Citic Press(300788) 国盛证券·2025-03-19 08:32Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.687 billion in 2024, a slight decline of 1.72% year-on-year, primarily due to the overall industry downturn and price control on book products. However, the net profit attributable to shareholders increased by 1.99% year-on-year to 119 million, with a significant rise in non-recurring net profit by 155.31% year-on-year to 158 million, attributed to the extension of publishing tax incentives [1][4] - The company remains the leader in the national book retail market, with strong performance in various categories, and has successfully launched new titles and expanded its anime production line, achieving over 25% growth [2][3] - The implementation of a digital intelligence system has improved operational efficiency, with gross and net profit margins increasing by 4.09 and 0.25 percentage points year-on-year to 38.96% and 7.03%, respectively [3] Financial Performance - In 2024, the company reported a revenue of 1.687 billion, with a year-on-year growth rate of -1.7%. The net profit attributable to shareholders was 119 million, with a year-on-year growth rate of 2.0% [5] - The company forecasts net profits of 173 million, 191 million, and 216 million for 2025, 2026, and 2027, representing year-on-year growth rates of 46.0%, 10.1%, and 13.2%, respectively [4][5] - The latest diluted EPS is projected to be 0.91, 1.00, and 1.14 for the years 2025, 2026, and 2027 [5] Market Position and Strategy - The company has established itself as a leading player in the publishing industry, focusing on expanding its anime IP collaborations and enhancing its digital reading and corporate training platforms [2][4] - The company has successfully launched new retail brands and improved sales performance in both physical and online channels, with a 30% year-on-year increase in e-commerce GMV [3][4]