SPM(SH:601900) ZHONGTAI SECURITIES·2024-10-31 06:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's total profit in Q3 achieved significant growth, indicating stable operations in its main business and continuous expansion in the education sector [1] - The report notes that the company's revenue and total profit both showed positive growth in Q3, reflecting a stable operational performance, although the net profit attributable to the parent company decreased due to increased tax expenses [1] - The education sector is expanding, with the company making significant advancements in smart education applications and improving its service quality [1] Financial Summary - Revenue (in million yuan): - 2022A: 9,055 - 2023A: 9,365 - 2024E: 10,032 - 2025E: 10,660 - 2026E: 11,309 [1] - Net profit attributable to the parent company (in million yuan): - 2022A: 943 - 2023A: 1,284 - 2024E: 881 - 2025E: 959 - 2026E: 1,026 [1] - Earnings per share (in yuan): - 2022A: 1.05 - 2023A: 1.43 - 2024E: 0.98 - 2025E: 1.07 - 2026E: 1.15 [1] - The company expects stable revenue growth rates of approximately 6% for the coming years [1] Operational Highlights - The company has successfully ensured the delivery of educational materials for the new school year, with an increase in market share in the textbook sector [1] - The general book publishing segment is expected to improve as the market recovers, supported by enhanced marketing efforts and new product lines [1] - The company has implemented effective cost control measures, maintaining stable expense ratios [1]