SPM(601900) 招商证券·2025-05-06 14:34Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's main business operations remain stable, with significant achievements in educational publishing and digital transformation [6] - The company reported a revenue of 9.172 billion yuan in 2024, a decrease of 2.07% year-on-year, while the net profit attributable to shareholders was 810 million yuan, down 36.91% year-on-year [6][7] - The company has a strong cash reserve of 2.314 billion yuan as of Q1 2025 and has implemented an active dividend policy, distributing a total of 1.384 billion yuan in cash dividends over the past three years [6][7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 91.72 billion yuan, with a year-on-year decrease of 2.07% due to various factors including changes in consumer habits and reduced income from after-school services [6] - The revenue from textbooks and educational materials was 84.62 billion yuan, an increase of 1.91% year-on-year, while general book revenue was 18.14 billion yuan, a decrease of 7.98% [6] - The company’s net profit attributable to shareholders was 8.10 billion yuan, reflecting a significant decline of 36.91% year-on-year, primarily due to one-time impacts from tax and accounting adjustments [6][7] Future Outlook - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 11.80 billion yuan, 12.84 billion yuan, and 13.26 billion yuan respectively, with corresponding PE ratios of 13.4, 12.3, and 11.9 [6][7] - The company is expected to benefit from the extension of tax incentives for state-owned publishing enterprises in 2025, which will eliminate the impact of income tax expenses [6] Market Position - The company has enhanced its digital capabilities, becoming the first in the country to include digital textbooks in the free teaching materials directory, and has significantly increased the issuance of its learning cards [6] - The company has also expanded its international presence, with 319 types of book copyrights exported, including successful exports to Southeast Asia [6]