Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 534 million with a year-over-year decline of 33.43%, and a net profit attributable to shareholders of 16 million, down 91.26% year-over-year [2]. - The decline in performance is attributed to macroeconomic factors and a decrease in demand for IT training due to adjustments in the IT industry [2]. - The introduction of new courses related to the HarmonyOS is expected to improve training demand, particularly for IT personnel skilled in this system [2]. - The company is making progress in its vocational education segment, which is anticipated to provide a stable complement to its short-term training offerings [2]. - A cash dividend of 0.16 yuan per 10 shares is planned, totaling 6.44 million, with a dividend payout ratio of 41% [2]. - The company is positioned as a leader in the IT training industry, focusing on product development and enhancing research capabilities to strengthen its competitive advantage [2]. Financial Summary - In 2023, the company reported total revenue of 534 million, with a projected increase to 585 million in 2024, 644 million in 2025, and 705 million in 2026 [3][6]. - The net profit attributable to shareholders is expected to rise from 16 million in 2023 to 110 million in 2024, 142 million in 2025, and 173 million in 2026 [3][6]. - The company's PE ratio is projected to decrease from 248 in 2023 to 35 in 2024, 27 in 2025, and 22 in 2026 [3][6]. - The report indicates a significant drop in net profit margin from 2.92% in 2023 to an expected 18.78% in 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [16][29]. Core Insights - The company has faced pressure on revenue due to weak demand for IT job recruitment in 2023, leading to a decline in income. The gross profit margin has decreased, and the expense ratio has increased due to rigid costs associated with teachers and facilities, along with compensation for lease terminations and personnel optimization [28][40]. - The company is expected to see net profits attributable to the parent company of 127 million, 198 million, and 256 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 32, 20, and 16 times [29][40]. Summary by Sections Financial Performance - In 2023, the company's total revenue was 534 million yuan, a year-on-year decrease of 33.43%, while the net profit attributable to the parent company was 15.63 million yuan, down 91.26% year-on-year [40]. - The comprehensive gross profit margin for 2023 was 50.45%, a decrease of 7.24 percentage points year-on-year. The expense ratios for sales, management, R&D, and financial expenses increased by 1.64, 3.10, 3.55, and decreased by 2.20 percentage points, respectively [14][40]. Business Development - The company is expanding its vocational education layout, having established the Suqian ChuanZhi Internet Vocational Technical School, which has completed its first two student enrollments and currently has nearly 500 students. Additionally, the Dazhong Data Technology Vocational College project is making significant progress [3][28]. - The company has introduced new courses in integrated circuit application development and e-commerce visual design, with plans to establish a new curriculum system for Hongmeng application development in early 2024 [41]. Market Competition - The competition among online participants has intensified, with offline IT training focusing on practical guidance and effectiveness supervision. If AIGC significantly enhances the quality and efficiency of online institutions, the competitive edge of online institutions may increase under tighter budget constraints [6][28].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue of 530 million yuan in 2023, a year-on-year decrease of 33.4%, with a gross margin of 50.5%, down 7.3 percentage points [5][6]. - The net profit attributable to the parent company was 15.63 million yuan, a significant decline of 91.3% year-on-year, primarily due to the impact of the overall economic environment and a reduction in student enrollment [5][6]. - The company is focusing on marketing, collaboration, and research and development to drive growth, including partnerships with major industry players like Alibaba Cloud and Huawei [6]. - The dual-track development strategy is being enhanced, with a capital increase of 260 million yuan to its wholly-owned subsidiary, aiming to establish a first-class application-oriented digital vocational education institution [6]. - The earnings per share (EPS) forecast for 2024-2026 is projected at 0.39, 0.46, and 0.48 yuan respectively, benefiting from the national demand for digital talent [6][10]. Financial Summary - In 2023, the total revenue was 534 million yuan, with a projected increase to 755 million yuan in 2024, representing a year-on-year growth of 41.2% [21]. - The net profit is expected to rebound significantly to 156 million yuan in 2024, reflecting a year-on-year growth of 898.5% [21]. - The gross margin is anticipated to improve to 63.8% in 2024, indicating a recovery in profitability [21]. - The company’s financial metrics show a net asset return of 10.3% in 2024, up from 1.2% in 2023 [21].

| --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------| | 传智教育（ 003032 ） | | 证券研究报告 2024 年 04 月 19 日 | | | 投资评级 | | | 专注数字化人才培养 | 行业 社会服务 | ...

证券代码：003032 证券简称：传智教育 公告编号：2024-031 江苏传智播客教育科技股份有限公司 关于股东股份减持计划的预披露公告 公司股东天津田长企业管理咨询合伙企业（有限合伙）、天津乐邦企业管 理咨询合伙企业（有限合伙）、天津人欢企业管理咨询合伙企业（有限合伙）、 天津合鼎企业管理咨询合伙企业（有限合伙）、天津地宽企业管理咨询合伙企 业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 （2）减持的股份来源：公司首次公开发行前已发行股份。 （3）拟减持的股份数量及比例：合计减持数量不超过 12,073,425 股（即不 超过公司总股本的 3.00%）。其中，以集中竞价方式减持公司股份不超过 4,024,475 股（即公司总股本比例 1.00%），以大宗交易方式减持公司股份不超 过 8,048,950 股（即公司总股本比例 2.00%）。 若计划减持期间，公司有送股、资本公积金转增股本、配股等股本变动事项， 减持股份数量将做相应调整。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 江苏传智播客教育科技股份有限公司（以下简 ...

