[Table_Title] 证券研究报告 推出 To C 端 AI 产品，系统班升级并提价 公司研究 [Table_ReportDate] 2024年6月6日 [Table_ReportType] 公司点评 [T事ab件le：_S粉um笔ma官ry方]公众号宣布，在系统班产品新增 “AI智能老师”功能，并将 [T粉ab笔le(_2S4to6c9k.AHnKd)Rank] 国/省考笔试系统班进行全面升级，新增系列课程，价格由 980元调整至 投资评级 买入 1280元，自8月1日起正式全面推行。 点评： 上次评级 买入  ToC端AI产品上线，助力提升用户体验。公司自主研发了首个专注于 [T范ab欣le悦_Autho教r]育人服行业首席分析师 公考行业的垂直大模型，基于大语言模型（LLM）和教研方面的长期积 执业编号：S1500521080001 累，整合RAG（检索增强生成）、意图识别和向量数据库技术，推出“AI 邮 箱：fanxinyue@cindasc.com 智能老师”，并率先应用于国/省考笔试系统班产品。AI智能老师具备个 性化学习规划及指导、学习成果检测及辅导、题目答疑及其他做题辅导、 考情答疑及 ...

时间：20230509 嘉宾：冉总 纪要要点 1.行业趋势和增长率：报名人次增长速度快于经济增长，国考、省考等报名人次去年增长率分别约为20%和11%-12%，全国人次增长大 约13%-14%，落实到行业收入增长10%。但部分报名人次是出于就业压力或者占坑目的，实际参培人次可能没有表面上增长得那么多。 岗位数上面，教师岗位减少，但公务员和事业单位岗位数仍在增长，主要受60年代婴儿潮一代退休影响。 2.竞争格局和发展前景：头部机构的市场份额有所变化，中部和腰部机构数量减少，小机构数量增加。中公占比和收入下降，华图、粉笔 上升，并且预计趋势会延续。 3.公司业绩发展指引：通过平衡通过率、利润和收入（按重要性排序）实现业务增长。具体目标：通过率，维持在10%，行业为5%；利 润率，今年18%，明年20%，目标25%；收入端，维持百分之十几的增长。 4.技术应用和效率提升：公司利用AI辅助老师教学，提高了教学效率和响应速度。通过AI技术和数据积累，提高了教师的工作效率和学员 的满意度，进一步提升利润率。 纪要正文 对于各位来说比较直观的对行业的接触，新闻上经常会说的有报名人次，国考或者省考多少报名人次。报名人次的增长 ...

Financial Data and Key Metrics Changes - The industry experienced a growth rate of approximately 10% in revenue, with national registration numbers increasing by about 13%-14% [1][2] - The company aims to maintain a pass rate of 10%, with profit margins expected to reach 18% this year, 20% next year, and a target of 25% [4][6] Business Line Data and Key Metrics Changes - The company has three main product lines: membership services, large classes, and small classes, with the small class segment showing the highest growth and revenue contribution [3][4] - The average revenue per teacher is projected to increase from 570,000 in the previous year to approximately 800,000 next year, driven by efficiency improvements through AI [4][5] Market Data and Key Metrics Changes - The number of teaching positions in the public sector is increasing by about 3%-4%, while the number of teaching positions in private institutions is declining [2][3] - The competitive landscape has shifted, with the market share of leading institutions like Huatu and Fenbi increasing, while Zhonggong's share and revenue are declining [3][6] Company Strategy and Development Direction - The company focuses on balancing pass rates, profits, and revenue growth, with a strategic emphasis on maintaining a pass rate of 10% and improving profit margins [4][6] - The use of AI technology is enhancing teaching efficiency and student satisfaction, which is expected to further improve profit margins [4][5] Management's Comments on Operating Environment and Future Outlook - Management noted that while the industry is experiencing growth, many registrations are driven by employment pressures, indicating that actual training participation may not be as high as reported [1][2] - The company anticipates a gradual increase in job positions over the next few years, with a projected annual growth rate of around 3% [2][6] Other Important Information - The company plans to implement share buybacks and dividends as part of its capital allocation strategy [6][9] - The company has seen a reduction in the number of teachers, from 3,900 at the end of 2022 to 3,200 by the end of 2023, while maintaining efficiency [4][9] Q&A Session Summary Question: What is the current market share of the company? - The company believes that the CR3 market share is around 30%, with expectations of continued growth in market concentration [6][9] Question: How does the company plan to achieve a profit margin of 25%? - The company aims to improve the gross profit margin of its small class segment, which is currently below 50%, by leveraging AI to enhance teaching efficiency [4][5] Question: What is the impact of the economic environment on registration numbers? - Management indicated that while registration numbers may slow down in a recovering economy, they do not expect a significant drop due to the consistent demand from various demographics [7][8] Question: How does the company differentiate itself from competitors? - The company emphasizes its online model and superior teacher quality, which allows it to maintain higher pass rates compared to competitors [6][9] Question: What are the company's plans regarding teacher recruitment? - The company does not plan to significantly increase its teaching staff this year, focusing instead on improving efficiency with the current team [9]

