24Q1利润总额保持稳增长，分红频次增加

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.55 CNY per share, based on a 2024 PE valuation of 18 times [5][3]. Core Views - The company reported a revenue of 13.613 billion CNY in 2023, a year-on-year increase of 9.21%, and a net profit attributable to shareholders of 1.855 billion CNY, up 32.55% year-on-year. However, the net profit for Q1 2024 decreased by 18.18% year-on-year due to the expiration of a tax exemption policy [2][3]. - The publishing and distribution business continues to grow steadily, with revenue from publishing reaching 3.599 billion CNY (up 4.68%) and distribution revenue at 11.313 billion CNY (up 15.01%) in 2023. The company ranks second in the national book retail market with a market share of 3.80% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 13.613 billion CNY, with a growth rate of 9.21%. The net profit attributable to shareholders was 1.855 billion CNY, reflecting a growth rate of 32.55%. The net profit margin improved to 14.36% from 11.91% in the previous year [11][12]. - For Q1 2024, the company reported a revenue of 3.000 billion CNY, a year-on-year increase of 12.61%, but a decrease in net profit to 0.284 billion CNY, down 18.18% year-on-year [2][3]. - The company expects revenues of 14.609 billion CNY, 15.402 billion CNY, and 16.104 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 1.451 billion CNY, 1.581 billion CNY, and 1.694 billion CNY for the same years [3][4]. Business Segments - The publishing segment generated 3.599 billion CNY in revenue, growing by 4.68%, while the distribution segment achieved 11.313 billion CNY, marking a 15.01% increase. The company also reported a decline in revenue from material and printing businesses [10][11]. - The company is actively expanding into educational services and financial investments, with notable progress in its "Intelligent New After-School" platform, which has reached 61 courses and over 6,000 sessions by the end of 2023 [3][4].