Hitevision (SZ:002955) Minsheng Securities·2024-09-03 05:41Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 1.573 billion yuan, down 2.94% year-on-year, while net profit attributable to shareholders increased by 4.59% to 149 million yuan [1]. - The company's core business, particularly in the AI and education sectors, is expected to benefit from a potential recovery in domestic education demand, alongside its ongoing expansion in overseas markets [2]. - The introduction of the "Xiao You Growth Study Room" project aims to provide personalized learning spaces for children aged 6-15, leveraging AI to enhance learning efficiency [1]. Financial Summary - For the first half of 2024, the company achieved a net profit of 149 million yuan, with a significant increase of 67.10% when excluding foreign exchange gains [1]. - The company’s overseas business generated 1.043 billion yuan in revenue, accounting for 66.34% of total revenue, marking a year-on-year increase of 7% [1]. - The forecast for the company's net profit attributable to shareholders is projected to be 400 million yuan in 2024, 505 million yuan in 2025, and 615 million yuan in 2026, with corresponding PE ratios of 13, 10, and 8 [2][3].