传媒行业业绩回顾与展望：景气有望底部持续改善主题催化板块表现

国信证券2025-05-10

2024年业绩回顾：营收持平、归母净利润大幅下滑。1）2024年A股传媒板块上市公司共计实现营业收入5072亿元、归母净利润185亿元，同比分别下滑0.01%、49.61%；营收保持稳定、净利润下滑明显；主要原因一方面在于去年同期较高的基数效应，另一方面在于费用端的显著提升（销售费用率/所得税等）；2）板块毛利率同比略降0.4个百分点至31. 12%；净利率同比下滑3.46个百分点至3.63%；...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2534446266?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-05-10 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2534446266","market":"sh","top_or_hot":-1,"title":"传媒行业业绩回顾与展望：景气有望底部持续改善 主题催化板块表现","media":"国信证券","content":"<div>\n<p>2024年业绩回顾：营收持平、归母净利润大幅下滑。1）2024年A股传媒板块上市公司共计实现营业收入5072亿元、归母净利润185亿元，同比分别下滑0.01%、49.61%；营收保持稳定、净利润下滑明显；主要原因一方面在于去年同期较高的基数效应，另一方面在于费用端的显著提升（销售费用率/所得税等）；2）板块毛利率同比略降0.4个百分点至31. 12%；净利率同比下滑3.46个百分点至3.63%；...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250510181721a4792260&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>传媒行业业绩回顾与展望：景气有望底部持续改善 主题催化板块表现</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n传媒行业业绩回顾与展望：景气有望底部持续改善 主题催化板块表现\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-10 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250510181721a4792260&s=b><strong>国信证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2024年业绩回顾：营收持平、归母净利润大幅下滑。1）2024年A股传媒板块上市公司共计实现营业收入5072亿元、归母净利润185亿元，同比分别下滑0.01%、49.61%；营收保持稳定、净利润下滑明显；主要原因一方面在于去年同期较高的基数效应，另一方面在于费用端的显著提升（销售费用率/所得税等）；2）板块毛利率同比略降0.4个百分点至31. 12%；净利率同比下滑3.46个百分点至3.63%；...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250510181721a4792260&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"603230","symbol_name":"内蒙新华","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250510181721a4792260&s=b","article_id":"2534446266","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250510181721a4792260&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2534446266","pubTimestamp":1746806400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2024年业绩回顾：营收持平、归母净利润大幅下滑。2025年Q1业绩触底向上，关注景气持续修复可能。1）景气度看好IP潮玩，推荐泡泡玛特、浙数文化、姚记科技等；2）基本面底部改善，游戏、媒体、影视等板块。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159982":"中证500","399300":"沪深300","600229":"城市传媒","600358":"ST联合","600373":"中文传媒","600551":"时代出版","600556":"天下秀","600640":"国脉文化","600757":"长江传媒","600825":"新华传媒","600986":"浙文互联","601019":"山东出版","601098":"中南传媒","601801":"皖新传媒","601811":"新华文轩","601858":"中国科传","601900":"南方传媒","601921":"浙版传媒","601928":"凤凰传媒","601949":"中国出版","601999":"出版传媒","603096":"新经典","603230":"内蒙新华","603598":"引力传媒","603729":"龙韵股份","603825":"ST华扬","603999":"读者传媒","605168":"三人行","605577":"龙版传媒","BK0098":"文化传媒概念","BK0268":"新闻出版","BK0267":"媒体制作","BK0188":"融资融券"},"translate_title":"Media