和13:00-15:00；通过深圳证券交易所互联网 投票系统进行网络投票的时间为：2024年12月26日9:15-15:00。 5、会议的召开方式 本次股东大会采取现场 ...

二、会议审议情况 1、审议通过《关于豁免第四届监事会第二十二次会议通知期限的议案》 证券代码：300413 证券简称：芒果超媒 公告编号：2024-050 芒果超媒股份有限公司 第四届监事会第二十二次会议决议公告 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"）第四届监事会第二十二次会议（以下 简称"会议"）于 2024 年 12 月 9 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。 三、备查文件 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 2、审议通过《关于补选第四届监事会非职工代表监事的议案》 因工作调整，方菲先生辞去第四届监事会非职工代表监事和监事会主席职务，张 尚斌先生辞去第四届监事会非职工代表监事职务。为确保监事会的正常运作，经控股 股东芒果传媒有限公司推荐，经出席会议监事逐项表决，监事会提名谭丽女士和邹庆 华先生为第四届监事会非职工代表监事候选人，任期与第四届监 ...

Investment Rating - The report maintains a "Recommend" rating for Mango Excellent Media with a target price of 31.65 CNY per share [1][8] Core Views - Mango Excellent Media is a state-owned long-video platform with strong content reserves, particularly in variety shows, and is expected to see a performance inflection point soon [1] - The company's variety show production capabilities are well-established, while its drama segment is still catching up but shows potential for breakthroughs [1][6] - The company is actively expanding its international presence through the "Mango Overseas 2024 Action Plan" and the "Mango TV International App Doubling Plan" [1] Content Segment - Variety shows remain the company's core strength, with a proven track record of producing hit series such as "Mystery Variety," "Singing and Dancing Brothers and Sisters," and "Family Variety" [1][6] - The drama segment has seen increased investment since 2020, with notable improvements in viewership starting in 2023, and several hit dramas such as "Meet Yourself" and "You Are My Fireworks" have emerged [1][6] - The company has a rich pipeline of dramas for 2024 and 2025, including "Good Luck Family," "National Beauty," and "Five Blessings," which are expected to drive further growth [1][6] Monetization Segment - Membership revenue is expected to grow healthily, driven by both B2B and B2C channels, with ARPPU (Average Revenue Per Paying User) already showing significant improvement [1][6] - Advertising revenue is expected to recover in 2025, supported by cyclical recovery and continuous content innovation [1][6] - The operator business, which has been under pressure due to policy changes, is expected to return to healthy growth starting in 2025 [1][6] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.722 billion CNY, 1.973 billion CNY, and 2.146 billion CNY, respectively, representing year-on-year growth rates of -52%, +15%, and +9% [1][8] - The company's revenue for 2024-2026 is projected to be 14.517 billion CNY, 16.206 billion CNY, and 17.724 billion CNY, with year-on-year growth rates of -0.8%, +11.6%, and +9.4%, respectively [2] International Expansion - Mango TV International App's overseas downloads have increased from 130 million in 2023 to 210 million in 2024, with a 5.3% increase in downloads from Europe and the Americas [1] Business Structure - The company's revenue is primarily driven by Mango TV (71% in H1 2024), followed by e-commerce (19%) and content production (9%) [1][20] - Mango TV's core business has the highest gross margin among the company's segments [1][20]

