Mega Matrix(MPU.A)：短剧行业亟待爆发，AI+业绩指向经营拐点

2026E2027E95.30149.2458.7056.6060.59101.6274.3667.72-2.3414.259.0477.90709.98-2.8413.0573.42560.1263.58%68.51%-2.45%10.74%-15.0515.38 财务报表与盈利预测资产负债表会计年度2024A流动资产14.9117.01现金8.8710.42其他短期投资0.01应收账款合计1.29其他流动资产4.74非流动资产4.55长期投资1.48无形资产3.07其他非流动资产0.00资产总计19.4622.87流动负债5.35短期借款及税金0.00应付票据及账款1.00其他流动负债4.35非流动负债0.00长期借款0.00其他非流动负债0.00负债合计5.35储备14.0715.05少数股东权益0.00归母权益14.1116.52股东权益合计14.1116.52负债和股东权益19.4622.87现金流量表会计年度2024A经营活动现金流4.12净利润-8.88折旧摊销0.00营运资本变动10.27其他非现金调整2.74投资活动现金流-1.89减：资本支出0.00投资减少0.22减：投资增加0.88其他投资活动-1.23筹资活动现金流3.50短期借款0.00长期借款0.00其他筹资现金流3.50汇率变动影响0.00现金净增加额5.74资料来源：WIND，华通证券国际研究部 3/42目录MPU：短剧行业亟待爆发，AI+业绩指向经营拐点.....................................................................................................1第一部分：行业研究篇——全球短剧赛道的爆发与重塑............................................................................5第一节行业概况：短剧的定义、演化与产业边界...............................................................................51.1微短剧的定义与内容结构.......................................................................................................51.2行业发展历程：从中国野蛮生长到全球复制........................................................................61.3出海逻辑：从国内红利见顶到海外蓝海爆发........................................................................7第二节：市场测算与发展趋势.............................................................................................................82.1全球与中国微短剧市场规模测算与增速...............................................................................82.2用户行为与消费习惯：碎片化内容的新范式........................................................................82.3出海市场的分区域格局：北美主收、东南亚主量、中东为潜力.........................................102.4投流、分发与商业变现方式................................................................................................11第三节竞争格局与典型玩家.............................................................................................................123.1头部平台画像：平台型与内容型双线发展..........................................................................123.2国内与海外运营打法对比...................................................................................................13第四节产业链与AI赋能趋势.............................................................................................................144.1内容供给瓶颈与剧本供需矛盾............................................................................................144.2AI赋能：翻译、剧本生成、视觉制作的效率革命...............................................................154.3投流效率与数据分发平台协同............................................................................................17第二部分：公司研究篇——MPU：唯一美股短剧标的的增长逻辑.............................................................18第一节公司概况与战略定位.............................................................................................................181.1公司背景与发展沿革...........................................................................................................181.2平台定位与市场角色...........................................................................................................181.3战略演化路径与长期生态布局............................................................................................19第二节商业模式与运营体系.............................................................................................................192.1内容供给策略：翻译剧、自制剧、原创剧三线并举...........................................................192.2用户获取与流量投放体系...................................................................................................202.3盈利模型与投流ROI逻辑.....................................................................................................212.4发展阶段与进化方向...........................................................................................................22第三节AI中台与技术布局...............................................................................................................233.1AI翻译与多语种部署体系...................................................................................................233.2AI剧本生成与内容爆点提炼................................................................................................243.3AI剪辑、视觉素材优化与投流............................................................................................253.4AI中台商业化预判...............................................................................................................26第四节财务分析与盈利路径.............................................................................................................264.1收入结构（IAP/IAA/授权）及区域化策略..........................................................................264.2成本结构与毛利率...............................................................................................................274.3盈利能力与现金回收周期...................................................................................................284.4盈利拐点与长期盈利模型展望............................................................................................28第五节平台护城河与竞争优势分析..................................................................................................295.1内容生产的结构化能力与数据中台支撑.......................................................