Citic Press(300788) 国盛证券·2025-03-19 01:20Investment 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 tax incentives [1][4]. - The company continues to lead the national book retail market, maintaining the top position in categories such as management, psychology, and biography, while ranking second in children's and natural science categories. The newly launched anime production line has seen over 25% growth, with successful collaborations on popular IPs [2][3]. - The company has implemented a digital intelligence strategy, enhancing its publishing process through AI applications, resulting in a gross margin increase of 4.09 percentage points to 38.96% and a net margin increase of 0.25 percentage points to 7.03% in 2024 [3][4]. Financial Summary - 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%. The earnings per share (EPS) for 2024 was 0.62 [5][10]. - The company is projected to achieve a net profit of 173 million in 2025, representing a year-on-year growth of 46.0%, with further growth expected in subsequent years [4][5]. - The financial ratios indicate a net asset return (ROE) of 5.4% in 2024, with a projected increase to 7.8% in 2025 [5][10].