新业务放量推升业绩，智慧树母公司卓越睿新增长持续性等待考验

Core Insights - The digital education market in China is projected to grow from RMB 12.7 billion in 2020 to RMB 21.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.7% [1] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (Zhuoyue Ruixin) has become a leading provider of digital teaching solutions in higher education, ranking second in revenue with a market share of 4% in 2024 [1][2] - The company's revenue has shown significant growth, with figures of RMB 400 million in 2022, RMB 653 million in 2023, and projected RMB 848 million in 2024 [2][4] Financial Performance - Zhuoyue Ruixin's gross profit margin has remained high, with rates of 44.1% in 2022, 60.7% in 2023, and 61.9% in 2024 [2][4] - The company reported a net loss of RMB 98.96 million in the first half of 2024, which is higher than the loss of RMB 88.86 million in the same period last year, primarily due to seasonal industry patterns [2][5] - The net profit is expected to reach RMB 105 million in 2024, marking a significant improvement from previous years [5] Business Segments - The digital teaching content services and products account for over 80% of Zhuoyue Ruixin's revenue, with a rising trend in recent years [3] - The revenue from knowledge graph services has surged, reaching 54.7% of total revenue in the first half of 2024, indicating its role as a key growth driver [3][4] - The digital teaching environment services, including cloud LMS and digital classroom services, have seen a decline in revenue share, contributing 5.4% and 3.4% respectively in the first half of 2024 [3][4] Market Trends - The digital education market in China is expected to expand to RMB 45.3 billion by 2029, with a CAGR of 16.3% [7] - The digital teaching content production market is projected to grow at a CAGR of 18.8%, reaching RMB 23.1 billion by 2029 [7] - The company plans to establish knowledge graph construction centers to enhance its growth strategy in response to the increasing demand for personalized education solutions [6] Customer Growth - Zhuoyue Ruixin's customer base has increased from 1,174 in 2022 to 1,738 in 2024, with the number of large clients rising from 245 to 449 [9] - The increase in both customer numbers and average revenue per customer indicates a strong growth cycle for the company [9]