国金证券：给予竞业达买入评级

Core Viewpoint - The report indicates that Jingyeda's performance for 2024 is expected to be near the upper end of the forecast range, with continued growth in early 2025, leading to a "Buy" rating for the stock [1]. Financial Performance Summary - For FY24, the company achieved operating revenue of 483 million yuan, a year-over-year increase of 17.58%, with Q4 revenue at 181 million yuan, up 10.85%, and Q1 2025 revenue at 33.28 million yuan, up 16.12% [1]. - The net profit attributable to shareholders for FY24 was 42.69 million yuan, a significant increase of 321.88%, nearing the upper end of the forecast range; Q4 net profit was 18.36 million yuan, up 116.64%, while Q1 2025 net profit was -2.12 million yuan, up 17.01% [1]. - The company reported a net profit after deducting non-recurring items of 38.55 million yuan for FY24, up 802.53%, with Q4 at 19.31 million yuan, up 2727.52%, and Q1 2025 at -2.14 million yuan, up 16.67% [1]. - The overall gross margin for FY24 was 46.19%, down 0.94 percentage points year-over-year, while the net profit margin was 8.85%, up 6.38 percentage points [1]. - The gross margin for Q1 2025 was 54.67%, down 5.29 percentage points year-over-year [1]. Business Segment Analysis - The smart teaching and campus segment generated revenue of 110 million yuan for FY24, a year-over-year increase of 6.43%, accounting for 22.9% of total revenue, with a gross margin of 37.22%, down 7.75 percentage points [2]. - The smart examination segment achieved revenue of 207 million yuan for FY24, down 7.83%, accounting for 42.8% of total revenue, with a gross margin of 54.88%, up 1.61 percentage points [2]. - The smart rail segment saw significant growth, with FY24 revenue of 165 million yuan, up 141.32%, accounting for 34.2% of total revenue, and a gross margin of 41.21%, up 14.30 percentage points [2]. Expense Management - For FY24, the R&D, sales, and management expense ratios were 8.85%, 17.44%, and 11.99%, respectively, with R&D down 3.03 percentage points, sales up 0.18 percentage points, and management down 0.02 percentage points year-over-year [2]. - In Q1 2025, the R&D, sales, and management expense ratios were 34.39%, 55.57%, and 41.19%, respectively, with R&D down 9.03 percentage points, sales up 3.78 percentage points, and management down 6.89 percentage points year-over-year [2]. Earnings Forecast and Valuation - The company has adjusted its revenue forecasts for 2025 to 579 million yuan, 2026 to 696 million yuan, and 2027 to 835 million yuan, with net profits projected at 6.3 million yuan, 8.2 million yuan, and 10.1 million yuan, respectively [2]. - The earnings per share (EPS) are forecasted to be 0.38 yuan, 0.50 yuan, and 0.61 yuan for 2025, 2026, and 2027, respectively [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of approximately 81.0, 62.0, and 50.0 times for the years 2025, 2026, and 2027 [2].