证 券 研 究 报 告 芒果超媒（300413）重大事项点评 推荐（维持） 2025 年招商会召开，剧综储备丰富，经营拐 点在即 事项： ❖ 11 月 12 日，2025 芒果生态扩圈大会在长沙召开，湖南卫视、芒果 TV、金鹰 卡通、小芒、山海、风芒构成的全新芒果六平台首度集结亮相。会上公司发布 2025 年片单，包括 100+剧集、100+综艺、120+微剧微综以及晚会、纪录片等 内容。 评论： ❖ 25 年剧综储备丰富，看好产品周期向上。湖南卫视、芒果 TV 全面升级内容 团队"赛道主理人"机制，打通内容与商业化之间的通路，通过"剧情式广告" "IP 衍生剧综""后链路"等融合创新产品赋能内容传播。1）综艺：披露数量 超 100 部，公司表示将保持 60%综 N 代+40%新综结构。一方面，经典综 N 代 继续推出，包括《歌手 2025》、《乘风 2025》、《披荆斩棘 5》等，且在内容模式 上积极寻求创新，例如姐姐将启动户外录制模式；另一方面，新综迭出，既包 括头部 IP 衍生综艺（e.g.:名侦探的假期），也包括全新 IP 新综（e.g.: 《登录 可爱岛》、《决逗喜乐城》）等，看好公司综艺优势保持。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [5][8]. Core Views - The company is backed by Hunan Broadcasting and has over 30 years of content accumulation, with a sustained advantage in variety shows and a growing presence in drama series. As of September this year, Mango TV's monthly active users (MAU) exceeded 250 million, ranking third in the industry with a growth trend better than peers [5][6]. - Increased investment in content has shown results, with both variety shows and drama series market shares improving. From the second half of 2023, the company increased its content investment, with the value of new film and television copyrights increasing by 39% year-on-year in the second half of 2023 and by 8% in the first half of 2024 [6][8]. - The company is entering a content release period in Q4 2024 and 2025, with a rich lineup of shows and dramas expected to perform well. The variety shows and dramas scheduled for release include high-profile titles and a diverse range of genres, with over 100 variety shows and dramas planned [7][8]. - A short-term operational turning point is anticipated, with pressures from advertising and operator businesses expected to ease. If consumer recovery occurs, the advertising business is likely to rebound significantly [8]. - Globalization is expected to open up membership revenue and content distribution opportunities, with Mango TV's international app covering 195 countries and regions, accumulating 229 million downloads [8]. Financial Summary - The company's total revenue for 2023 is projected at 14,628 million yuan, with a year-on-year growth rate of 4.7%. The net profit attributable to the parent company is expected to be 3,556 million yuan, reflecting a significant increase of 90.7% [9][14]. - The forecast for net profit for 2024-2026 is 1,725 million yuan, 1,965 million yuan, and 2,259 million yuan respectively, with corresponding price-to-earnings ratios of 31x, 28x, and 24x [8][9].

公 司 研 究 证券研究报告 ＃industryId＃ 传媒 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ | --- | --- | --- | |----------------------------|--------------------------------|-------| | ＃市场数据 marketData ＃ | | | | 日期 | 2024-11-07 | | | 收盘价（元） | 27.98 | | | 总股本（百万股） | 1870.72 | | | 流通股本（百万股） | 1021.70 | | | 净资产（百万元） | 22568.91 | | | 总资产（百万元） | 32623.28 | | | 每股净资产（元） | 12.06 | | | 来源： WIND | ，兴业证券经济与金融研究院整理 | | | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------|--------|---------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][8] Core Views - The company reported a revenue of 10.278 billion yuan and a net profit of 1.444 billion yuan for the first three quarters of 2024, representing a year-on-year decline of 0.85% and 18.96% respectively. The decline is attributed to the impact of industry regulations and the expiration of tax exemption policies [1][5] - The effective membership count for Mango TV exceeded 70 million, with membership revenue for the first half of the year reaching 2.486 billion yuan, a year-on-year increase of 27%. This growth is driven by high-quality content and an innovative membership benefits system [1][5] - The content ecosystem continues to improve, with 31 seasonal variety shows launched in Q3, positioning the company among the top in the long video platform sector. Upcoming key programs are expected to further enhance content performance in Q4 [1][6][7] Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 3.318 billion yuan and a net profit of 380 million yuan, with year-on-year declines of 7.14% and 27.41% respectively. The decline in revenue and profit is primarily due to the impact of regulatory changes in the television industry and the expiration of tax benefits [1][5] - The net cash flow from operating activities for the first three quarters was -325 million yuan, a significant decrease from 1.091 billion yuan in the same period last year, mainly due to increased investment in content [1][5] Membership and Advertising Business - The membership business showed strong performance, with Mango TV's effective membership exceeding 70 million. The membership revenue for the first half of the year was 2.486 billion yuan, up 27% year-on-year, supported by popular shows and an enhanced membership benefits system [1][5] - The advertising revenue for the first half was 1.721 billion yuan, down 4% year-on-year, with expectations of continued trends into Q3. The company aims to recover advertising revenue through innovative marketing strategies and optimized AI algorithms [1][5] Content Development - The company launched 31 seasonal variety shows in Q3, ranking among the top in the long video platform sector. Notable shows include "Hello, Saturday 2024" and "Chinese Restaurant 8," which are expected to drive content performance in Q4 [1][6][7] - In terms of drama series, popular titles such as "You Are More Beautiful Than Starlight" and "Private Romance" were released in Q3, with more anticipated releases expected to maintain viewer engagement [1][6][7] Investment Outlook - The profit forecast for the company remains unchanged, with expected net profits of 1.96 billion yuan, 2.19 billion yuan, and 2.44 billion yuan for 2024, 2025, and 2026 respectively. The corresponding EPS is projected to be 1.05 yuan, 1.17 yuan, and 1.30 yuan [1][7][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.56 CNY based on a 37x PE for 2024 [2][4]. Core Insights - The company reported a revenue of 3.317 billion CNY in Q3 2024, showing a year-over-year decline of 1.5% and a quarter-over-quarter decline of 8.73%. The gross margin for Q3 was 29.8%, an increase of 7.3 percentage points year-over-year and 0.7 percentage points quarter-over-quarter. The net profit attributable to the parent company was 379 million CNY, down 27.41% year-over-year and 35.76% quarter-over-quarter, primarily due to an increase in income tax expenses [1][2]. - In the first half of 2024, new media operations generated 4.96 billion CNY in revenue, a decrease of 3.6% year-over-year, with a gross margin of 36.1%, down 6.6 percentage points year-over-year. Membership revenue for the same period was 2.486 billion CNY, reflecting a growth of 27% year-over-year. The effective membership count exceeded 70 million as of October 11, 2024 [1][2]. - The company has seen a significant increase in active users, with 268 million monthly active users in August 2024, ranking among the top three in the long video industry. The contribution of series to membership revenue is also increasing, with effective plays of member content rising to 79%, a 16% year-over-year increase [1][2]. Financial Summary - The company's revenue for 2022 was 13.704 billion CNY, with a projected revenue of 14.456 billion CNY for 2024, reflecting a year-over-year decline of 1.2%. The net profit attributable to the parent company is expected to be 1.652 billion CNY in 2024, down 53.5% from 2023 [3][8]. - The gross margin is projected to decrease to 27.0% in 2024, while the net margin is expected to be 11.4%. The return on equity (ROE) is forecasted to be 7.4% in 2024 [3][8].

