Changjiang Media(SH:600757) Xin Lang Cai Jing·2025-05-11 06:27Group 1 - The company achieved operating revenue of 2.101 billion yuan in Q1 2025, a year-on-year increase of 9.31%, driven by steady progress in key publishing projects and stable growth in educational materials [1] - The net profit attributable to the parent company reached 401 million yuan, up 53.14% year-on-year, while the non-recurring net profit was 394 million yuan, reflecting a 54.88% increase [1] - The company optimized its expense ratios, with a sales expense ratio of 7.32% (down 0.38 percentage points year-on-year) and a management expense ratio of 9.82% (down 1.04 percentage points year-on-year) [1] Group 2 - The company is actively advancing new media operations, creating a comprehensive marketing service system that integrates online and offline channels [2] - The online sales of general books in the Hubei province increased by 13.66% year-on-year, despite a nationwide decline in retail sales of physical bookstores [2] - The company's cash and cash equivalents stood at 1.481 billion yuan at the end of 2024, with a proposed cash dividend of approximately 498 million yuan, representing 52.65% of the net profit [2] Group 3 - The company maintains a "strong buy" investment rating, being a leader in the publishing sector in Hubei province with significant regional advantages [3] - Projected operating revenues for 2025-2027 are 7.496 billion, 7.946 billion, and 8.344 billion yuan, with year-on-year growth rates of 6%, 6%, and 5% respectively [3] - Expected net profits attributable to the parent company for the same period are 1.103 billion, 1.169 billion, and 1.216 billion yuan, with corresponding PE ratios of 10.8, 10.2, and 9.8 times [3]