Zhongtai Securities: Maintains "Accumulate" rating on Mango Excellent Media, with multi-dimensional support for AI medium-to-long drama implementation

Zhongtai Securities stated in a research report recently that the acceleration of Mango Super Media's AI multimodal technology iteration is advancing the commercialization of AI medium- and long-form dramas, and improvements to the online video and TV large-screen ecosystem can be expected. Considering that the company's internet video business revenue is gradually stabilizing, although the gross margin is under short-term pressure due to content investment, it is expected to improve with the implementation of AI medium- and long-form dramas. Regarding comparable companies, companies in the industry that are also engaged in internet video business were selected as comparable targets, including iQIYI, Netflix, and Bilibili. With reference to peer comparable companies, considering that the company, as a rare state-owned online video platform, is gradually stabilizing its core business and actively promoting the layout of AI medium- and long-form dramas, which is expected to enhance profitability and open up room for performance growth, it is reasonable to grant a valuation premium. Continued attention is recommended, and the "Overweight" rating is maintained.