Investment Rating and Core Views - The report initiates coverage on Fenbi (02469 HK) with a "Buy" rating and a target price of HKD 5 93, based on a 20x PE multiple for 2024 [3][9] - Fenbi is recognized as a leading player in the online public examination training sector, with a strong brand and a proven OMO (Online-Merge-Offline) model that enhances efficiency and profitability [2][3] - The company's adjusted net profit turned positive in 2022, with a significant increase of 134% YoY to RMB 450 million in 2023, and the adjusted net profit margin improved to 14 7% [2] Financial Performance and Projections - Fenbi's revenue grew by 7 5% YoY to RMB 3 02 billion in 2023, driven by the recovery in public examination training demand and the optimization of its OMO model [2][22] - The company's small-class OMO model contributed 55% of total revenue in 2023, with a 16% YoY growth, and is expected to further drive profitability [2][24] - For 2024-2026, the report forecasts Fenbi's net profit to be RMB 570 million, RMB 750 million, and RMB 920 million, respectively, with adjusted net profit of RMB 630 million, RMB 780 million, and RMB 950 million [3][9] Industry Outlook and Competitive Position - The public examination training industry is expected to grow at a CAGR of 9 3% from 2023 to 2026, driven by factors such as increasing graduate numbers, strong demand for public sector jobs, and the retirement of the baby boomer generation [2][29] - Fenbi holds a 6 9% market share in the public examination training industry, ranking second among the top three players, and is expected to maintain its leading position due to its strong brand and innovative OMO model [2][43] - The industry is characterized by a three-player dominance, with Fenbi, Zhonggong Education, and Huatu Education being the key players, and the competition is expected to remain rational with a focus on profitability and pass rates [43][44] Business Model and Competitive Advantages - Fenbi's OMO model combines online and offline resources, leveraging its strong online platform to reduce costs and expand its reach, while maintaining high-quality offline interactions for students [2][52] - The company's small-class OMO model has shown significant efficiency improvements, with a 31% YoY increase in revenue per teacher to RMB 940,000 in 2023, and a reduction in the number of teachers by 18% [55] - Fenbi's AI-driven technologies, such as automated essay grading and personalized learning recommendations, have enhanced teaching efficiency and reduced operational costs, contributing to the company's profitability [60][62] Growth Drivers and Strategic Focus - Fenbi's growth is driven by its focus on small-class OMO courses, which are expected to see a 17% YoY increase in student numbers in 2024, and a 6% YoY increase in average tuition fees [7] - The company plans to further optimize its OMO model and expand its small-class offerings, with a target to increase the gross margin of small-class courses to 57% by 2026 [7] - Fenbi's strong brand reputation, high pass rates, and efficient cost structure are expected to support its long-term growth and market leadership in the public examination training industry [2][45]

Revenue and Financial Performance - Revenue growth in 2023 was lower than expected due to increased competition and lower consumer spending enthusiasm, despite a rise in national exam registrations[4] - The company's adjusted net profit for 2023 was RMB 445,130 thousand, a significant turnaround from a loss of RMB 822,357 thousand in 2021[9] - Total revenue increased by 7.5% from RMB 2,810.4 million in 2022 to RMB 3,021.3 million in 2023[17] - Training services revenue increased by 6.8% from RMB 2,353.9 million in 2022 to RMB 2,514.5 million in 2023[19] - Book sales revenue increased by 11.0% from RMB 456.6 million in 2022 to RMB 506.8 million in 2023[19] - Gross profit increased by 14.9% from RMB 1,365.7 million in 2022 to RMB 1,569.8 million in 2023, with the gross margin rising from 48.6% to 52.0%[21] - Training services gross margin increased from 51.5% in 2022 to 55.4% in 2023, driven by cost structure optimization and improved operational efficiency[22] - Book sales gross margin increased from 33.6% in 2022 to 34.7% in 2023, due to lower paper procurement costs and expanded internal printing facilities[22] - The company recorded a net profit of RMB 188.6 million in 2023, compared to a net loss of RMB 2,088.7 million in 2022, with a net profit margin of 6.2%[32] - Gross margin improved to 52.0% in 2023 from 48.6% in 2022[46] - Net profit margin was 6.2% in 2023, a significant improvement from a net loss margin of 74.3% in 2022[46] - Adjusted net profit margin (non-IFRS) increased to 14.7% in 2023 from 6.8% in 2022[46] Cost Management and Efficiency - Training services related cost of revenue decreased by 1.8% from RMB 1,141.7 million in 2022 to RMB 1,120.7 million in 2023[20] - Book sales related