| 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 9,365 | 9,172 | 9,669 | 10,198 | 10,760 | | YoY(%) | 3.4 | -2.1 | 5.4 | 5.5 | 5.5 | | 归母净利润(百万元) | 1,284 | 810 | 1,118 | 1,271 | 1,397 | | YoY(%) | 36.1 | -36.9 | 38.1 | 13.7 | 9.9 | | 毛利率(%) | 31.8 | 33.5 | 33.7 | 33.7 | 33.6 | | EPS(摊薄/元) | 1.46 | 0.92 | 1.27 | 1.44 | 1.58 | | ROE(%) | 16.5 | 10.4 | 12.9 | 13.4 | 13.3 | | P/E(倍) | 10.2 | 16.1 | 11.7 | 10.3 | 9.3 | | P/B(倍) | 1.6 | 1.6 | 1.5 | 1.3 | 1.2 | | ...

风险提示：原材料成本上升，新业务拓展不及预期、教材教辅 政策变化等。 2025 年 08 月 27 日 南方传媒(601900.SH) 经营持续稳健，受免税政策影响利润端 高增 事件： 公司发布 2025 年中报，2025 年上半年实现收入 39.72 亿（yoy- 1.3%），归母净利润为 4.51 亿(yoy+50.74%)。 收入端小幅下滑，利润端高增。2025Q1 收入端小幅下滑，主要 受到教辅、报媒收入增长和教材、一般图书、课后服务业务下降 的综合影响。2025H1 综合毛利率为 35.01%，较 2024 年提升 1.47pct；销售费用率、管理费用率、研发费用率分别为 9.36%、 10.83%、0.50%，具有较强的控费能力。受免税政策影响，所得税 费用同比大幅减少，拉动利润端实现高增，2025H1 实现归母净利 润为 4.51 亿，同增 50.74%。 教材教辅基本盘稳固，持续夯实出版壁垒。公司背靠广东人口 大省，2025 年春发行中小学教材约 1.72 亿册。同时不断夯实教 材教辅出版壁垒，目前共有 23 个学科国标教材通过教育部审定， 科目数量仅次于人教社，同时共有 6 套地方综合课程通 ...

8月26日晚上，南方传媒（601900）(601900.SH)披露2025年半年报。报告期内，公司实现营业收入39.72 亿元，归母净利润4.51亿元，同比增长50.74%，扣除非经常性损益净利润4.35亿元，同比增长31.66%。 2025年，公司深化新一轮出版主业改革，稳步提升市场影响力。上半年在北京召开南方出版传媒北京中 心新址启用仪式暨主业高质量发展举措发布会，整合设立每年8000万元出版主业高质量发展专项资金， 聚力打造精品佳作。实施《花城》杂志"稿酬倍增"计划，深耕文艺沃土，擦亮"花城"品牌。 公司"数智南传"发展战略深入推进，加快数智化转型，将数字教材及应用服务纳入免费教学用书目录， 建立数字教材常态化供应机制。截至2025年6月30日，粤教翔云数字教材应用平台已覆盖全省19151所学 校，开通激活师生用户达1589.7万人。聚焦深度融合理念，依托粤教翔云数字教材应用平台推出"AI助 教""AI助学"两大智能应用场景。升级"南方E课堂"产品线，上线面向C端的自研小程序"悦教AI学习助 手"。研发"粤教学前AI数字资源平台"，开发多个学前课程资源品牌。(文穗) ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.79 CNY, while the current price is 15.79 CNY [2][11]. Core Views - The company's textbook and educational materials business is stable, and digital textbooks and application services are expected to become a second growth curve, indicating a positive outlook on the company's digital transformation performance [3][11]. - The company plans to distribute a cash dividend of 5.50 CNY per 10 shares, resulting in a dividend yield of 3.4% based on the closing price on June 3 [11]. - The company achieved a significant profit increase in Q1 2025, with revenue of 2.113 billion CNY, a year-on-year increase of 1.21%, and a net profit of 320 million CNY, a year-on-year increase of 110.25% [11]. Financial Summary - Revenue projections for the company are as follows: 9,365 million CNY in 2023, 9,172 million CNY in 2024 (a decrease of 2.1%), and expected growth to 10,543 million CNY by 2027 [5][12]. - Net profit (attributable to the parent company) is projected to be 1,284 million CNY in 2023, dropping to 810 million CNY in 2024 (a decrease of 36.9%), and then recovering to 1,256 million CNY by 2027 [5][12]. - The earnings per share (EPS) are expected to be 1.43 CNY in 2023, decreasing to 0.90 CNY in 2024, and then gradually increasing to 1.40 CNY by 2027 [5][12]. Business Performance - The company's textbook and educational materials publishing achieved sales of 5.36 billion CNY in 2024, a growth of 4.65%, with significant new adoptions in various regions [11]. - The general book publishing segment saw a remarkable sales increase of 51.61%, with popular titles contributing to strong performance [11]. - The company is advancing its digital transformation by integrating digital textbooks into free teaching materials and achieving significant growth in digital media initiatives [11].