Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The company is expected to achieve a revenue of no less than 1.61 billion RMB for the first half of 2024, representing a decrease of no more than 5% year-on-year. The net profit is projected to be no less than 260 million RMB, with a year-on-year increase of at least 213% [1]. - The improvement in performance for the first half of 2024 is attributed to the company's commitment to technological investment, particularly in artificial intelligence, which has enhanced operational efficiency and teacher utilization rates [1]. - The company has accelerated its research and development in AI, becoming the first in the vocational education sector to launch a self-developed domain-specific large model, aiming to innovate education through technology [1]. Summary by Sections Investment Rating - The company maintains a "Buy" rating with a target price set at 2.53 HKD [1]. Financial Performance - The company expects to report a revenue of at least 1.61 billion RMB for the first half of 2024, with a net profit of no less than 260 million RMB, reflecting a significant year-on-year increase [1]. - Adjusted forecasts for 2024-2026 project revenues of 3.15 billion RMB, 3.5 billion RMB, and 3.9 billion RMB respectively, with adjusted net profits of 550 million RMB, 630 million RMB, and 730 million RMB [1]. Technological Advancements - The application of AI technology has significantly improved the efficiency of tutoring services, with one tutor now able to serve up to 150 students, a 275% increase in efficiency compared to previous years [1]. - The company aims to integrate advanced technology, quality services, and educational resources to enhance the user experience and expand the "AI + Education" application scenarios [1].
粉笔：AI提升运营效率