2023 年度募集资金存放与实际使用情况的专项报告 及审核报告 截至 2023 年 12 月 31 日止 Deloite. 士五事会近(姓味普通合公) 审核报告 德师报(核)字(24)第 E00388 号 (第1页,共2页) 江苏传智播客教育科技股份有限公司全体股东; 江苏传智播客教育科技股份有限公司 我们的责任是在实施审核工作的基础上对募集资金存放与实际使用情况报告发表意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号 -- 历史财务信息审计或审阅以外的 鉴证业务》的规定执行了审核工作。该准则要求我们遵守职业道德守则,计划和实施审核工 作以对募集资金存放与实际使用情况报告是否不存在重大错报获取合理保证。 在审核过程中,我们实施了我们认为必要的审核程序,以获取有关募集资金存放与实际 使用情况报告金额和披露的证据。我们相信,我们的审核工作为发表意见提供了合理的基 在。 三、审核意见 我们认为,传智教育的募集资金存放与实际使用情况报告已经按照中国证券监督管理委 员会《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求》及《深圳证 券交易所上市公司自律监管指引第1号 -- 主板上市公司 ...

法定代表人：黎活明 主管会计工作负责人：徐淦海 会计机构负责人：武晋雅 江苏传智播客教育科技股份有限公司2023年年度非经营性资金占用及其他关联资金往来情况汇总表 单位：元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的会 | 2023年期初占用资 | 2023年度占用累计发生金 | 2023年度占用资金的利 | 2023年度偿还累计 | 2023年度期末占用 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 计科目 | 金余额 | 额（不含利息） | 息（如有） | 发生金额 | 资金余额 | 原因 | | | 控股股东、实际控制人及其 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 不适用 | | 附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | ...

江苏传智播客教育科技股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 江苏传智播客教育科技股份有限公司 财务报表及审计报告 2023 年 12月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 4 | | 合并资产负债表 | 5 - 6 | | 公司资产负债表 | 7 - 8 | | 合并利润表 | 9 | | 公司利润表 | 10 | | 合并现金流量表 | 11 | | 公司现金流量表 | 12 | | 合并股东权益变动表 | 13 | | 公司股东权益变动表 | 14 | | 财务报表附注 | 15 - 86 | Deloitte. 关键审计事项是我们根据职业判断,认为对 2023年度财务报表审计最为重要的事项。这 些事项的应对以对财务报表整体进行审计并形成审计意见为背景,我们不对这些事项单独发 表意见。我们确定下列事项是需要在审计报告中沟通的关键审计事项。 学员线下短训收入的确认 审计报告 德师报(审)字(24)第 P04415 号 (第1页,共4页) 江苏传智播客教育科技股份有限公司全体股东: 一、审计意见 我们审计了后附的江苏传 ...

公告编号：2024-022 2023 年 年度社会责任报告 江苏传智播客教育科技股份有限公司 2024 年 4 月 003032 江苏传智播客教育科技股份有限公司 2023 年年度社会责任报告 股票代码：003032 003032 江苏传智播客教育科技股份有限公司 2023 年年度社会责任报告 目录 | 第一章 公司简介 3 | | --- | | 一、基本情况 3 | | 二、战略目标 4 | | 三、经营发展 4 | | 第二章 股东和债权人权益保护 6 | | 一、积极探索公司治理，更新完善规范运作 6 | | 二、公司信息公开透明，有力保障披露质量 6 | | 三、优化重大信息管理，严格杜绝内幕交易 6 | | 四、落实利润分配规划，稳定回报公司股东 7 | | 五、尊重股东敬畏市场，积极履行主体责任 7 | | 第三章 职工权益保护 8 | | 一、长期坚持以人为本，维护员工合法权益 8 | | 二、完善员工关怀体系，爱达至亲紧密相连 8 | | 三、注重人才培训发展，撬动员工学习激情 10 | | 四、完善薪酬绩效体系，激发员工创优动力 12 | | 第四章 供应商、客户和消费者权益保护 12 | ...

江苏传智播客教育科技股份有限公司（以下简称"公司"）2023 年财务报 表已经德勤华永会计师事务所（特殊普通合伙）审计，出具了标准无保留意见 的审计报告。会计师的审计意见是：公司财务报表在所有重大方面按照企业会 计准则的规定编制，公允反映了公司 2023 年 12 月 31 日合并及公司的财务状况 以及 2023 年度合并及公司的经营成果和现金流量。 | 项目 | 2023 年 | 2022 年 | 本年比上年 | 2021 年 | | | --- | --- | --- | --- | --- | --- | | | | | 增减 | | | | | 调整前 | 调整后 | 调整后 | 调整前 | 调整后 | | 营业收入（万元） | 53,446.80 80,281.68 80,281.68 | | -33.43% | 66,385.18 | 66,385.18 | | 归属于上市公司股东的净利润 （万元） | 1,562.98 18,078.63 17,884.37 | | -91.26% | 7,684.46 | 8,156.40 | | 归属于上市公司股东的扣除非 经常性损益的净利润（万元） | 2 ...