Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has actively repurchased shares, demonstrating confidence in its operations. As of July 3, 2024, it has repurchased 39.5 million shares for a total amount of 168 million yuan, with an average price of 4.26 yuan per share [1]. - Recent stock price fluctuations may be attributed to a significant increase in short selling, with short selling volume exceeding 30% of trading volume on 18 out of 29 trading days since May 22, 2024 [1]. - The company is expected to showcase its alpha, as the recruitment training sector remains a high-quality segment in consumer spending, with a compound annual growth rate (CAGR) of 24% for national exam registrations and 8% for provincial exam registrations from 2021 to 2024 [1]. Financial Summary - Total revenue is projected to grow from 2,810 million yuan in 2022 to 4,360 million yuan in 2026, with a CAGR of 12.1% [2]. - Net profit attributable to the parent company is expected to increase from 190 million yuan in 2022 to 1,003 million yuan in 2026, reflecting a CAGR of 24.4% [2]. - The gross margin is anticipated to improve from 49% in 2022 to 58% in 2026 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 18x in 2023 to 8x in 2026, indicating increasing investment value [2]. Operational Insights - The company has implemented OMO small class initiatives and AI-enabled Q&A and research, which are expected to enhance operational efficiency and profit margins [1]. - Despite potential revenue impacts from changes in exam schedules, the company is still expected to deliver strong profit results due to its unique positioning in the market [1].
粉笔：着眼基本面，无惧短期扰动