On November 25, Gelonghui reported that haitong sec's research reports indicate that shandong publishing&media (601019.SH) integrates "editing, printing, publishing, and supplying" into its main business, with 20 subsidiaries, making it a large-scale comprehensive cultural industry operation entity. The company's fundamentals in textbook and educational materials business are solid. From 2020 to 2023, the company's revenue from textbook and educational material distribution was 5.54 billion yuan, 6.01 billion yuan, 6.518 billion yuan, and 6.88 billion yuan, with a compound annual growth rate of 7.49%. The company actively launches high-quality books and innovates business to add new highlights. Meanwhile, the company is accelerating its digital transformation and continuously promoting smart campus construction projects, after-school extended services, digital innovation projects, and more. Additionally, the contributions from mergers and acquisitions and high dividends highlight its investment value. Based on comparable companies, a 2024 PE valuation of 16-18 times is given to the company, corresponding to a reasonable value range of 11.69-13.16 yuan per share, with a rating of "outperforming the market."