Citic Press(300788) 华鑫证券·2024-09-02 00:23Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company reported a revenue of 8.05 billion yuan for the first half of 2024, reflecting a year-over-year decline of 7.75%, while the overall Chinese book retail market saw a decrease of 6.2% [3] - The company's revenue from book publishing, digital services, and urban space operations for the first half of 2024 was 6.24 billion, 1 billion, and 1.47 billion yuan respectively, with digital services showing growth [3] - The company has established a strong market position with a 2.68% market share in book publishing, maintaining leadership in several categories [3] - The company is accelerating its anime and cultural creative strategy, with a 30% year-over-year increase in anime book publishing revenue [4] - The company is leveraging AI technology to enhance its publishing processes and has launched a digital training platform that has seen a 15% year-over-year increase in revenue [4] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 4 billion yuan, a year-over-year decline of 9.6% but a quarter-over-quarter increase of 0.23% [2] - The net profit attributable to the parent company for Q2 2024 was 0.550 billion yuan, representing a year-over-year increase of 12.7% and a quarter-over-quarter increase of 45% [2] Revenue Forecast - The company is projected to generate revenues of 17.99 billion, 19.32 billion, and 20.90 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.58 billion, 2.00 billion, and 2.56 billion yuan [5][7] - The earnings per share (EPS) are forecasted to be 0.83, 1.05, and 1.35 yuan for the same years [5][7] Market Position and Strategy - The company is focusing on enhancing its digital infrastructure and has launched the Kuafu AI digital publishing platform to improve efficiency across the publishing process [4] - The company is also expanding its IP business through collaborations with major brands, indicating growth potential in the derivative product market [4]