Thinkingdom Media (SH:603096) Haitong Securities·2024-05-13 01:02Investment Rating - The report maintains an "Outperform the Market" rating for the company [19][17]. Core Views - The company has a robust copyright resource and a rich inventory of best-selling books, with a marketing system that covers all channels. It possesses nearly 7,000 types of copyright resources, including physical books, e-books, audiobooks, and related derivative rights, which supports diversified content development and copyright operation [31]. - The company has established a solid accumulation of quality products over the years, with several titles selling over 10 million copies and more than 70 works exceeding 1 million copies in sales [31]. - The company has a comprehensive sales capability that includes platform e-commerce, short video live e-commerce, community e-commerce, and physical bookstores, enhancing sales conversion rates through tailored marketing strategies [31]. Financial Performance and Forecast - In 2023, the company achieved revenue of 9.01 billion yuan, a year-on-year decrease of 3.94%, while net profit attributable to the parent company was 1.60 billion yuan, an increase of 16.48% [21]. - The forecast for 2024 to 2026 indicates expected revenues of 9.97 billion yuan, 11.04 billion yuan, and 12.24 billion yuan, respectively, with net profits of 1.80 billion yuan, 1.99 billion yuan, and 2.20 billion yuan [17]. - The earnings per share (EPS) are projected to be 1.11 yuan, 1.22 yuan, and 1.35 yuan for the years 2024, 2025, and 2026, respectively [17]. Market Performance - The company's stock closed at 18.49 yuan, with a market capitalization of 3,005 million yuan [4]. - The stock has shown a 52-week price fluctuation between 12.14 yuan and 26.39 yuan [4].