我们预计2024-2026 年，公司实现净利润1.35/1.54/1.73 亿元，同比增长15.91%/14.02%/12.65%，8 月6 日收盘价对应PE 为34.84/30.55/27.12x，给予“买入”评级。Core views
The company actively promoted the digital transformation of the publishing industry, and product modules were initially formed. In response to CITIC Group's digital transformation goals, the company stepped up its entry into the AI field, launched a publishing knowledge base based on its own resource advantages, and released an AI platform that exaggerates. Furthermore, in order to meet industry needs such as copyright traceability and commercialization, and digitization of publishing processes, a book news publishing platform was launched. In terms of scenarios, the company actively explores C-side scenarios such as digital reading and virtual interaction, as well as B-side scenarios such as learning and training. From platforms to scenarios, all kinds of products already have output capabilities.
Looking at the main business, the company's leading position is stable. In 2023, Shiyang's market share ranked first in the industry at the publishing house level. In order to continue to explore the growth of segments, the company began to step up the layout of animation and derivatives to withstand fluctuations in the publishing industry. Currently, from the original IP to the orderly implementation of IP cooperation between Universal Studios and “Black Myths: Goku”, offline channel construction is progressing steadily, which is expected to contribute to new business growth.
We expect that in 2024-2026, the company will achieve net profit of 0.135/0.154/0.173 billion yuan, a year-on-year increase of 15.91%/14.02%/12.65%. The PE corresponding to the closing price on August 6 is 34.84/30.55/27.12x, giving it a “buy” rating.
Investment advice:
The company actively promoted the digital transformation of the publishing industry, and product modules were initially formed. In response to CITIC Group's digital transformation goals, the company stepped up its entry into the AI field, launched a publishing knowledge base based on its own resource advantages, and released an AI platform that exaggerated the category. Furthermore, in order to meet industry needs such as copyright traceability and commercialization, and digitization of publishing processes, a book news publishing platform was launched. In terms of scenarios, the company actively explores C-side scenarios such as digital reading and virtual interaction, as well as B-side scenarios such as learning and training. From platforms to scenarios, all kinds of products already have output capabilities.
Looking at the main business, the company's leading position is stable. In 2023, Shiyang's market share ranked first in the industry at the publishing house level. In order to continue to explore the growth of segments, the company began to step up the layout of animation and derivatives to withstand fluctuations in the publishing industry. Currently, from the original IP to the orderly implementation of IP cooperation between Universal Studios and “Black Myths: Goku”, offline channel construction is progressing steadily, which is expected to contribute to new business growth.
We expect that in 2024-2026, the company will achieve net profit of 0.135/0.154/0.173 billion yuan, a year-on-year increase of 15.91%/14.02%/12.65%. The PE corresponding to the closing price on August 6 is 34.84/30.55/ 27.12x, giving a “buy” rating.
Risk analysis
Risk of sales recovery in offline physical bookstores falling short of expectations, risk of increased channel discounts on short video platforms, risk of macroeconomic fluctuations, risk of rising raw materials or logistics costs, risk of declining population, risk of education policy regulation, risk of content policy regulation, risk of changes in user consumption habits, risk of poor copyright protection as expected, risk of loss of copyright resources, risk of declining IP influence, risk of changes in popular aesthetic orientation, risk of new business development falling short of expectations, risk of developing generative AI technology Expected risk, risk that future cost reduction and efficiency will fall short of expectations.
