QCMC(SH:600229) ZHONGTAI SECURITIES·2024-09-16 01:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company reported a revenue of 1.41 billion yuan for H1 2024, representing a year-on-year increase of 4.0%. However, the net profit attributable to the parent company decreased by 24.6% to 160 million yuan [2][4]. - The operational performance is stable, with revenue and total profit showing positive growth, although net profit was impacted by increased tax expenses due to policy changes [4][5]. - The company has a solid foundation in educational materials, with its publishing business generating 520 million yuan in revenue and a gross margin of 42.3% in H1 2024 [4][5]. - The company is actively innovating in new educational formats, including AI and VR applications, enhancing its digital product offerings [4][5]. - Cost control measures have led to a decrease in overall expense ratios, with sales, management, and R&D expense ratios showing slight variations [4][5]. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.969 billion yuan, 3.281 billion yuan, and 3.634 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.29%, 10.50%, and 10.76% [1][6]. - The net profit attributable to the parent company is projected to be 326 million yuan, 376 million yuan, and 423 million yuan for the same years, with a notable decline of 20.09% in 2024 followed by recoveries in subsequent years [1][6]. - The current market valuation corresponds to P/E ratios of 13.1x, 11.3x, and 10.1x for the years 2024, 2025, and 2026, respectively [1][6].