Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company's publishing business shows steady performance, with a focus on expanding into new educational publishing sectors, while general book sales have declined due to market conditions [3][5]. - In H1 2024, the company reported a slight decrease in revenue of 0.83% year-on-year, with total revenue reaching 4.025 billion yuan and a gross profit of 1.377 billion yuan, reflecting a gross margin of 34.21%, which is an increase of 2.73 percentage points year-on-year [2][5]. - The net profit attributable to shareholders for H1 2024 was 299 million yuan, down 27.22% year-on-year, while the adjusted net profit was 330 million yuan, down 5.95% year-on-year [2][5]. Revenue and Profit Analysis - The publishing segment generated revenue of 1.391 billion yuan in H1 2024, a decrease of 1.69% year-on-year, with a gross margin of 30.90%, up 4.22 percentage points [3][5]. - The distribution segment's revenue was 3.193 billion yuan, down 4.37% year-on-year, with a gross margin of 23.60%, an increase of 0.75 percentage points [3][5]. - General book sales saw a significant decline, with revenue of 184 million yuan, down 17.21% year-on-year, and a gross margin of 9.3%, up 0.63 percentage points [5]. Market Position and Future Outlook - The company is leveraging its geographical advantage in Guangdong Province and is optimistic about future growth despite current pressures on earnings due to tax policies [6][9]. - Revenue projections for 2024-2026 are estimated at 9.923 billion yuan, 10.697 billion yuan, and 11.557 billion yuan, respectively, with net profits expected to be 938 million yuan, 1.022 billion yuan, and 1.119 billion yuan [6][9]. - The report anticipates a stable growth trajectory for the company, supported by its embrace of AI and new business models [6][9].

证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-025 南方出版传媒股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议召开时间：2024 年 9 月 20 日（星期五）16：00-17：00 ●会议召开地点：中国证券网(https://roadshow.cnstock.com/) ●会议召开方式：线上文字互动 ●问题征集方式：投资者可于 2024 年 9 月 19 日（星期四）16：00 前将相 关问题通过电子邮件方式发送公司邮箱：ir@nfcb.com.cn。公司将在说明会上就 投资者普遍关注的问题，在信息披露允许的范围内进行说明。 一、说明会类型 南方出版传媒股份有限公司（以下简称"南方传媒"或"公司"）于 2024 年 8 月 29 日披露了《南方传媒 2024 年半年度报告》，为使广大投资者更加全面 深入地了解公司发展战略、经营业绩等情况，公司定于 2024 年 9 月 20 日 16： 00-17：00 以文字 ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - Strong internal growth with a defensive and offensive investment profile [1] - Operating performance meets expectations, with cost reduction and efficiency improvements driving optimism for the full year [2] - New business layout is active, with high execution and significant upward potential [2] - The company's main business remains stable, and its dividend value is attractive, with long-term growth potential from AI and education-related new businesses [2] Financial Performance Summary Revenue and Profit - 24Q2 revenue: 1.937 billion CNY (YoY +3.9%), net profit attributable to shareholders: 147 million CNY (YoY +18.6%) [1] - 24H1 revenue: 4.025 billion CNY (YoY -0.8%), net profit attributable to shareholders: 299 million CNY (YoY -27.2%) [1] - Adjusted for tax effects, 24Q2 net profit attributable to shareholders increased by 2% YoY, and non-GAAP net profit increased by 23% YoY [1] Cost and Efficiency - 24Q2 gross margin: 34.4% (YoY +0.88pct), with good cost control in paper and other materials [2] - 24Q2 sales/management/R&D expense ratios: 11.3%/10.9%/0.1% (YoY -0.87/-1.37/-0.01pct) [2] Future Projections - 2024/25/26 net profit attributable to shareholders forecast: 904/1,007/1,122 million CNY, with PE ratios of 12/11/10x [2] - Target price: 16.1 CNY, with a target market cap of 14.4 billion CNY [2] Business Highlights Main Business - The company benefits from population advantages in Guangdong and remains one of the few in the publishing industry with external M&A potential [2] - Main business growth is expected to outperform peers, with stable growth prospects [2] New Business - Multiple AI+education products are progressing rapidly, with further developments expected in 2024 [2] - High growth potential in education and training, with plans to expand after-school tutoring in the province [2] - New businesses such as children's programming and study tours are actively being developed, offering significant upward potential [2] Financial Forecasts Income Statement - 2024/25/26 revenue forecast: 10.961/12.106/13.212 billion CNY, with YoY growth of 17.0%/10.4%/9.1% [6] - 2024/25/26 net profit attributable to shareholders forecast: 904/1,007/1,122 million CNY, with YoY growth of -29.6%/11.3%/11.5% [6] Balance Sheet - 2024/25/26 total assets forecast: 18.911/21.699/24.562 billion CNY [6] - 2024/25/26 total liabilities forecast: 9.530/11.447/13.334 billion CNY [6] Cash Flow - 2024/25/26 operating cash flow forecast: 1.707/1.811/1.800 billion CNY [6] - 2024/25/26 capital expenditure forecast: -681/-684/-688 million CNY [6] Valuation and Ratios - 2024/25/26 PE ratios: 12/11/10x [6] - 2024/25/26 PB ratios: 1.3/1.2/1.2x [6] - 2024/25/26 ROE: 10.8%/11.1%/11.5% [6] Market Performance - The company's stock price has underperformed the CSI 300 index over the past 12 months, with a decline of 38% [4]

