Mega-info Media’s (Mega-info) 3Q24 revenue was RMB184mn (+3.35/+28.13%yoy/qoq) and attributable NP was RMB26mn (-49.07/+958.27% yoy/qoq),modestly below our estimate of RMB31-36mn. For 3Q24, revenue sustained a growth trajectory, although profitability faced temporary pressure due to upfront costs associated with increased screen installations at high-speed railway stations and newly added large outdoor screens. We expect a rebound in profitability moving forward. Maintain BUY.

　　公司发布三季报：Q3营收1.84亿元（yoy+3.35%，qoq+28.13%），归母净利0.26亿元（yoy-49.07%，qoq+958.27%），略低于我们Q3预测区间（0.31-0.36亿元）。24年Q1-Q3营收5.05亿元（yoy+16.59%），归母净利6721.62万元（yoy-44.23%），扣非净利5423.23万元（yoy-52.04%）。营收端，Q3及Q1-Q3均保持增长，盈利端因新增高铁和户外大屏点位，成本先行而暂时承压，后续有望释放，维持“买入”评级。
　　Q3营收端保持同比增长，但毛利率仍承压
　　24Q3营收同比略增，环比增长较快，主因暑假为高铁运输旺季，业务相应增长；Q3归母净利同降49%，主因毛利率同比降低约9pct，与24年趋势一致。24Q1-Q3营收端同增16.59%，主因：1）新开拓的户外3D大屏业务贡献营收；2）高铁媒体业务营收因点位增加而增长。但综合毛利率33.53%，同降10.61pct，主因高铁媒体业务新增点位，成本端先行，营收端因招商需要时间等原因而滞后，从而有所下降。销售/管理/研发/财务费用率分别为17.63%/2.79%/1.68%/-2.61%，同比-0.53/-0.6/-0.1/6.7pct，销售/管理/研发费用率均有所下降；因租赁负债利息费用增加，及存款利率下降导致存款利息收入减少，财务费用率变化较大。
　　高铁媒体网络资源丰富，可满足客户立体化营销需求
　　公司高铁媒体网络规模领先，截至24H1末已和国内18家铁路局集团已全部签署媒体资源使用协议，签约564个铁路客运站，运营5,310块数字媒体屏幕，包括“八纵八横”高铁主动脉，覆盖了经济发达城市群，下沉至三、四线城市和县城等站点。在夯实高铁媒体资源覆盖优势的同时，进一步提升高铁媒体资源矩阵的丰度和质量，满足品牌客户全国立体化营销需求。
　　户外裸眼3D大屏构建第二成长曲线，AI赋能业务提效
　　22年公司开拓裸眼3D大屏业务，至24Q3末共有6块大屏建成运营，形成一定规模的资源矩阵，并开拓城市核心商圈营销场景。公司组建的视觉创意团队，深度发力数字内容创意制作领域，已将AIGC技术作为设计工具融入项目制作流程，用于视觉生成。
　　目标价11.61元，维持“买入”评级
　　考虑毛利率下降，结合Q1-Q3业绩，我们调整24-26年归母净利预测为1.07/1.76/2.15亿元（前值1.37/1.76/2.15亿元）。可比公司25年PE27X，考虑户外大屏业务虽有增长潜力，但业绩释放延后，给予25年27X，目标价11.61（前值8.5）元，维持“买入”评级。
　　风险提示：宏观经济疲软、媒体资源使用费上涨。

