证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-028 南方出版传媒股份有限公司 特此公告。 南方出版传媒股份有限公司董事会 关于向银行申请授信额度的公告 2024 年 10 月 29 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 南方出版传媒股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开 第五届董事会第十次会议，审议通过了《关于公司向银行申请授信额度的议案》， 根据经营发展需要，为满足公司日常经营等相关资金需求，公司拟继续向各合作 银行申请综合授信，其总额度不超过 18 亿元（每年总额度不超过 18 亿元，最高 时点不超过 18 亿元），有效期 2025 年 1 月 1 日至 2027 年 12 月 31 日。 上述授信额度最终以银行实际审批的金额为准，本次授信的额度不等同公司 实际融资金额，具体融资金额将视公司生产经营的实际资金需求来确定，在授信 额度内以各银行与公司实际发生的融资金额为准。以上所有授信由董事会授权公 司董事长签署授信函等相关文件,董事长可转授权。 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of RMB 17.60 [1]. Core Views - The company is a leading player in the education publishing sector in Guangdong, benefiting from a strong regional monopoly and a solid population base. It is actively exploring new growth areas through digital strategies and AI integration [1][15]. - The K12 student population in Guangdong is expected to continue growing until 2027, providing a stable foundation for the company's core business [2][15]. - The company has a robust cash reserve and a potential for increasing its dividend payout ratio, which currently stands around 40% [4][15]. Summary by Sections Company Overview - The company is a key player in the Guangdong education publishing industry, with a comprehensive business model that includes publishing, distribution, and media operations [18][19]. - It holds significant market share in the K12 education sector, with a strong focus on textbook and supplementary material publishing [19]. Market Dynamics - Guangdong's population and educational spending are substantial, with the province leading in both metrics nationally. The K12 student population is projected to remain stable due to favorable demographic trends [15][26]. - The company is uniquely positioned as the sole legal distributor of K12 textbooks in Guangdong, enhancing its competitive advantage [19]. Strategic Initiatives - The company is transitioning from a traditional textbook publisher to a diversified product and service provider, leveraging AI and digital platforms to enhance its offerings [3][16]. - It is developing various educational service platforms to expand its service capabilities and explore new revenue streams [3][16]. Financial Performance - The company has demonstrated stable revenue growth, with a projected revenue increase from RMB 9.05 billion in 2022 to RMB 11.19 billion by 2026 [7][26]. - Net profit is expected to fluctuate, with a forecast of RMB 896.39 million in 2024, reflecting a decrease due to tax policy changes [6][26]. - The company maintains a healthy gross margin and net margin, with net profit margins showing resilience despite recent challenges [29].

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 主业稳健，教育服务拓展新增长曲线 ——南方传媒首次覆盖报告 核心观点 ⚫ 广东省出版发行龙头企业，以教材教辅为核心支柱，业绩增长稳健。公司作为地方 出版发行龙头，主营业务涵盖图书出版、报刊、新媒体及印刷，构建了完整的出版 产业链，近年积极推动数字教育和教育服务的多元化布局。2019-2023 年，公司营 收从 65.25 亿元增长至 93.65 亿元，CAGR 达 9.45%；归母净利润从 7.33 亿元增长 至 12.84 亿元，CAGR 达 15.03% ⚫ 出版发行主业稳健，基本盘稳固。广东省作为全国人口和教育资源大省，K12 学生 人数保持小幅增长，为教材教辅业务提供了稳定的市场空间。且 K12 学生人口结构 变化（初高中学生占比提升），有望驱动教材教辅保持增长。一般图书业务专业 化、特色化、品牌化改革，看好公司把握图书市场细分垂类赛道机遇。2019-2023 年，公司出版业务收入从 25.8 亿元增至 33.8 亿元，4 年 CAGR 为 7.0%；发行业务 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company's publishing business shows steady performance, with a focus on expanding into new educational publishing sectors, while general book sales have declined due to market conditions [3][5]. - In H1 2024, the company reported a slight decrease in revenue of 0.83% year-on-year, with total revenue reaching 4.025 billion yuan and a gross profit of 1.377 billion yuan, reflecting a gross margin of 34.21%, which is an increase of 2.73 percentage points year-on-year [2][5]. - The net profit attributable to shareholders for H1 2024 was 299 million yuan, down 27.22% year-on-year, while the adjusted net profit was 330 million yuan, down 5.95% year-on-year [2][5]. Revenue and Profit Analysis - The publishing segment generated revenue of 1.391 billion yuan in H1 2024, a decrease of 1.69% year-on-year, with a gross margin of 30.90%, up 4.22 percentage points [3][5]. - The distribution segment's revenue was 3.193 billion yuan, down 4.37% year-on-year, with a gross margin of 23.60%, an increase of 0.75 percentage points [3][5]. - General book sales saw a significant decline, with revenue of 184 million yuan, down 17.21% year-on-year, and a gross margin of 9.3%, up 0.63 percentage points [5]. Market Position and Future Outlook - The company is leveraging its geographical advantage in Guangdong Province and is optimistic about future growth despite current pressures on earnings due to tax policies [6][9]. - Revenue projections for 2024-2026 are estimated at 9.923 billion yuan, 10.697 billion yuan, and 11.557 billion yuan, respectively, with net profits expected to be 938 million yuan, 1.022 billion yuan, and 1.119 billion yuan [6][9]. - The report anticipates a stable growth trajectory for the company, supported by its embrace of AI and new business models [6][9].

