SPM(601900) 国海证券·2024-09-18 14:41Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company's publishing business shows steady performance, with a focus on expanding into new educational publishing sectors, while general book sales have declined due to market conditions [3][5]. - In H1 2024, the company reported a slight decrease in revenue of 0.83% year-on-year, with total revenue reaching 4.025 billion yuan and a gross profit of 1.377 billion yuan, reflecting a gross margin of 34.21%, which is an increase of 2.73 percentage points year-on-year [2][5]. - The net profit attributable to shareholders for H1 2024 was 299 million yuan, down 27.22% year-on-year, while the adjusted net profit was 330 million yuan, down 5.95% year-on-year [2][5]. Revenue and Profit Analysis - The publishing segment generated revenue of 1.391 billion yuan in H1 2024, a decrease of 1.69% year-on-year, with a gross margin of 30.90%, up 4.22 percentage points [3][5]. - The distribution segment's revenue was 3.193 billion yuan, down 4.37% year-on-year, with a gross margin of 23.60%, an increase of 0.75 percentage points [3][5]. - General book sales saw a significant decline, with revenue of 184 million yuan, down 17.21% year-on-year, and a gross margin of 9.3%, up 0.63 percentage points [5]. Market Position and Future Outlook - The company is leveraging its geographical advantage in Guangdong Province and is optimistic about future growth despite current pressures on earnings due to tax policies [6][9]. - Revenue projections for 2024-2026 are estimated at 9.923 billion yuan, 10.697 billion yuan, and 11.557 billion yuan, respectively, with net profits expected to be 938 million yuan, 1.022 billion yuan, and 1.119 billion yuan [6][9]. - The report anticipates a stable growth trajectory for the company, supported by its embrace of AI and new business models [6][9].