cost of revenue increased by 9.2% from RMB 303.0 million in 2022 to RMB 330.8 million in 2023[20] - Administrative expenses decreased by 13.3% from RMB 543.7 million in 2022 to RMB 471.5 million in 2023, primarily due to reduced listing fees and fewer leased premises[23] - Sales and marketing expenses increased by 30.4% from RMB 516.8 million in 2022 to RMB 673.9 million in 2023, driven by higher performance bonuses and increased promotional efforts[24] - R&D expenses increased by 27.9% from RMB 196.6 million in 2022 to RMB 251.4 million in 2023, due to an expanded R&D team and higher average salaries[25] - The company implemented AI technology to reduce costs in teaching and research, with AI now handling some student inquiries, significantly improving efficiency and contributing to profit growth[7] Operational and Strategic Initiatives - The company implemented measures to improve class attendance and completion rates, including agreements on attendance and homework completion, leading to better learning outcomes and pass rates[5] - The company prioritized long-term reputation over short-term profits by enforcing stricter attendance and completion policies, resulting in improved learning environments and student performance[5] - The company's high-priced courses have shown a significant improvement in pass rates, allowing for higher pricing compared to market averages, which also results in better teacher compensation and profit margins[6] - The company has avoided expanding into lower-tier cities due to low efficiency and quality concerns, focusing instead on maintaining high service quality[6] - The company's strategy focuses on high-quality, high-margin products, aiming for long-term brand value and premium pricing rather than short-term market share gains[8] - The company has a dedicated AI team that combines technical expertise with teaching experience, ensuring that advanced technology is effectively integrated into educational services[7] Financial Position and Assets - Total assets grew from RMB 645,894 thousand in 2019 to RMB 2,122,508 thousand in 2023, showing substantial financial growth[12] - The company's total liabilities decreased from RMB 10,863,012 thousand in 2022 to RMB 1,267,744 thousand in 2023, indicating improved financial health[12] - Contract assets increased from RMB 9.0 million in 2022 to RMB 38.9 million in 2023, driven by higher sales of post-paid agreement classes[35] - Contract liabilities increased from RMB 117.9 million in 2022 to RMB 149.5 million in 2023, due to higher prepaid course fees as the business grew[36] - Refund liabilities decreased from RMB 275.0 million in 2022 to RMB 227.1 million in 2023, mainly due to a lower proportion of refunds for agreement classes[37] - Net current assets increased from RMB 565.4 million in 2022 to RMB 1,048.6 million in 2023, primarily due to cash generated from operating activities and net proceeds from global offering[38] - Cash and cash equivalents decreased from RMB 1,047.4 million in 2022 to RMB 671.5 million in 2023, mainly due to investments in fixed deposits and wealth management products with initial terms exceeding three months[39] - Net cash generated from operating activities was RMB 587.8 million in 2023, compared to a net cash used of RMB 84.0 million in 2022[40] - Net foreign exchange loss recognized as financial costs and other losses was RMB 28.1 million in 2023, down from RMB 107.8 million in 2022[41] - Capital expenditures totaled approximately RMB 56.3 million in 2023, up from RMB 36.0 million in 2022, mainly for the purchase of property, plant, and equipment[42] Employee and Organizational Structure - The number of full-time lecturers decreased from 6,552 in 2020 to 3,225 in 2023, reflecting a strategic shift in staffing[10] - Monthly active users increased from 2,924,180 in 2019 to 9,078,177 in 2023, indicating strong user growth[11] - The company had 7,325 full-time employees as of December 31, 2023, compared to approximately 7,440 in 2022[46] - Total employee costs, including social security expenses and other benefits, amounted to approximately RMB 1,657.2 million for the year ended December 31, 2023[46] - The company has a total of 7,325 employees, with males accounting for 29.4% and females accounting for 70.7% as of December 31, 2023[156] - Female senior management represents 40.0% of the total senior management team[156] - The board of directors consists of 7 members, including 1 female and 6 male directors, with ages ranging from 39 to 62 years[155] Corporate Governance and Leadership - Zhang Xiaolong, 41, serves as the Executive Director, CEO, and Chairman of the Board, responsible