SPM(SH:601900) ZHONGTAI SECURITIES·2025-09-15 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a stable revenue of 3.97 billion yuan in H1 2025, with a net profit of 450 million yuan, reflecting a significant year-on-year increase of 50.7% [5] - The company's AI initiatives are advancing, with the digital textbook application platform covering 19,151 schools and activating 15.9 million users [5] - The company is focusing on high-quality development in its publishing sector, with a special fund of 80 million yuan allocated annually for this purpose [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a total profit of 550 million yuan, marking a year-on-year increase of 16.2% [5] - The company's revenue for 2025 is projected to be 9.59 billion yuan, with a growth rate of 5% [2] - The net profit for 2025 is estimated at 1.12 billion yuan, reflecting a growth rate of 39% [2] Business Development - The company has published approximately 172 million copies of textbooks and developed original materials, with 23 subjects approved by the Ministry of Education [5] - The general book publishing revenue reached 160 million yuan in H1 2025 [5] - The company is enhancing its AI capabilities, launching products like "AI Assistant" and "AI Learning Assistant" [5] Cost Management - The sales expense ratio decreased to 9.4% in H1 2025, driven by reduced promotional costs [5] - The management and R&D expense ratios remained stable, indicating effective cost control [5] Market Outlook - The company is expected to maintain a robust growth trajectory, with projected revenues of 9.59 billion yuan in 2025, 10.02 billion yuan in 2026, and 10.41 billion yuan in 2027 [2] - The estimated net profit for 2026 and 2027 is 1.21 billion yuan and 1.29 billion yuan, respectively, indicating continued profitability [2]