Changjiang Media(600757) Guotai Junan Securities·2024-08-24 01:07Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's resource utilization efficiency has improved, leading to a notable profit growth of over 9% in the first half of 2024. The "three special projects" are progressing steadily, and the publishing and distribution business is expected to maintain a stable growth trend [3][2] - The estimated EPS for 2024-2026 is projected to be 0.65, 0.71, and 0.78 yuan respectively, with a target price of 9.29 yuan, corresponding to a 14x PE for 2024 [3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 3.573 billion yuan, a year-on-year increase of 0.7%. The net profit attributable to the parent company was 532 million yuan, down 18.09% year-on-year [3] - In Q2 2024, the company reported revenue of 1.651 billion yuan, a quarter-on-quarter decline of 14.07% but a year-on-year increase of 8.26%. The net profit attributable to the parent company was 270 million yuan, with a quarter-on-quarter increase of 3.06% and a year-on-year increase of 2.38% [3] - The company's operating profit for the first half of 2024 reached 715 million yuan, with a year-on-year growth rate of 9.23%, marking a historical high [3] Business Development Summary - The publishing and distribution business saw a year-on-year growth of 9% and 7% in sales volume respectively, with revenue growth rates of 8% and 1%, indicating an upward trend in the company's core business [3] - The company is focusing on "educational services," establishing a smart education service center, and integrating resources to build a comprehensive service system. The pre-sale volume of the online service platform increased by 92.9% quarter-on-quarter, driving regional digital education cooperation [3] - The company is actively innovating and managing investment projects, participating deeply in the "Two Lakes Fund" investment operations, and promoting the sales volume of Hubei Xinhua e-commerce, which saw a year-on-year increase of 144.27% [3]