证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-025 南方出版传媒股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●会议召开时间：2024 年 9 月 20 日（星期五）16：00-17：00 ●会议召开地点：中国证券网(https://roadshow.cnstock.com/) ●会议召开方式：线上文字互动 ●问题征集方式：投资者可于 2024 年 9 月 19 日（星期四）16：00 前将相 关问题通过电子邮件方式发送公司邮箱：ir@nfcb.com.cn。公司将在说明会上就 投资者普遍关注的问题，在信息披露允许的范围内进行说明。 一、说明会类型 南方出版传媒股份有限公司（以下简称"南方传媒"或"公司"）于 2024 年 8 月 29 日披露了《南方传媒 2024 年半年度报告》，为使广大投资者更加全面 深入地了解公司发展战略、经营业绩等情况，公司定于 2024 年 9 月 20 日 16： 00-17：00 以文字 ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - Strong internal growth with a defensive and offensive investment profile [1] - Operating performance meets expectations, with cost reduction and efficiency improvements driving optimism for the full year [2] - New business layout is active, with high execution and significant upward potential [2] - The company's main business remains stable, and its dividend value is attractive, with long-term growth potential from AI and education-related new businesses [2] Financial Performance Summary Revenue and Profit - 24Q2 revenue: 1.937 billion CNY (YoY +3.9%), net profit attributable to shareholders: 147 million CNY (YoY +18.6%) [1] - 24H1 revenue: 4.025 billion CNY (YoY -0.8%), net profit attributable to shareholders: 299 million CNY (YoY -27.2%) [1] - Adjusted for tax effects, 24Q2 net profit attributable to shareholders increased by 2% YoY, and non-GAAP net profit increased by 23% YoY [1] Cost and Efficiency - 24Q2 gross margin: 34.4% (YoY +0.88pct), with good cost control in paper and other materials [2] - 24Q2 sales/management/R&D expense ratios: 11.3%/10.9%/0.1% (YoY -0.87/-1.37/-0.01pct) [2] Future Projections - 2024/25/26 net profit attributable to shareholders forecast: 904/1,007/1,122 million CNY, with PE ratios of 12/11/10x [2] - Target price: 16.1 CNY, with a target market cap of 14.4 billion CNY [2] Business Highlights Main Business - The company benefits from population advantages in Guangdong and remains one of the few in the publishing industry with external M&A potential [2] - Main business growth is expected to outperform peers, with stable growth prospects [2] New Business - Multiple AI+education products are progressing rapidly, with further developments expected in 2024 [2] - High growth potential in education and training, with plans to expand after-school tutoring in the province [2] - New businesses such as children's programming and study tours are actively being developed, offering significant upward potential [2] Financial Forecasts Income Statement - 2024/25/26 revenue forecast: 10.961/12.106/13.212 billion CNY, with YoY growth of 17.0%/10.4%/9.1% [6] - 2024/25/26 net profit attributable to shareholders forecast: 904/1,007/1,122 million CNY, with YoY growth of -29.6%/11.3%/11.5% [6] Balance Sheet - 2024/25/26 total assets forecast: 18.911/21.699/24.562 billion CNY [6] - 2024/25/26 total liabilities forecast: 9.530/11.447/13.334 billion CNY [6] Cash Flow - 2024/25/26 operating cash flow forecast: 1.707/1.811/1.800 billion CNY [6] - 2024/25/26 capital expenditure forecast: -681/-684/-688 million CNY [6] Valuation and Ratios - 2024/25/26 PE ratios: 12/11/10x [6] - 2024/25/26 PB ratios: 1.3/1.2/1.2x [6] - 2024/25/26 ROE: 10.8%/11.1%/11.5% [6] Market Performance - The company's stock price has underperformed the CSI 300 index over the past 12 months, with a decline of 38% [4]

