Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [4][6]. Core Viewpoints - The company is undergoing a strategic transformation from being a leader in ink production to developing dual main businesses in ink and education, with promising prospects in AI+education [1][4]. - The "Double Reduction" policy has accelerated the clearing of supply in the education sector, benefiting leading companies in AI+education [1][2]. - The company has a solid financial foundation with low debt ratios and good cash flow, indicating strong growth potential [3][4]. Company Overview - The company, originally focused on ink production, has expanded into the education sector through acquisitions, including leading educational institutions, to capture the market for high school and vocational education [1][12]. - The company has a production capacity of 20,000 tons of ink, with an 80% utilization rate, and is recognized for its green and environmentally friendly ink products [2][44]. Industry Analysis - The "Double Reduction" policy has led to a significant reduction in the number of offline training institutions, with a decrease of 92.14% in offline institutions and 87.07% in online institutions by February 2022 [1][24]. - The relaxation of the two-child policy is expected to create a "golden decade" for middle and high school entrance exams, with a surge in enrollment numbers anticipated [1][28]. - The education sector is witnessing a rapid increase in the number of students taking entrance exams, with high school enrollment expected to peak in 2030 [1][30]. Financial Analysis - The company has a low debt ratio of 23.43% as of March 2025, with a strong cash flow reflected in its operating cash flow figures [3][4]. - Revenue and net profit are projected to grow steadily from 2025 to 2027, with expected revenue growth rates of 8.0%, 6.0%, and 5.0% respectively [4][5]. Investment Recommendations - The report highlights the company's dual business model and strategic investments in AI+education as key factors for future growth, supporting the cautious recommendation rating [4][6].

科德教育（300192.SZ）深度报告 油墨龙头战略转型，AI+教育值得期待 2025 年 05 月 14 日 ➢ 油墨+教育双主业发展，投资收益增强弹性。科德教育原名是科斯伍德，主要 从事胶印油墨和 UV 油墨研发、生产和销售等业务，旗下的"东吴牌"和"Kingswood" 品牌的油墨销量处于行业较高地位。受油墨化工行业发展空间影响，公司战略转型教 育服务行业，通过外延并购将龙门教育、西安培英、天津旅外和毛坦中学等纳入旗下， 快速抢占中高考复读、营利性高中和中职教育等市场，形成了油墨化工和教育服务双 主业发展态势。同时，公司积极寻找投资机会，战略投资中国自研推理和训练芯片公 司——中昊芯英，为布局 AI+教育提供了有利条件。受益于双主业发展和投资收益， 公司营业收入稳步增长，盈利能力显著提升，投资收益增强弹性，业绩快速释放。 ➢ "双减"加速供给出清，AI+教育龙头受益。2021 年 7 月"双减"政策来袭， 校外培训受到严重影响和冲击，教培公司采取收缩、转型和退出等策略，教培行业供 给出清。根据教育部数据，截至 2022 年 2 月末，线下教培机构减少 92.14%，线上 教培机构减少 87.07%。受益 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth across its various business segments, with a notable acceleration in the mass production of AI chips by Zhonghao Xinying [1] - For the year 2024, the company achieved a revenue of 795 million yuan, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27% year-on-year, and a net profit of 38 million yuan, down 6.8% year-on-year, primarily due to an investment loss in Zhonghao Xinying [4][5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 166 million, 184 million, and 204 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50, 0.56, and 0.62 yuan [4][5] Financial Performance Summary - The company’s revenue for 2024 is projected to be 795 million yuan, with a year-on-year growth of 3.1% [7] - The net profit for 2024 is expected to be 145 million yuan, reflecting a year-on-year increase of 4.7% [7] - The gross margin for 2024 is estimated at 33.4%, with a net margin of 18.2% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.3 [7] Business Segment Analysis - The education segment generated a revenue of 368 million yuan in 2024, growing by 2.94% year-on-year, with a gross margin of 46.28% [5] - The ink business maintained a high gross margin, with a revenue of 427 million yuan in 2024, up 3.24% year-on-year, and a gross margin of 22.27% [5] - Zhonghao Xinying achieved a revenue of approximately 597.96 million yuan in 2024, with a net profit of 85.91 million yuan, significantly outperforming its peers [6]

