研報掘金丨廣發證券:分衆傳媒梯媒份額有望持續擴張,維持“買入”評級
廣發證券研報指出,高質量人羣覆蓋+市場整合程度較高,分衆傳媒梯媒份額有望持續擴張。2025年以來,互聯網大廠即時零售競爭加劇,分衆梯媒設備置入了Wifi、iBeacon、NFC等,能夠成爲O2O的線下流量入口;支付寶推廣“碰一碰”等功能與分衆達成合作,有望看到大廠增加在分衆的投放預算,併爲分衆拓展新的商家客戶羣體。考慮分衆梯媒消費廣告主投放具有較強韌性,支付寶“碰一碰”等合作有望帶來增量,疊加點位租金下降預期,預計分衆25-27年整體營收爲130.47/139.10/148.13億元,歸母淨利56.61/61.88/67.26億元。估值方面,採用兩階段的DCF估值模型,認爲分衆傳媒的合理價值爲8.31元/股,維持“買入”評級。
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