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Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][11]. Core Views - The company is in the process of establishing a new business model in educational publishing, with a focus on "AI + Education" initiatives [2][6]. - The company reported a revenue of 4.025 billion yuan for the first half of 2024, a slight decrease of 0.83% year-on-year, while the net profit attributable to shareholders was 299 million yuan, down 27.22% year-on-year [2][6]. - The gross margin improved to 34.21%, an increase of 2.73 percentage points year-on-year, while the net margin was 8.84%, a decrease of 2.97 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.025 billion yuan, with a net profit of 299 million yuan and a non-recurring net profit of 330 million yuan [2]. - The gross margin for the first half of 2024 was 34.21%, reflecting an improvement, while the net margin was 8.84%, showing a decline [2]. - In Q2 2024, the company recorded a revenue of 1.937 billion yuan, a year-on-year increase of 4.39%, but the net profit decreased by 21.82% to 147 million yuan [2]. Business Operations - The company has maintained stable operations, with improvements in the gross margin of its publishing business [2][5]. - The revenue from the company's core businesses, including educational materials and digital textbooks, has shown mixed results, with some segments experiencing growth while others declined [2][5]. - The company is actively developing new educational products and expanding its marketing channels, including the establishment of reading spaces and partnerships with educational institutions [5][6]. Future Outlook - The company is expected to continue its focus on the "AI + Education" sector, with projections for net profits of 801 million yuan in 2024, 959 million yuan in 2025, and 1.121 billion yuan in 2026 [6][7]. - The earnings per share (EPS) are forecasted to be 0.89 yuan in 2024, 1.07 yuan in 2025, and 1.25 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 times respectively [6][7].

[Table_Industry] 南方传媒：收入端稳健，教育业态逐步构建 南方传媒(601900.SH)/传媒 证券研究报告/公司点评 2024 年 09 月 06 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------|-------|--------|--------|--------| | [Table_Industry] [Table_ 评级：买入 Invest （ ] 维持） \n市场价格： 12.59 元： 14.74 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 9,055 | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][7][9] Core Views - The company's core business is operating steadily, with a 4% year-on-year revenue growth in Q2 2024, despite a slight decline in H1 revenue [1] - The company achieved a total revenue of 40.25 billion yuan in H1 2024, a decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 2.99 billion yuan, down 27.22% year-on-year [1][3] - The educational publishing segment is developing steadily, with a significant increase in the sales of educational materials and digital platforms [2] Financial Performance - In H1 2024, the company reported revenues from various segments: publishing (3.19 billion yuan), logistics (0.487 billion yuan), and printing (0.26 billion yuan), with respective year-on-year changes of -4.37%, -1.69%, and +27.72% [2] - The overall gross profit margin across different business segments is improving, with educational publishing achieving a gross margin of 30.9% [2] - The company expects net profits for 2024-2026 to be 9.57 billion yuan, 10.29 billion yuan, and 11.00 billion yuan, respectively, with corresponding EPS of 1.07, 1.15, and 1.23 yuan [3][4] Business Segments - The educational materials and digital education services are expected to contribute to revenue growth, with the digital platform covering 99.3% of schools in the province [2] - The company successfully completed the unified supply of textbooks for the spring semester, with over 223 million copies supplied [2] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 12x, 11x, and 10x, respectively [3][4] - The company’s total market capitalization is approximately 11.09 billion yuan [5]