盛通股份：亏损同比明显收窄，科技课程持续升级

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant narrowing of losses, with a 48.45% year-on-year reduction in net losses to 16.09 million yuan in H1 2024, despite a 13.21% decrease in revenue to 1.011 billion yuan [1]. - The education business showed a notable improvement, with revenues of 178 million yuan in H1 2024, a decrease of only 4.05% year-on-year, and a gross margin increase due to continuous course upgrades [1]. - The printing business is expected to maintain positive profitability, contributing to the overall performance of the company [1]. - The company is optimistic about the long-term growth of the education and training industry, especially with the introduction of AI-driven services and collaborations with various educational institutions [1]. Financial Overview - For H1 2024, the company reported a revenue of 1.011 billion yuan, down 13.21% year-on-year, with a net loss of 16.09 million yuan, a reduction of 48.45% compared to the previous year [1]. - The education segment generated 178 million yuan in revenue, with a gross margin of 30.54% for student services and 53.03% for institutional services [1]. - The printing segment's revenue decreased by 14.94% to 833 million yuan, with a gross margin of 11.16% for publication printing and 5.33% for packaging printing [1]. Profit Forecast - The company adjusted its profit forecast, expecting net profits of 40 million yuan, 70 million yuan, and 80 million yuan for 2024, 2025, and 2026 respectively, representing significant growth rates of 871.6%, 76.0%, and 19.2% [1][2].