2023年报点评：研学业务进展顺利，现金分红金额大幅提升

Investment Rating - The report maintains a "Buy" rating for Shandong Publishing [1] Core Views - The company reported revenue and profit growth in 2023, with total revenue increasing by 8.2% year-on-year to 12.15 billion yuan and net profit attributable to shareholders rising by 41.1% to 2.38 billion yuan, aligning with forecasts [2][3] - The company plans to distribute a cash dividend of 5.60 yuan per 10 shares, resulting in a total cash dividend of 1.17 billion yuan, with a cash dividend rate of 49.2% and a high dividend yield of 5.2% [3] - The company's core business, including educational materials, showed stable growth, with revenue from educational materials increasing by 7.1% to 10.03 billion yuan and a gross margin of 33.7% [3] - The research and study tourism business generated over 300 million yuan in revenue, marking a growth of over four times, with more than 6,000 organized trips serving over 700,000 participants [3] - Due to the expiration of tax incentives at the end of 2023, the net profit forecasts for 2024 and 2025 were adjusted downwards to 1.65 billion yuan and 1.79 billion yuan, respectively [3] Financial Summary - Total revenue for 2023 was 12.15 billion yuan, with a year-on-year growth of 8.23% [2] - Net profit attributable to shareholders for 2023 was 2.38 billion yuan, reflecting a year-on-year increase of 41.12% [2] - The company’s earnings per share (EPS) for 2023 was 1.14 yuan, with a price-to-earnings (P/E) ratio of 9.43 [2][3] - The company’s total assets for 2023 were 22.85 billion yuan, with a debt-to-asset ratio of 34.97% [6][9] - The operating cash flow for 2023 was 2.42 billion yuan, while the net increase in cash was a decrease of 836 million yuan [9]