Citic Press(300788) 国泰君安·2024-11-01 14:40Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's non-net profit attributable to shareholders increased by 48.98% year-on-year, indicating significant profit improvement [3] - The company is advancing its IP strategy, with a focus on the development of its animation IP layout [4] Financial Performance Summary - In Q3 2024, the company reported revenue of 401 million yuan, a year-on-year decline of 2.91%, while the net profit attributable to shareholders was 37 million yuan, up 5.71% year-on-year [4] - For the first three quarters of 2024, total revenue reached 1.206 billion yuan, down 6.20% year-on-year, with net profit attributable to shareholders at 130 million yuan, reflecting a 3.05% increase [4] - The gross profit for Q3 2024 was 161 million yuan, a year-on-year increase of 7.68%, with the gross margin rising by 3.97 percentage points to 40.26% [4] EPS Forecast - The EPS forecasts for 2024, 2025, and 2026 are 0.82 yuan, 0.97 yuan, and 1.06 yuan respectively, slightly adjusted down from previous estimates [4] Target Price - The target price is set at 33.19 yuan, corresponding to a PE ratio of 40.4x for 2024 [4] Business Development - The company has established an animation division to accelerate its cultural and creative strategy, focusing on various product lines and enhancing copyright reserves [4] - The first offline animation-themed store was opened in Shanghai, providing a comprehensive experience space for users [4]