传智教育：2024Q2业绩点评：需求不振，研发驱动

Investment Rating - Maintains a "Buy" rating for Chuanzhi Education (003032 SZ) [1][4][7] Core Views - 2024H1 revenue was RMB 111 million, down 65 03% YoY, with net profit attributable to the parent company turning to a loss of RMB -34 22 million [1][4] - 2024Q2 revenue was RMB 60 43 million, down 66 14% YoY, with net profit attributable to the parent company turning to a loss of RMB -18 22 million [4] - Expected net profit attributable to the parent company for 2024-2026 is RMB 27 million, RMB 70 million, and RMB 108 million, respectively, with 2025 and 2026 P/E ratios of 46 50X and 30 06X [1][7] Business Performance and Strategy - Weak demand in the IT job market has led to a decline in student enrollment, impacting revenue [8] - Short-term training revenue accounted for 90% of total revenue at RMB 99 42 million, down 67 33% YoY, while non-degree higher education revenue was RMB 2 87 million, down 54 86% YoY [8] - The company is strengthening cost control by optimizing staff structure and reducing rental expenses, but gross and net profit margins remain under pressure [8] - Chuanzhi Education is expanding into academic vocational education, with the Suqian Chuanzhi Internet Vocational School already enrolling nearly 500 students and the Datong Data Technology Vocational College under construction [7] Industry and Competitive Positioning - The IT training industry is highly competitive with fast technological iterations, but Chuanzhi Education is well-positioned to capitalize on market recovery due to its strong R&D capabilities and brand reputation [8] - The company has launched new courses in integrated circuit application development and e-commerce visual design, and introduced a standalone course for HarmonyOS application development in early 2024 [8] Financial Projections - Forecasted revenue for 2024-2026 is RMB 376 million, RMB 538 million, and RMB 659 million, respectively [12] - Expected EPS for 2024-2026 is RMB 0 07, RMB 0 17, and RMB 0 27, respectively [12] - The company's net profit margin is projected to improve from 7 1% in 2024 to 16 4% in 2026 [12]