20240906-国海证券-皖新传媒-601801.SH-公司动态研究_核心主业基本盘稳固_发布三年分红规划_5页_274kb

皖新传媒（601801）最新报告表明，公司发布三年分红规划并保持“买入”评级。2024年上半年公司营收下滑主要受教育装备和供应链业务影响，但剔除所得税后利润总额同比增长178%。教材及一般图书业务毛利率提升，带动整体盈利改善。公司积极拓展智慧教育、游戏等新业务，并在教育平台领域取得进展。2024-2026年预计盈利将持续增长，对应估值逐步下降，维持“买入”建议。风险包括市场竞争、政策变化及学生数量等因素，但公司现金储备充足且业务转型逐步推进。（翻译：Wanxin Media announces three-year dividend policy and maintains 'Buy' rating. Revenue decline in H1 2024 due to education equipment and supply chain businesses, but profit margin improved after excluding tax impact. Textbook and general books business drives margin improvement. The company expands smart education and gaming sectors and progresses in education platforms. FY24-26 forecast shows continuous profit growth with declining valuation metrics. Risks include market competition, policy, and student numbers; however, ample cash reserves and business transformation support the buy recommendation.）