证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-027 南方出版传媒股份有限公司 关于授权使用闲置自有资金进行现金管理的公告 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： ●投资种类：定期存款和大额存单等保本保收益的存款类产品，及安全性高、 流动性好、风险较低的理财产品、国债逆回购、本金保障型收益凭证和结构性存 款产品； ●授权金额：不超过人民币 30 亿元； ●履行的审议程序：经公司第五届董事会第十次会议审议通过，本事项不需 要提交公司股东大会审议； ●特别风险提示：使用授权额度投放于定期存款和大额存单等保本保收益 的存款类产品，及安全性高、流动性好、风险较低的理财产品、国债逆回购、本 金保障型收益凭证和结构性存款产品进行现金管理，其中理财产品可能存在市场 风险、流动性风险、信用风险及其他风险，受各种风险影响，理财产品的收益率 将产生波动，理财收益具有不确定性。公司将针对可能发生的投资风险，拟定风 险控制措施。 一、情况概述 （一）现金管理的目的 为提高公司闲置自有资金使用效率，在不影 ...

证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-028 南方出版传媒股份有限公司 特此公告。 南方出版传媒股份有限公司董事会 关于向银行申请授信额度的公告 2024 年 10 月 29 日 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。 1 南方出版传媒股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开 第五届董事会第十次会议，审议通过了《关于公司向银行申请授信额度的议案》， 根据经营发展需要，为满足公司日常经营等相关资金需求，公司拟继续向各合作 银行申请综合授信，其总额度不超过 18 亿元（每年总额度不超过 18 亿元，最高 时点不超过 18 亿元），有效期 2025 年 1 月 1 日至 2027 年 12 月 31 日。 上述授信额度最终以银行实际审批的金额为准，本次授信的额度不等同公司 实际融资金额，具体融资金额将视公司生产经营的实际资金需求来确定，在授信 额度内以各银行与公司实际发生的融资金额为准。以上所有授信由董事会授权公 司董事长签署授信函等相关文件,董事长可转授权。 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of RMB 17.60 [1]. Core Views - The company is a leading player in the education publishing sector in Guangdong, benefiting from a strong regional monopoly and a solid population base. It is actively exploring new growth areas through digital strategies and AI integration [1][15]. - The K12 student population in Guangdong is expected to continue growing until 2027, providing a stable foundation for the company's core business [2][15]. - The company has a robust cash reserve and a potential for increasing its dividend payout ratio, which currently stands around 40% [4][15]. Summary by Sections Company Overview - The company is a key player in the Guangdong education publishing industry, with a comprehensive business model that includes publishing, distribution, and media operations [18][19]. - It holds significant market share in the K12 education sector, with a strong focus on textbook and supplementary material publishing [19]. Market Dynamics - Guangdong's population and educational spending are substantial, with the province leading in both metrics nationally. The K12 student population is projected to remain stable due to favorable demographic trends [15][26]. - The company is uniquely positioned as the sole legal distributor of K12 textbooks in Guangdong, enhancing its competitive advantage [19]. Strategic Initiatives - The company is transitioning from a traditional textbook publisher to a diversified product and service provider, leveraging AI and digital platforms to enhance its offerings [3][16]. - It is developing various educational service platforms to expand its service capabilities and explore new revenue streams [3][16]. Financial Performance - The company has demonstrated stable revenue growth, with a projected revenue increase from RMB 9.05 billion in 2022 to RMB 11.19 billion by 2026 [7][26]. - Net profit is expected to fluctuate, with a forecast of RMB 896.39 million in 2024, reflecting a decrease due to tax policy changes [6][26]. - The company maintains a healthy gross margin and net margin, with net profit margins showing resilience despite recent challenges [29].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 14.85 CNY based on a P/E ratio of 15 times the adjusted average of comparable companies for 2024 [4]. Core Views - The company is a leading publishing and distribution enterprise in Guangdong Province, with a stable performance in its core business of educational materials and a growing focus on educational services [2][18]. - From 2019 to 2023, the company's revenue increased from 6.525 billion CNY to 9.365 billion CNY, with a CAGR of 9.45%, while net profit attributable to shareholders rose from 733 million CNY to 1.284 billion CNY, achieving a CAGR of 15.03% [2][18]. - The company is actively exploring new growth avenues in education-related sectors, including digital education and after-school services, which are expected to contribute to future revenue streams [2][18]. Summary by Sections Company Overview - The company is a state-owned enterprise controlled by the Guangdong Provincial Government, established in 2009, focusing on a complete publishing and distribution industry chain [13][14]. - It has a strong foundation in educational publishing, particularly in K12 educational materials, and has integrated its distribution channels to enhance operational efficiency [13][14]. Financial Analysis - The company has shown steady growth over the past five years, with a revenue increase from 6.525 billion CNY in 2019 to 9.365 billion CNY in 2023, and a significant net profit increase of 34.4% in 2023 compared to the previous year [18][19]. - The gross margin improved from 29.5% in 2019 to 31.8% in 2023, while the net margin increased from 11.4% to 15.4% during the same period [21][22]. Business Segments - The publishing and distribution segments are the primary revenue sources, with distribution revenue growing from 3.65 billion CNY to 7.34 billion CNY from 2019 to 2023, reflecting a CAGR of 19.1% [25]. - Educational materials, including textbooks and supplementary materials, accounted for approximately 60% of the company's revenue, with a CAGR of 15.3% from 2019 to 2023 [25][26]. New Business Initiatives - The company is advancing in digital education, launching platforms such as the "Yuejiao Xiangyun" digital textbook platform, which had over 43 million active users in 2023 [13][18]. - It is also expanding its after-school service offerings, generating approximately 200 million CNY in revenue from these services in 2023 [2][18].

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 | ...