扣非利润保持较快增长，分红稳定

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.77 CNY per share, compared to the current price of 10.80 CNY [4]. Core Insights - In 2023, the company achieved a revenue of 13.645 billion CNY, a year-on-year increase of 0.36%. The net profit attributable to shareholders was 2.952 billion CNY, up 41.80%. Excluding a one-time tax benefit of 651 million CNY, the adjusted net profit was 2.301 billion CNY, reflecting a 10.52% increase year-on-year. The non-recurring net profit was 2.074 billion CNY, a 15.79% increase [2][3]. - The publishing and distribution business remains a leader in the industry, with the publishing segment generating 4.525 billion CNY in revenue, a slight decrease of 0.01%, and a gross margin of 36.86%. The distribution segment generated 10.489 billion CNY, a 0.56% increase, with a gross margin of 31.04% [2]. - The company has a strong cash position, with 3.074 billion CNY in cash and cash equivalents, and plans to distribute a cash dividend of 0.5 CNY per share, resulting in a dividend yield of 4.63% [2][3]. Financial Summary - Revenue projections for 2024-2026 are 14.312 billion CNY, 14.901 billion CNY, and 15.462 billion CNY, respectively. The net profit attributable to shareholders is expected to be 1.805 billion CNY, 1.953 billion CNY, and 2.066 billion CNY for the same period [2][3]. - The company’s financial ratios indicate a gross margin of 37.59% in 2023, a net profit margin of 21.63%, and a return on equity (ROE) of 15.4% [10][16].