Core Insights - The company reported a revenue of 795 million yuan for 2024, representing a year-on-year increase of 3.10%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 2.27% to 183 million yuan and a net profit decrease of 6.80% to 38 million yuan [1] Financial Performance - For 2024, the education business saw a slight revenue increase of 3.45%, with vocational schools and full-time schools generating 365 million yuan [3] - The gross margin for the education segment decreased by 1.97 percentage points to 46.28%, while the gross margin for the ink business increased by 1.94 percentage points to 22.27% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37% in 2024 [3] - The company reduced its expense ratios in 2024, with sales expense ratio down by 0.87 percentage points to 3.13%, management expense ratio down by 0.08 percentage points to 6.16%, R&D expense ratio down by 0.08 percentage points to 2.18%, and financial expense ratio down by 0.05 percentage points to -0.23% [3] Investment and New Initiatives - The company reported an investment income of 5.93 million yuan from its associate company, Zhonghao Xinying, which achieved a revenue of 598 million yuan, up 23% year-on-year, and a net profit of 85.91 million yuan, up 6% [3][4] - The company has diluted its equity stake in Zhonghao Xinying to 5.99% [4] - The launch of "Kede AI Learning" aims to integrate AI technology into vocational education, offering over 20 popular professional certifications and life skills courses [4] - Currently, "Kede AI Learning" has nearly 30,000 users [5] Q1 2025 Performance and Outlook - In Q1 2025, the company experienced a slight decline in both revenue and net profit, attributed mainly to a decrease in ink product prices due to lower raw material costs and an investment loss of 4.57 million yuan from Zhonghao Xinying, which was higher than in Q1 2024 [5] - The profit forecasts for 2025 to 2027 have been adjusted to 161 million yuan, 185 million yuan, and 210 million yuan respectively, with current stock price valuations at 31x, 27x, and 24x [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's education business experienced slight growth in 2024, with total revenue reaching 795 million yuan, a year-on-year increase of 3.1%, and net profit attributable to the parent company at 145 million yuan, up 4.73% [1][2] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27%, and a net profit of 38 million yuan, down 6.80% [2] - The company launched "Kede AI Learning," integrating AI technology into vocational education, which has attracted nearly 30,000 users [3] - The company adjusted its net profit forecasts for 2025 to 161 million yuan, 185 million yuan for 2026, and 210 million yuan for 2027, maintaining a valuation of 31x, 27x, and 24x respectively [3] Financial Performance Summary - In 2024, the education business generated revenue of 365 million yuan, a year-on-year increase of 3.45% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37%, while the education business gross margin decreased by 1.97 percentage points to 46.28% [3] - The company’s operating expenses decreased, with sales expense ratio down by 0.87 percentage points to 3.13% and management expense ratio down by 0.08 percentage points to 6.16% [3] - The company’s total revenue projections for 2025, 2026, and 2027 are 828 million yuan, 913 million yuan, and 999 million yuan respectively, with growth rates of 4.1%, 10.3%, and 9.5% [4]

Group 1 - Beijing's higher education admission process for undergraduate programs will allow students to fill out their applications for the first time from June 27 to July 1, 2025, following the release of their exam scores [1] - The Tongzhou District of Beijing has announced its 2025 compulsory education enrollment policy, which will primarily use a registration-based admission system, considering factors such as housing and residency [2] - The "Beijing University Student Entrepreneurship Park" has been officially launched, focusing on key industries such as high-end equipment and life health, to encourage student entrepreneurship [3] Group 2 - Peking University has established a new School of Science and Intelligence at its Shenzhen Graduate School, aimed at integrating artificial intelligence with basic sciences to cultivate interdisciplinary talents [4] Group 3 - Kede Education reported a 2.27% year-on-year decline in revenue for Q1 2025, totaling 183 million yuan, and a net profit of 37.97 million yuan, reflecting a 6.8% decrease compared to the previous year [5]

苏州科德教育科技股份有限公司 2024 年度内部控制评价报告 苏州科德教育科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合苏州科德教育科技股份有限公 司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司截至2024年12月31日（内部控制评价报告基准日）的 内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制、评价其 有效性并如实披露内部控制评价报告是公司董事会的责任，监事会对董事会建立 和实施内部控制进行监督，经理层负责组织领导企业内部控制的日常运行。公司 董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 可 ...

2023 年 4 月 9 日，苏州科德教育科技股份有限公司(以下简称"公司")召 开第五届董事会第三次临时会议和第五届监事会第一次临时会议，审议通过了 《关于与中昊芯英(杭州)科技有限公司及其股东签署增资及股权转让协议的议 案》，同意公司支付现金 1.3 亿元对中昊芯英(杭州)科技有限公司（以下简称 "目标公司"或"中昊芯英"）进行增资及股权收购。2023 年 4 月 27 日，公司 召开 2023 年第一次临时股东大会审议通过上述事项。本次交易完成后，中昊芯 英成为公司的参股公司。公司持有中昊芯英 811,221 元注册资本，占交易时点中 昊芯英注册资本的 8.3791%。 2023 年 5 月 5 日，公司披露《关于对外投资进展暨工商变更登记完成的公 告》（公告编号：2023-034）。中昊芯英完成了相关工商变更登记手续并取得杭 州高新技术产业开发区（滨江）市场监督管理局换发的《营业执照》。 公司完成本次投资后，中昊芯英根据其战略发展与实际经营情况考虑, 引入 战略投资者进行增资扩股，公司基于自身业务发展规划、未来投入在 AI 职业教 育领域等因素考虑，自愿放弃行使后续增资的优先认购权。截至本公告披露日， ...

苏州科德教育科技股份有限公司 2024 年度监事会工作报告 2024 年度，苏州科德教育科技股份有限公司（以下简称"公司"）监事会 严格按照《公司法》《证券法》等相关法律法规及《公司章程》的要求，本着对 全体股东负责的原则，依法履行职责，通过列席董事会、出席股东大会，对公司 生产经营活动、财务状况及董事会、高级管理人员履职情况等进行监督，切实维 护公司利益及股东合法权益。现将监事会 2024 年度工作情况向各位股东汇报， 具体情况如下： 一、监事会 2024 年的工作情况 2024 年度，监事会共召开 7 次监事会会议，会议的召开和表决程序符合《公 司法》《公司章程》等有关规定，具体内容如下： | 会议届次 | 会议时间 | 会议议案 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 1 | 月 | 第五届监事会第十 | 1、审议《关于向全资子公司划转不动产的议案》 | | | 六次会议 | 26 | 日 | | | | | | 1、审议《2023 | 年度监事会工作报告》 | 2、审议《<2023 | 年年度报告>及其摘要》 ...