Investment Rating - The report assigns an "Outperform" rating to the company [2][9]. Core Views - The company is engaged in a diversified layout around its core business, primarily focusing on traditional publishing, supply chain, and new media sectors, indicating a comprehensive and multi-platform approach [6][7]. - The main business is steadily progressing with a strong cash reserve, allowing for continuous dividends to investors. In 2023, the company achieved a revenue of 10.084 billion yuan, a slight decrease of 1.49% year-on-year, while net profit increased by 1.88% to 1.967 billion yuan [6][9]. - The company is actively advancing into new business areas and enhancing its digital transformation, which is expected to improve overall profitability and expand marketing channels [7][9]. Summary by Sections Company Overview - The company is controlled by Jiangxi Publishing Media Group and operates in traditional publishing, international trade, supply chain, modern logistics, and new media sectors, showcasing a full industry chain characteristic [6]. Financial Performance - In 2023, the company reported a revenue of 10.084 billion yuan and a net profit of 1.967 billion yuan. The revenue from general books and educational materials grew by 10.36% and 4.49%, respectively [6][10]. - The company has a robust cash reserve, with liquid assets reaching 16.7 billion yuan as of Q1 2024, representing 0.93 times its total market value [6]. Future Projections - The company is expected to maintain stable growth in its main business, with projected revenues of 10.864 billion yuan in 2024, reflecting a year-on-year growth of 7.7% [8][10]. - Earnings per share (EPS) are forecasted to be 1.37 yuan in 2024, with a reasonable valuation range of 17.81 to 20.55 yuan per share based on a price-to-earnings (PE) ratio of 13-15 times [9][12]. Strategic Initiatives - The company is enhancing its core publishing business and integrating resources to empower its development. It plans to acquire 100% of Jiang Education Media and 51% of a university press to strengthen its product offerings in higher education and youth publications [6][9]. - The company is also focusing on digital publishing and new media, with projects like the VR panoramic picture book and mobile games, which are expected to drive growth in new business areas [7][9].
中文传媒:出版主业稳中有进,并购重组赋能发展