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研報掘金丨招商證券:維持分衆傳媒“強烈推薦”評級,經營穩健維持高分紅政策

招商證券研報指出,分衆傳媒(002027.SZ)24年實現歸母淨利51.55億元,同比增長6.8%;25Q1實現歸母淨利11.35億元,同比增長9.14%。2024年公司實現樓宇媒體收入115.49億元,同比增長3.87%,佔總收入比重提升至94.19%,顯示其主營業務的穩固性。日用消費品廣告主投放強勁增長,全年貢獻收入達75.91 億元,同比增長13.4%,佔總收入比重已達61.90%。分紅方面,公司擬24年年度分紅33.22 億元,疊加公司24 年半年度派發14.44 億元,全年累計分紅47.66 億元,分紅率爲92.4%。如新潮收購整合進展順利,分衆議價能力提升顯著,認爲長期有較大的租金優化及廣告提價空間。隨着內需消費重要性凸顯,分衆傳媒作爲消費行業賣鏟人有望受益於消費持續修復及包括學習機等在內的新興消費趨勢。維持“強烈推薦”評級。

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