Citic Press(300788) 国盛证券·2024-10-30 10:44Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.206 billion yuan for Q1-Q3 2024, a year-on-year decrease of 6.20%, while the net profit attributable to shareholders was 130 million yuan, an increase of 3.05% year-on-year [1] - The company has successfully implemented cost control measures, resulting in a significant increase in pre-tax profit by 26.2% year-on-year to 164 million yuan [1] - The company is focusing on enhancing content supply and innovative business collaborations, with successful new releases and strategic partnerships in the gaming sector [2] - The integration of AI technology is expected to improve efficiency and profitability, with gross and net profit margins increasing by 3.53 and 0.97 percentage points year-on-year to 39.19% and 10.79%, respectively [3] - The company is expanding its cultural consumption business and enhancing its digital reading platforms, indicating a strategic shift towards urban cultural space operations [4] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 159 million, 188 million, and 214 million yuan, representing year-on-year growth rates of 36.8%, 18.4%, and 13.5% respectively [4] - The company's revenue is expected to decline slightly in 2024 to 1.666 billion yuan, before recovering to 1.882 billion yuan in 2025 and 2.110 billion yuan in 2026 [5] - The latest diluted EPS is projected to be 0.84 yuan in 2024, increasing to 1.12 yuan by 2026 [5]