SPM(601900) 中航证券·2024-09-09 03:15Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][11]. Core Views - The company is in the process of establishing a new business model in educational publishing, with a focus on "AI + Education" initiatives [2][6]. - The company reported a revenue of 4.025 billion yuan for the first half of 2024, a slight decrease of 0.83% year-on-year, while the net profit attributable to shareholders was 299 million yuan, down 27.22% year-on-year [2][6]. - The gross margin improved to 34.21%, an increase of 2.73 percentage points year-on-year, while the net margin was 8.84%, a decrease of 2.97 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.025 billion yuan, with a net profit of 299 million yuan and a non-recurring net profit of 330 million yuan [2]. - The gross margin for the first half of 2024 was 34.21%, reflecting an improvement, while the net margin was 8.84%, showing a decline [2]. - In Q2 2024, the company recorded a revenue of 1.937 billion yuan, a year-on-year increase of 4.39%, but the net profit decreased by 21.82% to 147 million yuan [2]. Business Operations - The company has maintained stable operations, with improvements in the gross margin of its publishing business [2][5]. - The revenue from the company's core businesses, including educational materials and digital textbooks, has shown mixed results, with some segments experiencing growth while others declined [2][5]. - The company is actively developing new educational products and expanding its marketing channels, including the establishment of reading spaces and partnerships with educational institutions [5][6]. Future Outlook - The company is expected to continue its focus on the "AI + Education" sector, with projections for net profits of 801 million yuan in 2024, 959 million yuan in 2025, and 1.121 billion yuan in 2026 [6][7]. - The earnings per share (EPS) are forecasted to be 0.89 yuan in 2024, 1.07 yuan in 2025, and 1.25 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 times respectively [6][7].