Shandong Publishing&Media(601019) 国海证券·2024-09-10 11:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6]. Core Insights - The company has shown strong revenue and profit growth in the first half of 2024, with revenue increasing by 13.77% year-on-year and total profit rising by 15.98% [3][4]. - The growth in revenue is primarily driven by increased sales in textbooks and educational materials, while the company is also actively expanding its research and educational tourism business [4][5]. - The company maintains a solid cash position with over 7 billion yuan on hand and a stable dividend yield of 4.48% over the past 12 months [6]. Revenue and Profit Summary - In H1 2024, the company achieved revenue of 5.944 billion yuan, a year-on-year increase of 13.77%, with a gross profit of 2.282 billion yuan and a gross margin of 38.38% [3]. - The second quarter of 2024 saw revenue of 3.474 billion yuan, up 13.81% year-on-year and 40.66% quarter-on-quarter, with a gross profit of 1.328 billion yuan [3]. - The net profit attributable to shareholders in H1 2024 was 754 million yuan, down 15.64% year-on-year, while the profit before tax increased by 15.98% after excluding tax impacts [3]. Business Segment Performance - The publishing business generated revenue of 1.777 billion yuan in H1 2024, reflecting a year-on-year growth of 5.44% [4]. - The distribution business reported revenue of 4.216 billion yuan, a year-on-year increase of 7.91% [4]. - The educational tourism segment experienced significant growth, with revenue increasing by over 60% year-on-year [5]. Financial Forecast - The company is projected to achieve revenues of 13.604 billion yuan, 14.651 billion yuan, and 15.650 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - Expected net profits for the same years are 1.738 billion yuan, 1.927 billion yuan, and 2.064 billion yuan, with corresponding EPS of 0.83 yuan, 0.92 yuan, and 0.99 yuan [6][7].