XMGF(300770) 国海证券·2024-11-04 13:03Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5][8]. Core Insights - The company's operating profit remains stable, with a decline in net profit attributed to changes in tax policy. The third quarter of 2024 saw revenue of 403 million yuan, a year-over-year increase of 0.26%, while net profit attributable to shareholders was 150 million yuan, reflecting a year-over-year decrease of 12.07% [2][3]. - The company has announced a special dividend plan, demonstrating confidence in its long-term development. It plans to distribute 300 million yuan in cash dividends, which amounts to 13.1 yuan per 10 shares [3][5]. Financial Performance Summary - For Q3 2024, the company reported revenue of 403 million yuan (YOY +0.26%, QOQ +8.65%), operating profit of 175 million yuan (YOY +2.58%, QOQ +16.99%), and net profit of 150 million yuan (YOY -12.07%, QOQ +15.11%). The significant increase in tax expense from 2.26 million yuan in Q3 2023 to 71 million yuan in Q3 2024 impacted net profit [2][3]. - For the first three quarters of 2024, total revenue reached 1.174 billion yuan (YOY +5.94%), with operating profit at 499 million yuan (YOY -0.43%) and net profit at 428 million yuan (YOY -14.38%) [2][3]. - The company’s market performance relative to the CSI 300 index shows a decline of 5.9% over the past month, but an increase of 20.5% over three months and 11.4% over twelve months [2][3]. Business Operations Summary - The company focuses on two main businesses: IPTV and OTT. It maintains stable partnerships with major telecom operators and enhances its brand through marketing activities. The content rights business is expected to contribute to new growth [3][5]. - The IPTV segment continues to thrive with collaborations with Guangdong Mobile, Telecom, and Unicom, while the OTT segment is enhancing product experience and monetization capabilities through refined operations [3][5]. Earnings Forecast - The company is projected to achieve revenues of 1.615 billion yuan, 1.690 billion yuan, and 1.752 billion yuan for 2024, 2025, and 2026 respectively. Net profit is expected to be 615 million yuan, 636 million yuan, and 650 million yuan for the same years, with corresponding P/E ratios of 15.2, 14.8, and 14.4 [5][6].