Q&A 南方传媒 20250827 摘要 南方传媒秋季教材教辅征订基本完成，确保 9 月开学前"课前到书"， 初中评一类教辅通过率达 90%，《南方新课堂》为全省唯一全科全版本 通过评一类教辅，上半年教育社发行的教辅码洋为 3.88 亿元，同比增 长 4.93%。 广东省教辅政策相对稳定，中高考市场需求稳定，公司市场化教辅业务 预计未来两三年持续增长。今年春季教育出版社的市场化教辅码洋同比 增长近五个百分点，预计秋季表现会更好。 南方传媒构建了 AI 教育矩阵，核心产品"粤教祥云"用户数近 1,600 万，覆盖学校 19,151 所。新应用场景 AI 助教已完成公测迭代，计划 9 月初全省推广。硬件方面，AI 鼠标已售出 3,000 台，销售额约 60 万元， 目标年内销售 3 万个。 南方传媒与腾讯合作的"南方易课堂"小程序用户达 39.8 万，与科大 讯飞合作的智慧作业平台已上线。"粤教 AI 听说"用户持续增长，上半 年新增 30 万用户，总用户量近 300 万。"粤高中"和"语言乐学"学 习卡上半年销售 468 万张，收入超 2000 万元。 南方传媒在 2025 年秋季开学期间的教材和教辅准备情况如 ...

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].