研報掘金丨信達證券:芒果超媒業績表現穩健,建議保持重點關注
格隆匯8月8日丨信達證券7日研報指出,認為芒果超媒(300413.SZ)收購金鷹卡通,補全少兒內容板塊,有利於增強公司版權內容的整體優勢,拓展用户人羣,並加速大屏端的訂閲用户和收入增長。另外,芒果會員納入阿里88VIP體系,電商流量加持有望增厚會員體量和收入。目前88VIP會員已超2800萬,此前據阿里88VIP業務負責人披露,每100位88VIP新用户可以為優酷帶來44位新用户。公司上半年《乘風 4》《聲生不息:寶島季度》等綜藝亮眼,疊加廣吿大盤逐步回暖,業績表現穩健,23Q1實現收入30.6億元,同比略降 2.2%;實現歸母淨利潤 5.4 億元,同比增長7.4%。看好全年公司廣吿、會員收入和整體業績的復甦。Wind 一致預期23~25年收入分別為160.5 億/181.9億/202.3億,同比 17%/13%/11%;歸母淨利潤分別為23.5億/28.1億/32.1億,同比 29%/19%/14%。公司作為稀缺的國企屬性的互聯網長視頻平台,長視頻內容主業經營穩健,電商、劇本殺等新業務持續探索創新,建議保持重點關注。
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