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Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][11]. Core Views - The company is in the process of establishing a new business model in educational publishing, with a focus on "AI + Education" initiatives [2][6]. - The company reported a revenue of 4.025 billion yuan for the first half of 2024, a slight decrease of 0.83% year-on-year, while the net profit attributable to shareholders was 299 million yuan, down 27.22% year-on-year [2][6]. - The gross margin improved to 34.21%, an increase of 2.73 percentage points year-on-year, while the net margin was 8.84%, a decrease of 2.97 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.025 billion yuan, with a net profit of 299 million yuan and a non-recurring net profit of 330 million yuan [2]. - The gross margin for the first half of 2024 was 34.21%, reflecting an improvement, while the net margin was 8.84%, showing a decline [2]. - In Q2 2024, the company recorded a revenue of 1.937 billion yuan, a year-on-year increase of 4.39%, but the net profit decreased by 21.82% to 147 million yuan [2]. Business Operations - The company has maintained stable operations, with improvements in the gross margin of its publishing business [2][5]. - The revenue from the company's core businesses, including educational materials and digital textbooks, has shown mixed results, with some segments experiencing growth while others declined [2][5]. - The company is actively developing new educational products and expanding its marketing channels, including the establishment of reading spaces and partnerships with educational institutions [5][6]. Future Outlook - The company is expected to continue its focus on the "AI + Education" sector, with projections for net profits of 801 million yuan in 2024, 959 million yuan in 2025, and 1.121 billion yuan in 2026 [6][7]. - The earnings per share (EPS) are forecasted to be 0.89 yuan in 2024, 1.07 yuan in 2025, and 1.25 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 times respectively [6][7].

[Table_Industry] 南方传媒：收入端稳健，教育业态逐步构建 南方传媒(601900.SH)/传媒 证券研究报告/公司点评 2024 年 09 月 06 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------|-------|--------|--------|--------| | [Table_Industry] [Table_ 评级：买入 Invest （ ] 维持） \n市场价格： 12.59 元： 14.74 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 9,055 | ...