for the overall strategic planning, business development, and operations of the company[47] - Wei Liang, 39, serves as the Executive Director and President, overseeing the overall management of the company's training business and technical affairs[47] - Li Yong, 49, is a Non-Executive Director providing guidance and advice on the company's business strategy[48] - Li Xin, 40, is a Non-Executive Director responsible for guiding the company's business strategy[48] - Qiu Dongxiao, 62, is an Independent Non-Executive Director, providing independent opinions and supervising the board[49] - Yuan Qiyao, 44, is an Independent Non-Executive Director, responsible for supervising the board and providing independent opinions[50] - Yuan Jia, 43, is an Independent Non-Executive Director, responsible for supervising the board and providing independent opinions[50] - Sheng Haiyan, 39, is the Vice President, responsible for the overall management of the company's book distribution and sales[51] - The company adheres to the Corporate Governance Code under Appendix C1 of the Listing Rules, with full compliance except for Code Provision C.2.1[148] - The board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee to oversee specific areas[152] - The company has adopted a Board Diversity Policy, focusing on gender, skills, age, professional experience, and educational background[155] - Directors receive ongoing professional development, including training on director responsibilities, corporate governance, and Listing Rules updates[157] - The company maintains a high standard of business ethics and governance, with regular training on integrity and anti-corruption policies[150] - The company's core business philosophy is "user-centric and technology-driven," aiming to create value for shareholders and society[151] - The board reviews and adjusts business strategies to adapt to changing market conditions and ensure sustainable growth[151] - Chairman and CEO roles are held by the same individual, Mr. Zhang Xiaolong, to ensure consistent leadership and strategic planning[158] - All executive directors have signed three-year service contracts starting from December 20, 2022[159] - The Board of Directors holds at least four meetings annually, with a minimum notice period of 14 days for regular meetings[162] - Attendance records for Board and committee meetings in 2023 show full participation by most directors[163] - The Board retains decision-making authority over major matters, including strategy, budgets, and significant transactions[165] - The company has adopted a director nomination policy to ensure diversity in skills, experience, and perspectives[160] - The Nomination Committee evaluates candidates based on gender, age, cultural background, and professional experience[161] - The Board is responsible for overseeing compliance with legal and regulatory requirements[166] - Directors are required to step down and be re-elected at least once every three years[159] - The company has adopted the Standard Code for securities transactions by directors since its listing[164] Risk Management and Internal Controls - The company manages price risk related to financial assets measured at fair value through profit or loss by diversifying its investment portfolio according to internal limits[59] - The company manages credit risk on a group basis, assessing the credit quality of counterparties based on financial condition, credit history, forward-looking information, and other factors[60] - The company regularly reviews the recoverability of receivables and ensures adequate impairment losses are recognized for amounts deemed uncollectible[60] - The Board of Directors is responsible for ensuring a safe and effective risk management and internal control system, with management primarily responsible for designing, implementing, and maintaining the internal control system[174] - The company has established an independent internal audit department to review the internal control and risk management systems and support the Board in assessing the effectiveness of these systems annually[174] - The company has implemented a whistleblowing mechanism to address internal reports related to financial, operational, internal control, and fraud matters, with significant internal control deficiencies or whistleblowing issues to be submitted to the Audit Committee[174] - The Board, with the support of the Audit Committee and management, has reviewed management reports and internal audit results, and assessed the risk management and internal control systems, including financial, operational, and compliance controls[174] - The Board