传媒行业三季度业绩回顾与展望:业绩加速上行 把握游戏超跌与影视、AI应用底部机会

国信证券
Nov 01

前三季度业绩回顾:营收及净利润显著回暖。1)2025年前三季度A股传媒板块(申万传媒行业分类,下同)上市公司共计实现营业收入3876亿元、归母净利润321亿元,同比分别增长5.41%、37.18%;营收相比上年同期小幅回暖向上、净利润显著改善;主要原因一方面在于去年同期较低的基数效应,另一方面在于费用端的显著下降(管理费用率/所得税等);2)传媒板块毛利率稳中有升,同比提升1.44个百分点至...

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