Citic Press(300788) 招商证券·2025-03-19 01:03Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's main business in book publishing remains strong, with digital technology effectively enhancing gross margins. In 2024, the company achieved revenue of 1.687 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to the parent company was 119 million yuan, a year-on-year increase of 1.99%. The adjusted net profit after excluding non-recurring items reached 157 million yuan, a significant year-on-year increase of 155.31% [6][7] - The company continues to lead in the general book publishing sector, with significant growth in its IP-linked products. In 2024, it maintained the top position in the national book retail market, particularly excelling in management, psychology, and biography categories. The company has also expanded its IP collaborations in animation and gaming, with new derivative books set to launch in early 2025 [6][7] - The integration of digital technology across the publishing and distribution chain has been a key focus, enhancing both consumer and business services. The company launched the "Supernova Plan" to explore data analysis and AI capabilities, resulting in over 50% efficiency improvements in various operational aspects. The digital service segment generated revenue of 222 million yuan in 2024, reflecting a year-on-year growth of 14.94% [6][7] Financial Summary - In 2024, the company reported total revenue of 1.687 billion yuan, with a projected revenue growth of 4% for 2025-2027. The net profit attributable to the parent company is expected to grow significantly, reaching 174 million yuan in 2025, with corresponding PE ratios of 36.4, 33.9, and 30.1 for the years 2025, 2026, and 2027 respectively [7][9]