believes that the company's risk management and internal control systems were effective and adequate for the year ended December 31, 2023[174] - The company's accounting and financial reporting functions are performed by qualified and experienced staff who have received adequate training and development[175] Shareholder and Investor Relations - The company successfully listed on the Hong Kong Stock Exchange on January 9, 2023, issuing 20,000,000 new shares at a price of HK$9.90 per share, with net proceeds of approximately HK$113.2 million[137] - As of December 31, 2023, the company had utilized HK$24.2 million of the net proceeds, with HK$89.0 million remaining unused[138] - The company allocated HK$58.9 million to enrich course content and expand the student base, of which HK$3.0 million was utilized by the end of 2023[138] - HK$32.2 million was allocated to strengthen content and technology development capabilities, with HK$16.9 million utilized by the end of 2023[138] - HK$13.6 million was allocated for marketing activities for newly developed courses, with none utilized by the end of 2023[138] - HK$8.5 million was allocated for working capital and other general corporate purposes, with HK$4.3 million utilized by the end of 2023[138] - The company did not declare a final dividend for the year ended December 31, 2023[142] - The company emphasizes effective communication with shareholders and has adopted a shareholder communication policy, including maintaining a website for public access to business updates and financial information[178] - Shareholders holding at least one-tenth of the company's paid-up share capital can request a special general meeting, which must be held within two months of the request[180] ESG and Sustainability - The company's ESG report for 2023 covers the period from January 1 to December 31, 2023, and is available in both Chinese and English versions on the company's website[183][184] - The ESG report follows the principles of materiality, quantification, balance, and consistency, with data collected and disclosed in accordance with relevant guidelines[185][186] - The 2023 ESG report was approved by the company's board of directors on March 28, 2024, and the company welcomes feedback from stakeholders[187] - The company has established a three-tier sustainable development governance structure, consisting of the Board of Directors, ESG Working Group, and internal working groups, to integrate sustainability into daily operations[190] - The Board of Directors is responsible for overseeing ESG and climate-related matters, including reviewing and updating sustainability strategies and monitoring ESG risks and opportunities[191] - The ESG Working Group, authorized by the Board, assists in coordinating and supervising ESG work, including policy implementation, risk management, and performance reporting[192] - The company has integrated ESG risks into its risk assessment and management system, with measures outlined in the corresponding sections of the report[194] - The Board approves ESG-related goals and reviews progress, while the ESG Working Group is responsible for setting targets, monitoring implementation, and evaluating effectiveness[195] - The company emphasizes compliance with applicable laws and regulations, with no ESG-related legal violations or corruption lawsuits reported during the period[196] - The company values stakeholder engagement and maintains transparent communication platforms to collect feedback and improve ESG governance and performance[197] - The company has committed to promoting environmental protection by expanding campus initiatives and setting environmental-related goals[195] - The Board has approved the establishment of an ESG task force to enhance the effectiveness of sustainability governance[188] - The company focuses on four strategic pillars of sustainability: environment, employees, customers, and the community, aligning ESG policies with market trends and stakeholder expectations[189] - The company held annual general meetings and extraordinary general meetings to protect shareholder rights and enhance transparency in information disclosure[198] - The company implemented a health and safety management system and provided competitive compensation and benefits to employees[198] - The company strengthened quality management and upgraded information and network security systems to improve customer service and data security[198] - The company conducted supplier training and strengthened cooperation and communication with suppliers to ensure sustainable supply chain management[198] - The company ensured business and legal compliance