南方传媒（601900）：2025Q1增长亮眼，分红力度加大

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 20.16 CNY for the next six months [5][3]. Core Views - The company has shown a strong performance in Q1 2025 with a revenue increase of 1.21% year-on-year, reaching 2.113 billion CNY, and a significant profit increase of 110.25% year-on-year, amounting to 320 million CNY [1]. - The company’s 2024 annual revenue was 9.172 billion CNY, a slight decrease of 2.07% year-on-year, with a net profit of 810 million CNY, down 36.91% year-on-year, primarily due to changes in income tax policies [1][3]. - The company has increased its dividend payout to 493 million CNY in 2024, corresponding to a payout ratio of 60.85%, which is a 23.75% increase compared to 2023 [1]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.113 billion CNY, with a net profit of 320 million CNY, reflecting a significant profit growth [1]. - The 2024 annual revenue was 9.172 billion CNY, with a net profit of 810 million CNY, indicating a decline in profitability due to increased deferred tax expenses [1][4]. - The company’s gross margin improved by 4.63 percentage points to 38.17% in Q1 2025, contributing to the profit growth [1]. Business Segments - The educational materials segment remains robust, with a sales volume of 5.36 billion CNY in 2024, up 4.65% year-on-year, supported by an increase in the birth rate in Guangdong [2]. - The general book segment saw a significant increase in sales, reaching 4.247 billion CNY in 2024, a 51.61% year-on-year growth, with a gross margin of 17.53% [2]. Future Outlook - The company is actively exploring new business opportunities in AI and education, aiming to enhance its smart education platform capabilities [2]. - Revenue projections for 2025-2027 are estimated at 9.562 billion CNY, 10.075 billion CNY, and 10.625 billion CNY, respectively, with corresponding net profits of 1.006 billion CNY, 1.076 billion CNY, and 1.173 billion CNY [3][4].