CNS(601098) 海通证券·2024-05-27 01:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 13.613 billion yuan in 2023, representing a year-on-year increase of 9.21%. The net profit attributable to the parent company was 1.855 billion yuan, a year-on-year growth of 32.55%. The net profit after deducting non-recurring gains and losses was 1.552 billion yuan, up 5.69% year-on-year [3][4] - The company has a strong focus on shareholder returns, with a total cash dividend of 988 million yuan in 2023, resulting in a dividend payout ratio of 53.26% and a dividend yield of 4.3% based on the closing price on May 24 [3][4] - The publishing business showed robust performance with a revenue of 3.602 billion yuan, a year-on-year increase of 4.75%. The company maintained a strong market position in the general book retail market with a market share of 3.8% [3][4] - The company plans to enhance its digital education offerings and new media operations, which are expected to drive future growth [3][4] Financial Summary - In 2023, the company reported a total revenue of 13.613 billion yuan, with a projected revenue of 14.940 billion yuan for 2024, indicating a growth rate of 9.7% [5][8] - The net profit for 2023 was 1.855 billion yuan, with a forecasted decline to 1.479 billion yuan in 2024 due to changes in income tax policies [3][4][8] - The company has a projected gross margin of 41.4% for 2023, which is expected to slightly decrease in the following years [8][9] - The company’s earnings per share (EPS) for 2023 is estimated at 1.03 yuan, with a forecasted decline to 0.82 yuan in 2024 [8][9] Valuation Analysis - The company is valued using both PE and PS methods, with a projected PE range of 14-18 times for 2024, corresponding to a fair value range of 11.48-14.76 yuan per share [3][4] - The PS valuation method suggests a fair value range of 12.48-14.97 yuan per share for 2024 [3][4] - The overall fair value range for the company is estimated to be between 12.48-14.76 yuan per share, supporting the "Outperform the Market" rating [3][4]