MANGO(300413) 申万宏源·2024-11-14 01:08Investment 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].