and implemented workplace safety measures in response to government regulations[199] - The company participated in community construction and organized volunteer activities to create economic benefits and promote employment[199] - The company conducted a materiality assessment to identify 24 ESG issues relevant to its business and prioritized them based on financial and impact importance[200] - The company engaged internal and external stakeholders in an online survey to evaluate the importance of ESG issues and incorporated the results into future strategy adjustments[200] - The company developed an ESG materiality matrix and priority list, which were reviewed and confirmed by the board and senior management[200] - The company focused on strengthening ESG management and integrating it into risk management and strategic planning based on the materiality assessment results[200] Related Party Transactions and Contracts - The company's largest supplier accounted for 5.2% of total procurement in 2023, down from 10.7% in 2022, and the top five suppliers accounted for 18.3% of total procurement, down from 22.1% in 2022[61] - The company's largest customer accounted for 1.6% of total revenue in 2023, up from 1.0% in 2022, and the top five customers accounted for 3.7% of total revenue, up from 3.5% in 2022[61] - Actual transaction amount for cloud and technical services under the framework agreement with Tencent Computer was approximately RMB 11.3 million for the year ended December 31, 2023[73] - Actual transaction amount for payment services under the framework agreement with Tencent Computer was approximately RMB 9.0 million for the year ended December 31, 2023[74] - The total revenue cap for printing services purchased by Beiyuan Education from the company in 2023 was approximately RMB 10.0 million, with actual transaction amount under the printing service framework agreement reaching about RMB 3.6 million[76] - Beiyuan Education is a related party of the company, with 63.568% ownership by Mr. Li Yong, a director and controlling shareholder of the company[76] - The company's consolidated affiliated entities contributed RMB 1,445.3 million in revenue for the year ended December 31, 2023, accounting for approximately 47.8% of the group's total revenue[79] - The printing service framework agreement between the company and Beiyuan Education is valid from the signing date until December 31, 2024[75] - The company's independent non-executive directors and auditors have reviewed and confirmed that the related party transactions are conducted under normal commercial terms and are fair and reasonable[77] - The company's contract arrangements with consolidated affiliated entities ensure control and economic benefits, with significant contributions to the group's financial performance[78] - The business cooperation and service agreement between Fenbi Shang'an and Fenbi Lantian grants Fenbi Shang'an exclusive rights to intellectual property developed by Fenbi Lantian or its subsidiaries[80] - Fenbi Shang'an has exclusive rights to purchase all or any part of the equity and assets of Fenbi Lantian and its subsidiaries from registered shareholders at the minimum price stipulated by Chinese laws[81] - The exclusive purchase right agreement remains effective until Fenbi Shang'an exercises its exclusive purchase right

2024 年 04 月 04 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 盈利能力显著提升，看好规模扩张、业绩增长 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 ——粉笔（ ） 年报点评 2469.HK 2023 tanrq@ghzq.com.cn 最近一年走势 事件 : 2024年3月28日，公司公告2023年年报，2023年实现营业收入30.21 亿元，yoy+7.5%，归母净利润1.89亿元，同比扭亏为盈，经调整净利 润4.45亿元，yoy+134%。 投资要点 :  经调整净利润同比增长134%，AI赋能毛利率提升 相对恒生指数表现 2024/04/03 收入端，公司 2023 年实现营业收入 30.21 亿元，yoy+7.5%。 表现 1M 3M 12M 2023H1/2023H2营收分别为16.82/13.39亿元，yoy+15.94%/-1.5%， 粉笔 -3.1% 4.7% -59.7% 2023H2同比下滑的主要原因是2022年省考、联考考期错配，导致 恒生指数 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.61 HKD, indicating an expected relative return of over 20% within six months [1][3]. Core Insights - The company reported a revenue of 3.02 billion HKD in 2023, representing a year-on-year increase of 7.5%. Adjusted net profit surged by 134.1% to 450 million HKD, driven by strong demand in training services and effective utilization of online course products [1]. - The training revenue accounted for 83.2% of total revenue, with a growth of 6.8% year-on-year, attributed to robust demand for recruitment examination training and the integration of online and offline teaching methods [1]. - The gross profit margin improved to 52%, up 3.4 percentage points, with training services achieving a gross margin of 55.4% due to enhanced operational