SPM(601900) 国元证券·2024-09-06 00:10Investment 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]