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研報掘金丨長江證券:芒果超媒24年會員收入表現亮眼,繼續推薦
格隆匯 01-20 16:52

長江證券研報指出,芒果超媒(300413.SZ)24年預計實現歸屬於上市公司淨利潤12.5~16.1億,同比下降64.85%~54.72%,主要由遞延所得税資產衝減所致。24年公司會員收入表現亮眼,預計同比增長18%至50.9億,芒果TV年末有效會員規模達到7331萬,同比增長10%,再創新高,同時通過構建IP 定製節目、單點直播賽、劇綜聯動、超前售後四大增收矩陣,芒果TV 會員ARPU有效提升7%,實現量價齊增。公司優質綜藝和劇集儲備豐富,持續看好公司在S級綜藝加密、劇集突破下帶來的業績增長。考慮所得税影響,預計公司24-25年實現歸母淨利潤15.92/20.65億,對應當前股價PE分別為31/24x,繼續推薦。

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