研报掘金丨中邮证券：维持皖新传媒“买入”评级，基本盘仍具长期韧性

Core Insights - The core viewpoint of the report indicates that despite a decline in net profit, the company maintains a long-term resilience and potential for growth through emerging business sectors [1] Financial Performance - In the first half of the year, the company's net profit attributable to shareholders was 678 million yuan, a year-on-year decrease of 17.19% [1] - For Q2 2025, the net profit attributable to shareholders was 292 million yuan, reflecting a year-on-year decline of 2.38% [1] Revenue and Profitability - Short-term revenue is under pressure, but profits have benefited from tax incentives and improved investment income [1] - The company has a robust long-term foundation, with expectations for emerging business sectors to drive future performance [1] Strategic Initiatives - The company is focusing on innovation in existing businesses, particularly in areas such as scenario innovation, digital education, and game distribution [1] - These initiatives are expected to open new avenues for medium to long-term performance [1] Dividend Policy - According to the company's 2024-2026 shareholder dividend return plan, it will continue to distribute cash dividends at least once a year, provided that profits are positive and cash flow meets operational and long-term development needs [1] Valuation - Based on the closing price on September 29, the company is valued at 15/14/14 times PE for the next three years, maintaining a "buy" rating [1]