研报掘金丨中邮证券：首予世纪天鸿“买入”评级，AI+教育新业态持续推进

Group 1 - The core viewpoint of the article indicates that Century Tianhong's short-term performance is under pressure, but the AI + education new business model is continuously advancing [1] - The industry is facing short-term challenges that affect performance, but the main business still has structural support in the medium term [1] - The company is actively promoting the AI + education new business model, with "scarce corpus" expected to open new growth opportunities [1] Group 2 - According to predictions, the "AI + education" market in China is expected to exceed 70 billion yuan by 2025 and reach 300 billion yuan by 2030 [1] - The company possesses a complete closed-loop advantage from AI product pilot verification, iterative optimization to scene implementation [1] - AI + education has been established as the second growth curve for the company, with a product matrix including Xiao Hong Assistant, composition correction, and mental arithmetic correction planned around teaching and homework scenarios [1] Group 3 - The company's shareholder reduction has been completed, clearing short-term disruptive factors [1] - Based on the closing price on December 19, the company corresponds to price-to-earnings ratios of 75, 70, and 66 times [1] - The initial coverage gives a "buy" rating for the company [1]