芒果超媒（300413. SZ） 24年3季报点评:所得税影响短期业绩表现,会员业务量质双升 核心观点 营收及利润下滑,内容投入持续加大。1)24年前3季度公司实现营业收入 102. 78 亿元、归母净利润 14. 44 亿元，同比分别下滑 0. 85%、−18. 96%，对 应全面摊薄 EPS 0.77元;2)Q3 单季度公司实现营收 33.18 亿元、归母净利 润 3.80 亿元,同比分别下滑 7.14%、27.41%;营收及业绩下滑主要在于一方 面运营商业务受电视行业治理影响下滑,另一方面所得税免税政策到期(前 三季度所得税费用为 2. 77 亿元，上年同期为-174 万元）; 3）前三季度公司 经营活动产生的净现金流为-3. 25 亿元(上年同期为 10. 91 亿元),主要系 加大头部内容储备投入，导致经营性现金流净额出现下降波动。 会员业务表现良好,关注广告业务向山上修复可能。1）芒果 TV 有效会员数 超过 7000 万、稳居国内长视频行业前列; 营收表现上，上半年会员业务收 入 24. 86 亿元、同比增长 27%，得益于优质内容和会员权益体系：以《歌手 2024》《乘风 2024》为代表的爆 ...

证 券 研 究 报 告 芒果超媒（300413）2024 年三季报点评 推荐（维持） 短期基本面触底，剧综储备丰富，出海进行中，静 待拐点到来 事项： ❖ 公司 24Q3 实现收入 33.2 亿（YOY-7%）；实现归母净利润 3.8 亿（YOY-27%）， 扣非归母净利润 3.1 亿（YOY-29%）。剔除所得税影响后预计归母净利润 YOY10%，扣非归母净利润 YOY-9.8%。 评论： ❖ 收入端：预计会员业务保持增长，广告略有压力，运营商业务高基数下继续承 压。我们预计 24Q3 会员收入保持健康增长，量价皆稳步提升，据中国证券报， 根据公开报道显示此前有效会员规模已超 7000 万；受弱宏观+产品排期影响 预计广告收入同比去年小幅下降；运营商业务预计受政策影响+去年高基数短 期继续承压。 ❖ 利润端：预计受营收结构调整，利润率有所下滑。24Q3 毛利率 29.8%，YOY7.65pct，推测主要系毛利率运营商业务占比下滑+内容成本有所提高；费率继 续优化，销售费用率 13.8%同比-5.83pct，管理和研发费用率分别为 1.78%和 1.15%，分别同比-2.46pct/-0.69pct。综合来看 ...