efficiency and the adoption of AI technology [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of 1.57 billion HKD, with a gross margin of 52%. The training services gross margin was 55.4%, reflecting improvements in teaching methods and operational efficiency [1]. - The company’s book sales reached 510 million HKD, a year-on-year increase of 11%, contributing 16.8% to total revenue [1]. Market Outlook - The company anticipates continued growth in recruitment examination registrations in the short term, with an emphasis on maintaining high course quality to differentiate from competitors [2]. - The report highlights the importance of leveraging AI technology to enhance teaching efficiency and learning experiences, which is seen as a critical factor for maintaining competitive advantages in the education sector [2]. Future Projections - Revenue projections for 2024-2026 are estimated at 4.08 billion RMB, 4.92 billion RMB, and 5.89 billion RMB, respectively, with adjusted net profits of 600 million RMB, 720 million RMB, and 860 million RMB [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a revenue of 3 billion CNY in 2023, representing a year-on-year growth of 7.5%, with an adjusted net profit of 445 million CNY, reflecting a significant increase of 132% [2][3] - The gross profit for the year was 1.57 billion CNY, with a gross margin of 52%, which is an improvement of 3.37 percentage points compared to the previous year [5] - The company has shown a notable increase in its small class training segment, contributing significantly to its revenue growth [2][5] Financial Performance Summary - Revenue for 2023 was 3 billion CNY, with a year-on-year increase of 7.5% [3] - Adjusted net profit reached 445 million CNY, marking a 132% increase, with an adjusted net profit margin of 14.7% [3][5] - The company achieved a gross profit of 1.57 billion CNY, with a gross margin of 52% [5] - Monthly active users of the company's app reached 9.1 million, an increase of 14.5% [2] Business Segment Performance - Online learning products generated approximately 130 million CNY in revenue [3] - Large class training courses contributed around 670 million CNY, while small class training courses generated 1.67 billion CNY [3] - The company also reported 510 million CNY in book sales, reflecting an 11% increase [3] Future Projections - Revenue projections for 2024 to 2026 are estimated at 3.68 billion CNY, 4.42 billion CNY, and 5.24 billion CNY, respectively, with expected growth rates of 21.6%, 20.3%, and 18.5% [5][7] - Adjusted net profit forecasts for the same period are 610 million CNY, 799 million CNY, and 968 million CNY, with growth rates of 37%, 31%, and 21% [5][7]

证券研究报告 | 2024年03月31日 粉笔（02469.HK）—2023 年业绩点评 增持 经营符合预期，盈利能力显著改善 核心观点 公司研究·海外公司财报点评 2023年经调归母净利润4.45亿元，符合预期。2023年，公司实现营收30.21 社会服务·教育 亿元/+7.5%；实现归母净利润1.89亿元，2022年亏损20.87亿元；经 证券分析师：曾光 证券分析师：钟潇 调归母净利润4.45亿元/+134.1%，符合前期正面盈利预告，经调归母净 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 利率4.7%/+8pct，盈利能力大幅改善。2023H2，公司实现营收13.39亿元 S0980511040003 S0980513100003 /-1.5%，系2022年疫情致省考联考推迟至7月基数较高所致；实现归 证券分析师：张鲁 母净利润1.07亿元/+106.3%；经调归母净利润1.57亿元/+66.2%。截 010-88005377 至2023年底，公司合约负债为1.49亿元，同比+26.8%。 zh ...

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Insights - The company's performance in 2023 met expectations, with profit growth driven by continuous optimization of the cost structure. The online operations have deepened, and the boutique small class model has been successfully implemented, leading to improved operational efficiency and profitability. The potential for OMO (Online-Merge-Offline) collaborative growth is promising [3]. Financial Summary - In 2023, the company achieved a revenue of 3.021 billion RMB, representing a year-on-year increase of 7.50%. The adjusted net profit was 445 million RMB, a significant year-on-year growth of 134.11%. This performance aligns with expectations, with profit growth primarily attributed to the optimization of the cost structure [3][7]. - The gross margin improved by 3.36 percentage points to 51.96%, driven by enhanced class occupancy rates through the integration of online and offline teaching models, as well as a decrease in course material costs due to lower paper procurement prices [3]. - The operating expense ratio was 46.23%, an increase of 1.50 percentage points, with sales, management, and R&D expense ratios changing by +3.92, -3.74, and +1.32 percentage points respectively [3]. Future Projections - The report forecasts adjusted net profits for FY2024-2026 to be 603 million, 800 million, and 1.025 billion RMB respectively, with a target price of 5.75 HKD based on a 20x PE for FY2024 [3].