Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Insights - The company reported a steady revenue growth with a total operating income of 6.478 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 0.49%. However, the net profit attributable to shareholders decreased by 22.24% to 529 million yuan [3][4]. - The educational services segment is progressing steadily, with the company actively promoting digital transformation and information technology integration [4][5]. - The company has established a joint venture to enhance its capabilities in children's book publishing, aiming to increase market share and brand strength in this segment [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 529 million yuan, down 22.24% year-on-year, while the net profit excluding non-recurring items was 547 million yuan, a decline of 11.35% [3]. - In Q3 2024, the company recorded an operating income of 2.454 billion yuan, a year-on-year increase of 2.71%, with a net profit of 230 million yuan, down 14.63% [3]. - The company’s financial forecasts for 2024-2026 project net profits of 878 million, 982 million, and 1.061 billion yuan respectively, with corresponding EPS of 0.98, 1.10, and 1.18 yuan [5][9]. Business Segment Analysis - The textbook and auxiliary materials business remains stable, benefiting from the population advantage in Guangdong province and potential regional integration [4]. - The general book publishing segment saw a revenue decline of 18.11% year-on-year, with a gross margin of 2.83%, down 5.8 percentage points [4]. - The company’s advertising and service revenue reached 58.26 million yuan, with signed advertising orders amounting to 63.58 million yuan [4]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 14, 13, and 12 respectively, indicating a favorable valuation outlook [5][11]. - The company’s return on equity (ROE) is expected to be 10.37% in 2024, improving slightly in subsequent years [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a slight year-on-year revenue growth of 2.71% in Q3 2024, with total revenue reaching 2.454 billion yuan. However, the net profit attributable to shareholders decreased by 14.63% year-on-year to 230 million yuan [1]. - The company is expected to face performance pressure in 2024 due to tax policy impacts, but it is actively embracing AI and new business models, which may lead to stable growth in the future [2]. - Revenue forecasts for 2024-2026 are projected at 9.923 billion yuan, 10.697 billion yuan, and 11.557 billion yuan respectively, with net profits expected to be 876 million yuan, 954 million yuan, and 1.048 billion yuan respectively [2]. Revenue Summary - For the first three quarters of 2024, the company achieved total revenue of 6.478 billion yuan, reflecting a year-on-year increase of 0.49%. The gross profit was 2.202 billion yuan, with a gross margin of 33.99%, up by 2.36 percentage points year-on-year [1]. - In Q3 2024, the company’s revenue was 2.454 billion yuan, showing a quarter-on-quarter increase of 26.70% and a year-on-year increase of 2.71%. The gross profit for this quarter was 825 million yuan, with a gross margin of 33.61% [1]. Profit Summary - The net profit attributable to shareholders for the first three quarters of 2024 was 529 million yuan, down 22.24% year-on-year. The net profit for Q3 2024 was 230 million yuan, which is a 56.66% increase quarter-on-quarter but a 14.63% decrease year-on-year [1]. - The report indicates that the total profit for Q3 2024 was 345 million yuan, representing a year-on-year increase of 16.80%, primarily due to a decrease in sales expense ratio and an increase in other income [1]. Market Performance - As of November 5, 2024, the company's stock price was 14.14 yuan, with a 52-week price range of 9.30 to 18.58 yuan. The company's performance relative to the CSI 300 index was -3.7% over one month, +23.6% over three months, and -1.9% over twelve months [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.85 CNY based on a P/E ratio of 15 times for comparable companies [2][3]. Core Insights - The company reported a revenue of 2.454 billion CNY for Q3 2024, reflecting a year-over-year increase of 2.71%. However, the net profit attributable to shareholders decreased by 14.63% to 230 million CNY [1][2]. - The core business remains robust, with steady growth in textbook and educational materials, while general book sales showed a decline of 3.41%, which is better than the overall market decline of 5% [1]. - The gross margin for Q3 2024 was stable at 33.61%, with effective cost control reflected in a sales expense ratio of 8.66% and a management expense ratio of 10.54% [1]. - Cash flow from operating activities was negative at -601 million CNY, primarily due to delayed textbook settlements and increased corporate income tax payments, but the company has a strong cash reserve of 1.944 billion CNY [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a cumulative revenue of 6.478 billion CNY, a slight increase of 0.49% year-over-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 888 million CNY, 1.016 billion CNY, and 1.107 billion CNY, respectively, with corresponding EPS of 0.99 CNY, 1.13 CNY, and 1.24 CNY [2][5]. - The company is expected to maintain a stable growth trajectory, with projected revenue growth rates of 12.3% in 2024, followed by 6.9% and 6.6% in the subsequent years [5][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company's Q3 performance met expectations, with strong organic growth in its main business and significant potential in new ventures. Q3 revenue reached 2.454 billion yuan, a year-over-year increase of 2.7%, while net profit attributable to shareholders was 230 million yuan, up 14.6% year-over-year [1][2]. - The core business of educational materials remains resilient, with expectations for single-digit growth in revenue for educational materials and auxiliary products. The company is also actively expanding into new business areas such as AI+ education products and vocational education [2][3]. - The long-term outlook for the company is positive, with projected net profits of 904 million yuan, 1.007 billion yuan, and 1.122 billion yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a PE ratio of 14, 12, and 11 for the respective years, with a target price set at 18 yuan based on a 16x PE for 2025 [2][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 2.454 billion yuan, with a net profit of 230 million yuan. The effective tax rate was approximately 26.7%, and after adjusting for tax impacts, the net profit showed a year-over-year increase of 17.5% [1][2]. - The overall gross margin for Q3 was 33.6%, with a slight year-over-year decrease of 0.13 percentage points. The company continues to focus on cost reduction and efficiency improvements [2][3]. Business Segments - The educational materials segment is expected to grow in the mid-single digits, while general book sales faced a decline of 20% year-over-year due to market pressures and competition from short video e-commerce [2][3]. - The company is actively pursuing new business opportunities, including AI education products and vocational training, which are anticipated to have high growth potential [2][3]. Valuation and Market Position - The report projects a target market capitalization of 16.1 billion yuan, with a target price of 18 yuan per share, reflecting a strong valuation based on the company's stable core business and proactive new business strategies [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable revenue growth in Q3 2024, with a 3% year-on-year increase to 2.5 billion yuan, while the net profit attributable to shareholders decreased by 14% to 230 million yuan due to a higher tax rate. However, the reduction in sales expense ratio partially offset the tax impact [2] - The general book sales remain under pressure, but there is a marginal improvement in the overall market performance, with a 4% year-on-year decline in the book retail market for the first three quarters of 2024, showing a slight recovery in Q3 [3] - The company’s subsidiary has established an investment fund with a total scale of 20 million yuan, indicating strategic investment initiatives [3] Financial Performance Summary - For Q3 2024, the company reported a gross profit of 800 million yuan, with a gross margin of 34%, down by 1 percentage point year-on-year. The sales expense ratio decreased by 3 percentage points to 11% [2] - For the first three quarters of 2024, the company’s revenue grew by 0.5% to 6.5 billion yuan, while gross profit increased by 6% to 2.2 billion yuan, with a gross margin improvement of 2 percentage points to 34% [2] - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down from 9.6 billion yuan to 8.1 billion yuan for 2024, reflecting the challenges in the general book market [4] Valuation Metrics - The current stock price corresponds to a P/E ratio of 15 for 2024, 14 for 2025, and 13 for 2026, indicating a valuation that reflects the company's market position and growth prospects [4] - The company is expected to maintain a leading advantage in the education publishing market in Guangdong Province, with positive developments in new businesses such as AI education and after-school services [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's total profit in Q3 achieved significant growth, indicating stable operations in its main business and continuous expansion in the education sector [1] - The report notes that the company's revenue and total profit both showed positive growth in Q3, reflecting a stable operational performance, although the net profit attributable to the parent company decreased due to increased tax expenses [1] - The education sector is expanding, with the company making significant advancements in smart education applications and improving its service quality [1] Financial Summary - Revenue (in million yuan): - 2022A: 9,055 - 2023A: 9,365 - 2024E: 10,032 - 2025E: 10,660 - 2026E: 11,309 [1] - Net profit attributable to the parent company (in million yuan): - 2022A: 943 - 2023A: 1,284 - 2024E: 881 - 2025E: 959 - 2026E: 1,026 [1] - Earnings per share (in yuan): - 2022A: 1.05 - 2023A: 1.43 - 2024E: 0.98 - 2025E: 1.07 - 2026E: 1.15 [1] - The company expects stable revenue growth rates of approximately 6% for the coming years [1] Operational Highlights - The company has successfully ensured the delivery of educational materials for the new school year, with an increase in market share in the textbook sector [1] - The general book publishing segment is expected to improve as the market recovers, supported by enhanced marketing efforts and new product lines [1] - The company has implemented effective cost control measures, maintaining stable expense ratios [1]

