SPM(601900) 东吴证券·2025-05-02 01:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong start to 2025, with a more than doubling of net profit attributable to shareholders [1] - The revenue for 2024 decreased by 2.1% to 9.17 billion yuan, while net profit attributable to shareholders fell by 36.9% to 810 million yuan, primarily due to significant losses from fair value changes in financial assets [8] - The first quarter of 2025 showed positive growth, with revenue increasing by 1.2% to 2.11 billion yuan and net profit attributable to shareholders rising by 110.3% to 320 million yuan [8] - The company has maintained stable growth in its textbook and auxiliary materials business, while the general book segment faced challenges [8] - The company is actively enhancing its AI and digital education business, with significant progress in digital textbook applications [8] - The dividend payout is set to increase, with a proposed cash dividend of 5.50 yuan per 10 shares, totaling 490 million yuan, which is 60.9% of the 2024 net profit [8] - Profit forecasts for 2025-2026 have been revised upwards, with net profit estimates of 1.03 billion yuan and 1.07 billion yuan respectively, reflecting improved gross margins and cost control [8] Summary by Sections Financial Performance - Total revenue for 2023 was 9.365 billion yuan, with a projected decrease to 9.172 billion yuan in 2024, followed by a recovery to 9.534 billion yuan in 2025 [1] - Net profit attributable to shareholders for 2023 was 1.284 billion yuan, expected to drop to 809.81 million yuan in 2024, before rebounding to 1.025 billion yuan in 2025 [1] - The latest diluted EPS is projected to be 0.90 yuan for 2024, increasing to 1.14 yuan in 2025 [1] Business Segments - The textbook and auxiliary materials segment saw a revenue increase of 1.9% to 8.46 billion yuan in 2024, while the general book segment experienced an 8.0% decline to 1.50 billion yuan [8] - The gross margin for the textbook segment improved to 25.8%, while the general book segment's gross margin increased to 12.3% despite revenue declines [8] Future Outlook - The company plans to enhance its digital education capabilities, with the "Yuejiao Xiangyun" digital textbook platform being a key focus for 2025 [8] - The projected net profit for 2027 is estimated at 1.11 billion yuan, with corresponding P/E ratios of 14, 14, and 13 for 2025-2027 [8]