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南方传媒(601900):半年归母净利润增长超50% AI赋能打开成长空间
Xin Lang Cai Jing· 2025-09-01 04:52
稳定分红+回购注销,积极回馈投资者。截至2025H1 末,公司账面现金约27.3 亿元。公司自上市以来 实施积极的分红政策,近三年累计现金分红金额达到13.84 亿元。2024 年公司分红金额(含税)为4.93 亿元,占公司归母净利润的比例为60.85%。为提升股东价值,公司将2022 年度回购的1390.6472 万股股 份用于注销减资,提升股东价值。未来,公司将紧扣高质量发展目标,持续优化分红政策,推动公司价 值与股东利益最大化。 维持"强烈推荐"投资评级。我们认为南方传媒出版发行主业经营稳定,数智发展和对外传播能力持续提 升,同时2025 年国有出版企业税收优惠政策延期,公司所得税费用影响消除,我们预估公司2025-2027 年归母净利润分别为11.80/12.84/13.26 亿元,对应10.7/9.9/9.6 倍PE,维持"强烈推荐"投资评级。 风险提示:新业务拓展不达预期的风险、税收优惠政策的风险、转型升级的风险、成本风险等。 南方传媒发布2025 年半年度报告。公司2025 年H1 实现营业收入39.72 亿元,同比-1.30%;实现归母净 利润4.51 亿元,同比+50.74%;实现扣非归母净 ...
南方传媒:上半年归母净利润增长超50%,AI赋能打开成长空间
Zheng Quan Shi Bao Wang· 2025-08-26 12:32
Core Insights - Southern Publishing and Media Company (601900.SH) reported a revenue of 3.972 billion yuan and a net profit attributable to shareholders of 451 million yuan for the first half of 2025, marking a year-on-year increase of 50.74% and 31.66% respectively [1] Group 1: Financial Performance - The company achieved a revenue of 3.972 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders reached 451 million yuan, reflecting a year-on-year growth of 50.74% [1] - The net profit after deducting non-recurring gains and losses was 435 million yuan, with a year-on-year increase of 31.66% [1] Group 2: Strategic Initiatives - In 2025, the company deepened its reform in the publishing sector and steadily enhanced its market influence [1] - A special fund of 80 million yuan was established annually to promote high-quality development in the publishing sector [1] - The company implemented a "double remuneration" plan for the magazine "Flower City" to strengthen its brand [1] Group 3: Digital Transformation - The "Smart Southern Transmission" development strategy is being advanced, focusing on digital transformation [1] - Digital textbooks and application services have been included in the free teaching materials directory, establishing a regular supply mechanism [1] - As of June 30, 2025, the "Yuejiao Xiangyun" digital textbook application platform covered 19,151 schools in the province, with 15.897 million activated users [1] Group 4: AI and Educational Technology - The company launched two intelligent application scenarios, "AI Teaching" and "AI Learning," leveraging the digital textbook platform [1] - The "Southern E-Classroom" product line was upgraded, and a self-developed mini-program "Yuejiao AI Learning Assistant" was launched for end-users [1] - The "Yuejiao Qian" AI digital resource platform was developed, creating multiple early childhood education resource brands [1]