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 南方传媒(601900)公司点评报告 2024 年 09 月 05 日 [Table_Title] 核心业务稳健运营，Q2 收入同比转增 ——南方传媒（601900）2024 年中报点评 [Table_Summary] 事件： 公司发布 2024 年中报。 点评： 半年度营收端基本持平，Q2 收入同比增长 4% 2024H1，公司实现营业收入 40.25 亿元，同比-0.83%，实现归母净利润 2.99 亿元，同比-27.22%；扣非归母净利润 3.30 亿元，同比-5.95%，年内教辅、 数字教材、木浆业务收入同比增加，一般图书、文体用品业务收入同比减少。 上半年，公司销售/管理/研发费用率分别为 10.34%/10.97%/0.10%，同比变 动-0.21pct/+0.38pct/持平，人工成本、使用权资产折旧、差旅费和会议费增 长导致管理费用略上升。2024Q2 公司实现营业收入 19.37 亿元，同比 +3.93%，环比-7.25%；归母净利润 1.47 亿元，同比-18.62%，环比-3.57%。 教材教辅业务稳健发展，教育数字平台 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2024-24 南方出版传媒股份有限公司 | 项 | | 销售码洋 | | | 营业收入 | | 营业成本 | | | 毛利率 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 目 | 上年 | 本期 | 增长 | 上年同 | 本期 | 增长率 | 上年同 | 本期 | 增长 | 上年 | 本期 | 增长 | | | 同期 | | 率 | 期 | | | 期 | | 率 | 同期 | | 率 | | 一 | | | | | | | | | | | | | | 般 | | | | | | | | | | | | | | 图 | | | | | | | | | | | | 增加 | | 书 | 123,866.78 | 116,495.75 | -5.95% | 22,216.92 | 18,394.42 | -17.21% | 20,290.77 | 16,684.47 | -16.86 | 8.67% | 9.3% | 0.63 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2024-022 （一）审议通过《关于对广东粤新文化产业投资有限公司增加注册资本的 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。 会议同意，公司子公司广东新华发行集团股份有限公司、广东新华印刷有限 公司，按其对子公司广东粤新文化产业投资有限公司（以下简称"粤新公司"） 持股比例 65.70%、34.30%，分别 对粤 新 公司增资 196,518,817.80 元、 102,596,582.20 元，增资后粤新公司注册资本为 46,800.00 万元，股权结构保 持不变。 （二）审议通过《关于公司开展"提质增效重回报"专项行动的议案》 南方出版传媒股份有限公司 2024 年第二次临时董事会会议决议公告 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"）2024 年第二次临时董事会 会议于 2024 年 8 月 8 日在公司会议室以现场结合通讯方式召开。本次 ...

Investment Rating - The report maintains a "Buy" rating for Southern Media (601900 SH) [1] Core Views - Southern Media is a leading comprehensive publishing and media enterprise in Guangdong, with a strong presence in traditional and digital publishing [1] - The company's education publishing business has shown significant growth, with a 34 39% YoY increase in net profit in 2023 [1] - Southern Media is actively exploring "AI+Education" applications, with products covering language, art, and Go, which are expected to drive future growth [1][53] Company Overview - Southern Media operates 10 publishing houses and has a comprehensive media business structure, including traditional and digital publishing [7] - The company's revenue in 2023 reached 9 365 billion yuan, with a net profit of 1 284 billion yuan, representing a 3 35% and 34 39% YoY increase, respectively [1][16] - Southern Media's main business segments include publishing, distribution, materials, printing, and media, with publishing and distribution accounting for over 80% of revenue [1][22] Industry Overview - The publishing industry is dominated by state-owned enterprises with stable competition and high entry barriers [34] - The industry's total revenue in 2023 was 146 7 billion yuan, with a 1 37% YoY increase, and net profit grew by 19 32% to 19 5 billion yuan [35] - Educational demand remains strong, with the number of students in primary, middle, and high schools increasing from 178 02 million in 2019 to 188 84 million in 2023 [48] AI and Digital Transformation - Southern Media has launched several AI-driven educational products, such as "Yuejiao AI Listening" and "Yuejiao E-Listening," which are expected to enhance learning efficiency [53] - The company's digital platform, "Yuejiao Xiangyun," has over 43 million active users in 2023, a 95 77% YoY increase, and serves 16 million teachers and students in Guangdong [51] - AIGC (AI-generated content) is being integrated into the publishing process, improving efficiency in content creation, editing, and marketing [56] Financial Projections - Revenue is expected to grow steadily, with projections of 9 665 billion yuan in 2024, 10 013 billion yuan in 2025, and 10 363 billion yuan in 2026 [57] - Net profit is forecasted to be 953 million yuan in 2024, 1 037 billion yuan in 2025, and 1 162 billion yuan in 2026 [57] - The company's PE ratio for 2024-2026 is estimated at 10 7x, 10x, and 8x, respectively, indicating a favorable valuation compared to peers [58][62]