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,453,558,628.70, representing a year-on-year increase of 2.71%[2] - Net profit attributable to shareholders was ¥230,070,464.63, a decrease of 14.63% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥216,476,024.69, down 18.50% year-on-year[2] - The basic earnings per share for the quarter was ¥0.26, reflecting a decrease of 13.33% from the previous year[3] - The net profit for the first three quarters of 2024 is CNY 608.65 million, a decrease of 20.9% compared to CNY 769.86 million in the same period of 2023[16] - The total revenue from sales of goods and services for the first three quarters of 2024 is CNY 5.22 billion, down from CNY 5.89 billion in 2023, representing a decline of 11.4%[18] - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2024 is CNY 529.23 million, a decrease of 22.2% from CNY 680.57 million in 2023[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥17,553,794,941.50, an increase of 8.10% compared to the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 17,553,794,941.50, compared to CNY 16,237,851,108.22 at the end of 2023, marking an increase of approximately 8.1%[12] - Total liabilities increased to CNY 8,791,113,933.04 from CNY 7,480,735,074.94, representing a growth of about 17.6%[13] - Non-current assets totaled CNY 9,223,238,471.95, up from CNY 8,848,498,293.29, indicating an increase of approximately 4.2%[12] Cash Flow - The net cash flow from operating activities was reported as -¥601,202,345.47, indicating a significant decline of 243.03%[3] - Cash flow from investing activities decreased by 77.00% due to increased cash outflows for cultural real estate project investments[7] - The cash flow from operating activities for the first three quarters of 2024 shows a net outflow of CNY 601.20 million, contrasting with a net inflow of CNY 420.34 million in 2023[18] - The net cash flow from investment activities was -310,626,217.39 CNY, compared to -1,350,554,232.65 CNY in the same period of 2023, indicating an improvement[19] - The net cash flow from financing activities was -317,703,602.15 CNY in 2024, an improvement from -378,036,778.12 CNY in 2023[19] Equity and Shareholder Information - The total equity attributable to shareholders was ¥7,999,430,918.15, showing a slight increase of 0.67% from the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 29,830[8] - The company's equity attributable to shareholders reached CNY 7,999,430,918.15, compared to CNY 7,946,326,798.23 at the end of 2023, showing a slight increase of about 0.67%[13] Expenses and Costs - Total operating costs decreased to CNY 5,594,695,354.03 from CNY 5,678,066,596.97 year-on-year[14] - Research and development expenses increased to CNY 7.42 million in 2024 from CNY 6.35 million in 2023, marking a rise of 17.0%[16] - The financial expenses for the first three quarters of 2024 include interest expenses of CNY 18.87 million, up from CNY 8.95 million in 2023, indicating a rise of 110.5%[16] - The total tax expenses for the first three quarters of 2024 amount to CNY 210.65 million, significantly higher than CNY 30.77 million in 2023, reflecting a substantial increase of 584.5%[16] Operational Challenges - Cash and cash equivalents decreased by 39.12% due to net cash outflows from operating, investing, and financing activities[7] - Accounts receivable increased by 106.81% primarily due to delayed settlement times for textbooks and a decrease in textbook collections[7] - Inventory rose by 43.51% as a result of preparations for the autumn educational materials[7] - Long-term borrowings increased by 34.27% due to ongoing bank loan withdrawals for cultural real estate projects[7] - Investment income decreased by 54.71% mainly due to reduced disposal gains from Longman Media[7] - Income tax expenses surged by 584.56% due to the expiration of corporate income tax exemption policies[7]

证券代码：601900 证券简称：南方传媒 公告编号：临 2024-026 二、董事会会议审议情况 1.《关于公司 2024 年第三季度报告的议案》 表决结果：9 名同意，占参加表决的全体董事人数的 100%；0 名弃权，0 名 反对。 该议案已经公司董事会审计委员会 2024 年第四次会议审议通过。具体内容 详见公司在上海证券交易所网站 （www.sse.com.cn）、中国证券报、上海证券 报、证券时报披露的《南方传媒 2024 年第三季度报告》。 南方出版传媒股份有限公司 第五届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 南方出版传媒股份有限公司（以下简称"公司"）第五届董事会第十次会议 于 2024 年 10 月 29 日在公司二楼 203 会议室以现场结合通讯方式召开。本次董 事会会议通知于 2024 年 10 月 18 日以书面和电子邮件方式发出。会议由董事长 谭君铁先生召集并主持，会议应出席董事 9 名，实际出席董事 9 名，公司监事、 高级管理人员列席了本次 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2024-030 南方出版传媒股份有限公司 关于子公司参与设立投资基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●投资标的：广东南传德和创业投资基金合伙企业（有限合伙）（暂名，以工 商部门核准为准） ●投资金额：总规模 2,000 万元，其中普通合伙人广东湾区创业投资有限公 司（以下简称"湾区创投"）拟认缴出资 1.34 万元。南方出版传媒股份有限公司 （以下简称"南方传媒""公司"）子公司广东南方传媒投资有限公司（以下简称 "南传投资"）拟认缴出资 1,023.06 万元，认缴比例为 51.15%，陈春梅拟认缴 出资 900.00 万元，认缴比例为 45.00%，吴君宏拟认缴出资 60 万元，认缴比例 为 3.00%，甄福来拟认缴出资 15 万元，认缴比例为 0.75%，邱莉娜拟认缴出资 0.6 万元，认缴比例为 0.03%。 ●风险提示：主要风险包括本产业基金尚需履行中国证券投资基金协会等的 登记注册、备案等手续，具体设立和开始投资运作 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2024-029 南方出版传媒股份有限公司 2024 年三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南方出版传媒股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司行业信息披露指引第十三号—新闻出版》的相关规定，现将 2024 年前三 季度主要经营数据（未经审计）公告如下： 一、公司一般图书出版业务 单位：万元 项 目 销售码洋 营业收入 营业成本 毛利率 上年 同期 本期 增长 率 上年同 期 本期 增长率 上年同 期 本期 增长 率 上年 同期 本期 增长 率 一 般 图 书 出 版 业 务 185,744.23 179,404.47 -3.41% 34,023.75 27,860.94 -18.11% 31,086.77 27,073.85 -12.9% 8.63% 2.83% 下 降 5.8 个 百 分 点 二、公司报纸和期刊业务 | 项目 | 发行量（万册） | | 已签订的广告订单额 | | 已确认的广告收入、服务 | ...