QCMC(SH:600229) ZHONGTAI SECURITIES·2024-04-29 03:05Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [19]. Core Insights - The company achieved a total revenue of 2.69 billion yuan in 2023, representing a year-on-year growth of 5.4%, with a net profit attributable to shareholders of 408 million yuan, up 21.4% year-on-year [36][42]. - The company has successfully controlled its expense ratios, with sales, management, and R&D expense ratios for 2023 at 11.2%, 9.0%, and 0.3%, respectively [2][61]. - The gross profit margin for 2023 reached 30.5%, and the net profit margin attributable to shareholders was 15.1%, an increase of 2.1 percentage points year-on-year [63]. Summary by Sections Business Performance - The publishing business generated revenue of 960 million yuan in 2023, with a gross margin of 43.4%, while the distribution business achieved revenue of 2.12 billion yuan, a year-on-year increase of 9.0% [1]. - The company has strengthened its core educational materials, with significant growth in the sales of upgraded products and a notable increase in market share for online customized educational materials [1]. Financial Metrics - The company forecasts revenues of 2.969 billion yuan, 3.281 billion yuan, and 3.634 billion yuan for 2024, 2025, and 2026, respectively, with expected year-on-year growth rates of 10.29%, 10.50%, and 10.76% [34][50]. - The net profit attributable to shareholders is projected to be 326 million yuan, 376 million yuan, and 423 million yuan for the same years, with a year-on-year growth of -20.09%, 15.37%, and 12.53% [34][65]. Strategic Developments - The company is actively exploring new business models in AI education and virtual reality education, collaborating with strategic partners to enhance its technological integration [33]. - The company plans to distribute a cash dividend of 180 million yuan in 2023, a year-on-year increase of 35.0%, marking a historical high in dividend distribution [24].