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研報掘金丨申萬宏源:芒果超媒24Q4-2025年迎來內容釋放期,維持“買入”評級

申萬宏源研究指出,芒果超媒(300413.SZ)背靠湖南廣電,內容體近30餘年沉澱,綜藝第一優勢持續放大,劇集是第二曲線,截止到今年9月,芒果TV的MAU超2.5億,已居行業第三(根據Questmobile數據),且增長趨勢好於同業。24Q4-2025年迎來內容釋放期。後續片單數量更豐富,類型更多元,看好產品週期繼續向上,短期經營拐點在即。此外,全球化有望打開會員收入及內容發行空間。維持盈利預測,維持“買入”評級。

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