SPM(SH:601900) Xin Lang Cai Jing·2025-10-08 00:23Group 1 - The publishing sub-sector exhibits high dividend attributes and stability within the media sector, with leading companies showing gross margins between 30%-40%, net margins around 10%, and ROE generally above 8% [1] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights can serve as important sources for structured data in the context of AI [1] - In 2024, the market favors high-dividend sectors, with leading companies in the publishing sector having relatively high dividend yields compared to the media sector [1] Group 2 - Southern Publishing Media, one of the largest leaders in the sector, reported a revenue of 3.972 billion yuan (down 1.3% year-on-year) and a net profit of 451 million yuan (up 50.7% year-on-year) in the first half of the year, showcasing its leading advantages [1] - The company has a balanced development across six major business segments: publishing, distribution, media, printing, material trade, and investment [1] - The company plans to issue approximately 172 million copies of primary and secondary school textbooks in spring 2025 and has developed original textbooks across 23 subjects, second only to Renjiao Publishing [2] Group 3 - Southern Publishing Media benefits from geographical advantages in Guangdong, which has a resident population of 127.8 million in 2024, with a net increase of 740,000 people and a birth population of 1.13 million, leading the nation in total and incremental population growth [2] - The company is expected to achieve net profits of 1.159 billion yuan, 1.248 billion yuan, and 1.307 billion yuan for the years 2025-2027, with corresponding PE ratios of 10, 9, and 9 times [2] - The company is rated as "recommended" due to its prominent characteristics and balanced business development as a publishing leader [2]