1H24 NP of RMB41mn (-40.6% yoy); maintain BUY
Mega-info Media (Mega-info) has posted interim report, logging revenue/attributable NP/recurring NP of RMB321/40.93/27.98mn (+25.84/-40.60/-58.77% yoy) in 1H24. For 2Q24, revenue/attributable NP was RMB144/2.48mn (+38.02/-58.05% yoy, -19.02/-93.54% qoq). Considering reduced GPM per interim report, we lower our 2024/2025/2026 NP estimates to RMB137/176/216mn (previous: RMB169/202/239mn). Given the growth potential of the outdoor large screen business but delayed earnings contribution, we value the stock at 25x 2024E PE, in line with its peers’ average on Wind and Bloomberg consensus. We cut our target price to RMB8.5 (previous: RMB14.50). Maintain BUY.
Revenue sustained growth, GPM strained
Revenue grew 25.8% yoy in 1H24. 1) Revenue from the newly-established outdoor 3D large screen business jumped 378.49% yoy to RMB40mn. 2) Revenue from railway business rose 13.98% yoy to RMB281mn. The overall GPM fell 11pp yoy to 30.2%, mainly affected by the railway business, which saw a decline in revenue but a rise in expenses on newly-added screens. The sales/administrative/R&D/financial expense ratios were 16.67/2.77/1.68/-3% (-2.33/-1/0.11/9.06pp yoy), indicating declines in sales and administrative expenses. Significant changes in financial expense ratio was due to higher interest expenses on lease liabilities and lower interest income on deposits as a result of lower interest rates on deposits.
Railway media network expanding; screen structure optimized
Mega-info has seen sustained expansion of its railway media network. As of end-1H24, it ran media business in 509 railway stations (+27 vs end-2023), including 496/13 high-speed railway/ordinary stations (+30/-3 vs end-2023), with over 97% being high-speed railway stations; it operated 5,310 screens (-36 vs end-2023, including 5,015/236/59 digital ad players/TV sets/LED large screens), on an optimized screen structure in which TV sets with low efficiency were heavily reduced while digital ad players continued to grow.
Earnings contribution from outdoor 3D large screen deferred
The company developed outdoor naked-eye 3D large screen business in 2022 and expanded it in Guiyang/Chengdu/Beijing in 2023. In 1H24, it built a large screen for the Mixc in Luohu, Shenzhen. Given macro headwinds and tightened ad budgets, development of the business has slowed. As Mega-info has to invest before reaping revenue, the business was still loss-making in 1H24, weighing on overall earnings, albeit with the GPM loss narrowing from -32% in 2023 to -23% in 1H24.
Risks: soft economic growth; rising media resource costs.

　　24H1净利0.41亿元，同降40.6%，维持“买入”评级
　　公司发布半年报，24年H1实现营收3.21亿元（yoy+25.84%），归母净利4092.93万元（yoy-40.60%），扣非净利2798.05万元（yoy-58.77%）。其中Q2实现营收1.44亿元（yoy+38.02%，qoq-19.02%），归母净利248.39万元（yoy-58.05%，qoq-93.54%）。考虑半年报综合毛利率下降，我们调整24-26年净利为1.37/1.76/2.16（前值1.69/2.02/2.39）亿元，可比公司24年PE25X，考虑户外大屏业务虽有增长潜力，但业绩释放延后，给予24年25X，目标价8.5（按当前股本计前值10.41）元，维持“买入”评级。
　　营收端保持增长，但毛利率承压
　　24年H1营收同增25.8%，其中：1）新开拓的户外3D大屏业务营收0.4亿元，同增378.49%；2）高铁媒体业务营收2.81亿元，同增13.98%。综合毛利率30.2%，同降11pct，主因高铁媒体业务影响，高铁业务营收虽然保持增长，成本端由于新增了点位而有所上升。销售/管理/研发/财务费用率16.67%/2.77%/1.68%/-3%，同比-2.33/-1/0.11/9.06pct，销售和管理费用率均有所下降；因租赁负债利息费用增加，以及因存款利率下降导致存款利息收入减少，财务费用率变化较大。
　　持续扩张高铁媒体网络，优化屏幕结构
　　公司高铁媒体网络不断扩展，截至24H1末，公司开通运营铁路客运站509个（+27，基数为23年末，下同），其中高铁站496个（+30）、普通车站13个（-3），97%以上为高铁站；运营5,310块屏幕（总体-36，其中数码刷屏机5,015块，电视视频机236块，LED大屏59块），主因公司优化屏幕结构，生产效率较低的电视视频机减少较多，数码刷屏机依然保持较快增长。
　　户外裸眼3D大屏业务发展节奏放缓，业绩释放延后
　　22年公司开拓广州、太原等市裸眼3D大屏业务，23年新增建设贵阳、成都、北京等地商圈大屏，24年H1新增建设深圳罗湖万象城大屏。考虑到宏观环境和广告主预算收紧，该业务发展节奏有所放缓。由于建设在前，营收在后，24年H1该业务依然亏损，对总体业绩有一定影响，但毛利率已由23年的-32%收窄至24年H1的-23%。另外公司组建视觉创意团队，并将AIGC技术作为设计工具融入项目制作流程，用于视觉生成，推动裸眼3D内容生产和制作技术对公司数字运营优势的进一步加码。
　　风险提示：宏观经济疲软、媒体资源使用费上涨。