山东出版：Q1-Q3业绩稳定，创新业态持续推进

Investment Rating - The investment rating for Shandong Publishing is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 is stable, with steady operations in its main business and continuous advancement in innovative business models [1] - Revenue for Q1-Q3 reached 8.52 billion yuan, an increase of 5.8% year-on-year; however, net profit attributable to shareholders decreased by 22.7% to 1.32 billion yuan [1] - The decline in net profit is primarily attributed to a decrease in market revenue from educational materials, while total revenue and profit still show positive growth [1] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2022A: 11,215 - 2023A: 12,154 - 2024E: 12,761 - 2025E: 13,714 - 2026E: 14,873 - Year-on-year growth rates: - 2022A: 3% - 2023A: 8% - 2024E: 5% - 2025E: 7% - 2026E: 8% [1] Profitability Metrics - Net profit (in million yuan): - 2022A: 1,680 - 2023A: 2,376 - 2024E: 1,507 - 2025E: 1,680 - 2026E: 1,890 - Year-on-year growth rates: - 2022A: 10% - 2023A: 41% - 2024E: -37% - 2025E: 11% - 2026E: 13% [1] Earnings Per Share - Earnings per share (in yuan): - 2022A: 0.81 - 2023A: 1.14 - 2024E: 0.72 - 2025E: 0.80 - 2026E: 0.91 [1] Market Position and Strategy - The company is actively expanding its educational materials and general book categories, ensuring a robust promotion of new books [1] - In the innovative business sector, the company is advancing in smart education and cultural tourism, with strategic partnerships to enhance its offerings [1]