Citic Press(300788) 华泰证券·2025-03-18 08:26Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 1.687 billion RMB in 2024, a year-on-year decrease of 1.72%, while the net profit attributable to the parent company was 119 million RMB, an increase of 1.99% year-on-year. The non-recurring profit was 158 million RMB, showing a significant increase of 155.31% year-on-year due to the continuation of tax policy benefits [1][5] - The decline in revenue is primarily attributed to a weak industry environment, with the book retail market experiencing a 1.52% decline in 2024. However, the company demonstrated resilience with an increase in gross profit margin by 4.09 percentage points to 38.96% [2][3] - The company has restructured and upgraded its publishing divisions, maintaining a leading position in various book categories, and has seen over 25% revenue growth in its newly incubated anime product line [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.687 billion RMB, with a gross profit margin of 38.96%, reflecting a 4.09 percentage point increase. The operating profit margin improved significantly due to cost reduction and efficiency enhancement measures [2][5] - The forecast for net profit attributable to the parent company for 2025-2027 is projected to be 226 million RMB, 243 million RMB, and 261 million RMB respectively, with significant growth expected in 2025 [5][7] Market Position - The company remains the top player in the national book retail market, leading in categories such as management, psychology, and biography, while holding the second position in children's and natural science categories [3] - The company has successfully launched collaborations with popular IPs, expanding its market reach and product offerings [3] Technological Integration - The company is actively leveraging AI technology to enhance production efficiency, achieving over 50% improvement in various publishing processes through its "KuaFu AI" platform [4]