山东出版：收入和利润总额实现高增，出版融合创新不断推进

Investment Rating - The investment rating for Shandong Publishing is "Buy" (maintained) with a market price of 11.87 CNY [3][10]. Core Views - The report highlights that Shandong Publishing has achieved significant growth in revenue and profit, indicating a stable operational performance. The decline in net profit is attributed to changes in tax policies leading to increased tax expenses [7]. - The publishing and distribution segments are steadily growing, with the publishing business generating revenue of 1.78 billion CNY in H1 2024, a year-on-year increase of 5.4%, and the distribution business achieving revenue of 4.22 billion CNY, up 7.9% year-on-year [7]. - The company is actively advancing its publishing integration and innovation, particularly in the fields of smart education and cultural tourism, with notable revenue growth in these areas [7]. Financial Summary - For 2024, the projected revenue is 13.35 billion CNY, with a year-on-year growth rate of 10%. The net profit is expected to be 1.85 billion CNY, reflecting a decline of 22% due to tax policy changes [3][8]. - The company's earnings per share (EPS) for 2024 is estimated at 0.89 CNY, with a projected price-to-earnings (P/E) ratio of 13.41 [3][8]. - The total revenue for H1 2024 was 5.944 billion CNY, a 13.8% increase year-on-year, while the total profit reached 1.036 billion CNY, a 16% increase [6][7].