山鹰国际：盈利修复，多措并举维护信心

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 90 million to 140 million yuan for the first half of 2024, representing a year-on-year increase of 133% to 150% [3]. - The company is actively pursuing cost reduction and efficiency improvements, with a projected decrease of approximately 20% in management and sales expenses for the first half of 2024 [3]. - The company plans to sell its stake in Nordic Paper, which generated revenues of 3.18 billion yuan and profits of 300 million yuan in 2023, with a net asset value of 850 million yuan [4]. - The company is also transferring 51% of its wholly-owned subsidiary, Xiangheng Creative, to Jiangdong Group, which had revenues of 739 million yuan and profits of 37 million yuan in 2023 [5]. - The company is expected to benefit from the traditional consumption peak season in the second half of the year, with improvements in profitability anticipated [16]. Financial Summary - The company forecasts a net profit of 556 million yuan for 2024, with a significant increase from previous estimates [16]. - Revenue for 2024 is projected to be 33.42 billion yuan, reflecting a growth rate of 13.93% [17]. - The company’s total assets are expected to reach 55.14 billion yuan by 2024, with a debt-to-asset ratio of 68.48% [21]. - The earnings per share (EPS) is projected to be 0.12 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.98 [17][21].