industry performance review and outlook: the bottom of the boom is expected to continue to improve the performance of the theme catalyst sector","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":0.65,"399300":0.65,"600229":0.9,"600358":0.9,"600373":0.9,"600551":0.9,"600556":0.9,"600640":0.9,"600757":0.9,"600825":0.9,"600986":0.9,"601019":0.9,"601098":0.9,"601801":0.9,"601811":0.9,"601858":0.9,"601900":0.9,"601921":0.9,"601928":0.9,"601949":0.9,"601999":0.9,"603096":0.9,"603230":0.9,"603598":0.9,"603729":0.9,"603825":0.9,"603999":0.9,"605168":0.9,"605577":0.9},"content_text":"2024年业绩回顾：营收持平、归母净利润大幅下滑。1）2024年A股传媒板块上市公司共计实现营业收入5072亿元、归母净利润185亿元，同比分别下滑0.01%、49.61%；营收保持稳定、净利润下滑明显；主要原因一方面在于去年同期较高的基数效应，另一方面在于费用端的显著提升（销售费用率/所得税等）；2）板块毛利率同比略降0.4个百分点至31. 12%；净利率同比下滑3.46个百分点至3.63%；管理费用率8.12%、与上年基本一致；销售费用率同比提升0.81个百分点至12.77%；所得税达到77.38亿元、相比2023年的-1.59亿元上升显著，主要在于出版行业税收政策变化；3）子板块除广告营销行业归母净利润有所增长外，其他主要行业均有显著下滑。2025年Q1业绩触底向上，关注景气持续修复可能。1）Q1A股传媒板块共计实现营业收入1258.53亿元、归母净利润110.77亿元，同比分别增长5.59%、28.63%，归母净利润在经历了24年Q1以来的连续4个季度下滑后显著改善向上；营收亦从24年Q3以来的持续下滑后拐点向上；主要得益于一方面影视行业在《哪咤2》票房带动下营收及净利润大幅增长，另一方面基数效应以及所得税政策调整所带来的税费端改善；2）毛利率同比提升1.12个百分点至33.33%；净利率同比提升2.14个百分点至3.63%；管理费用率7.29%、与上年基本一致；销售费用率同比提升0.26个百分点至13.08%；3）基数效应、需求端改善之下，25年传媒板块净利润增速相比24年有望持续改善。子行业表现：内容行业关注供给拉动的需求改善，广告营销关注宏观经济趋势。1）游戏行业24年净利润下滑显著，25年营收、归母净利润同比分别增长21.93%、47.08%；归母净利润在经历了24年Q1以来的连续4个季度下滑后显著改善向上；营收亦从24年Q1以来后拐点向上；版号发放保持稳定、促消费政策首提游戏消费，AI应用创新游戏玩法，游戏行业25年景气有望持续改善；2）《哪咤2》带动25年春节档票房市场大幅增长，并进而带动影视院线板块25年Q1实现业绩高增长（营、归母净利润同比分别增长41.35%、75.92%），后续关注暑期档表现及国产内容供给改善状况；3）《哪咤2》总票房创国内第一、全球第七，打开国产影片票房新高度；国产优质影片供给周期修复之下，票房市场持续修复可期；4）IP潮玩保持高景气，《哪咤》等带动之下Q1闲鱼国谷交易首次超越日谷，持续看好国产IP崛起及海外市场潜力；5）Q1广告营销板块营业收入、归母净利润同比分别增长-1.04%、12.17%；营收下降主要受制于整体宏观环境压制导致媒体投放相对承压；利润端同比向上受益于基数效应及费用端改善；中期来看，关注宏观内需改善及广告投放在媒体间转换趋势变化投资观点：持续看好景气反转与IP/AI驱动下的板块机会。1）景气度看好IP潮玩，推荐泡泡玛特、浙数文化、姚记科技等；2）基本面底部改善，游戏、媒体、影视等板块。游戏板块把握产品周期及业绩表现，推荐恺英网络、吉比特、心动公司等标的；媒体端关注经济底部向上带来的广告投放增长（分众传媒、芒果超媒等）；影视内容供给端有望底部改善，推荐渠道（万达电影、猫眼娱乐）以及内容（光线传媒、华策影视等）；同时从高分红、低估值以及市值管理提升角度关注国有出版板块；2）AI重点把握应用场景机会，关注游戏、玩具、广告、教育、社交等方向；2B/2G关注营销（易点天下、浙文互联、蓝色光标、引力传媒等） 、教育（南方传媒、皖新传媒）、数据要素/智慧城市（浙数文化）等领域落地可能；2C关注AI游戏（恺英网络、巨人网络、姚记科技等）、AI短剧（中文在线、掌阅科技、华策影视等）、AI玩具（上海电影、奥飞娱乐、汤姆猫等）。风险提示：业绩低于预期、技术进步低于预期、监管政策风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2534446266","isCrawlerRequest":true}

传媒行业业绩回顾与展望：景气有望底部持续改善 主题催化板块表现

精彩评论

传媒行业业绩回顾与展望：景气有望底部持续改善主题催化板块表现