国金证券-分众传媒-002027-公司深度研究：收购扩渠道，携手支付宝打通转化链路，看好后续增长-250704

市场资讯2025-07-04

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！（转自：研报虎）投资逻辑　　1、收购新潮传媒的影响：完成后公司将从3方面受益。1)二者点位、覆盖人群重合度低，满足的客户需求也有差异，收购整合完成后，更能满足广告主多样化需求。公司点位覆盖全面，至25年3月底，电梯电视媒体覆盖境内超230个主要城市，设备数量约126万台；新潮侧重户外视频广告，锁定写字楼外的中产社区，至24年...

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/2549970283?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-04 22:57","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2549970283","market":"other","top_or_hot":-1,"title":"国金证券-分众传媒-002027-公司深度研究：收购扩渠道，携手支付宝打通转化链路，看好后续增长-250704","media":"市场资讯","content":"<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （转自：研报虎）投资逻辑　　1、收购新潮传媒的影响：完成后公司将从3方面受益。1)二者点位、覆盖人群重合度低，满足的客户需求也有差异，收购整合完成后，更能满足广告主多样化需求。公司点位覆盖全面，至25年3月底，电梯电视媒体覆盖境内超230个主要城市，设备数量约126万台；新潮侧重户外视频广告，锁定写字楼外的中产社区，至24年...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-07-04/doc-infeivrz2629164.shtml\">网页链接</a>\n\n</div>\n","source":"sina","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>国金证券-分众传媒-002027-公司深度研究：收购扩渠道，携手支付宝打通转化链路，看好后续增长-250704</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国金证券-分众传媒-002027-公司深度研究：收购扩渠道，携手支付宝打通转化链路，看好后续增长-250704\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-04 22:57 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/roll/2025-07-04/doc-infeivrz2629164.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （转自：研报虎）投资逻辑　　1、收购新潮传媒的影响：完成后公司将从3方面受益。1)二者点位、覆盖人群重合度低，满足的客户需求也有差异，收购整合完成后，更能满足广告主多样化需求。公司点位覆盖全面，至25年3月底，电梯电视媒体覆盖境内超230个主要城市，设备数量约126万台；新潮侧重户外视频广告，锁定写字楼外的中产社区，至24年...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-07-04/doc-infeivrz2629164.shtml\">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":"LU0499858438.USD","symbol_name":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2025-07-04/doc-infeivrz2629164.shtml","article_id":"2549970283","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2549970283","pubTimestamp":1751641020,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"2)收购新潮后，公司龙头地位进一步巩固。3)二者分别与阿里、京东+百度深度合作推进品效合一，收购完成有望打通数据，更好实现品效合一。　　2、分众+支付宝碰一碰，打通广告展示-消费转化链路，深化品效合一。给予25年PE23X，目标价8.7元，维持“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","600109":"国金证券","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","BK0201":"可转债","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","002027":"分众传媒","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0048580855.USD":"富达大中华区A","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","BK1608":"元宇宙概念","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","HBBD.SI":"Alibaba HK SDR 5to1","BK0196":"行业龙头","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","BK1249":"综合零售","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","BK0183":"MSCI概念","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD"},"translate_title":"Sinolink Securities-Focus Media-002027-Company in-depth research: acquisition to expand channels, join hands with Alipay to open up conversion links, optimistic about subsequent growth-250704","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"600109":1,"ALBmain":0.6,"002027":1,"HBBD.SI":0.6},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （转自：研报虎）投资逻辑　　1、收购新潮传媒的影响：完成后公司将从3方面受益。1)二者点位、覆盖人群重合度低，满足的客户需求也有差异，收购整合完成后，更能满足广告主多样化需求。公司点位覆盖全面，至25年3月底，电梯电视媒体覆盖境内超230个主要城市，设备数量约126万台；新潮侧重户外视频广告，锁定写字楼外的中产社区，至24年9月底，其运营了约74万部电梯智能屏。客户：公司积累了大量大型、优质客户，而新潮深耕下游长尾市场，单屏收入较公司低2000元/年。2)收购新潮后，公司龙头地位进一步巩固。3)二者分别与阿里、京东+百度深度合作推进品效合一，收购完成有望打通数据，更好实现品效合一。　　2、分众+支付宝碰一碰，打通广告展示-消费转化链路，深化品效合一。6月24日，“支付宝碰一下”进入公司电梯渠道，用户通过手机碰一下设备小蓝环即可领红包、优惠券或跳转店铺/购买页面，二者的合作打通广告-支付转化的链路，有望解决传统梯媒渠道难以归因的难题，同时深化与大股东阿里在数据等方面的合作，进一步打开电梯广告的市场空间。支付宝碰一下24年6月推出，后快速推广，现用户破亿，其线下推广场景与公司渠道高度贴合。　　3、新消费趋势的影响：有望为梯媒投放带来增量。主要基于3点：1)通过对近10年广告市场投放、消费趋势变化的分析，我们认为消费趋势变化会催生新行业或品牌，在此过程中前期的跑马圈地、竞争白热化中的稳固地位均会促进投放增加，比如互联网、在线教育等行业。以潮玩、茶饮为代表的新消费竞争均趋于激烈，品牌认知度是决胜的关键因素之一，尤其对于更易同质化的产品类别而言。2)效果广告投放价格会随投放量的增加而上升，加投的边际效果会同步减弱，品牌广告的价格优势会更突出。3)新消费公司盈利水平相对较高，且行业仍在扩容，预计广告预算较充足。盈利预测、估值和评级　　预计25-27年归母净利润54.5/57.6/61.9亿元，PE为19/18/17X。给予25年PE23X，目标价8.7元，维持“买入”评级。风险提示　　宏观经济发展不及预期，下游新兴赛道投放不及预期，市场竞争加剧，收购新潮传媒不及预期。\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","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/2549970283","isCrawlerRequest":true}