世纪天鸿：业绩稳健增长，AI+教育产品功能持续丰富

Investment Rating - The report maintains a rating of "Buy" for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [16]. Core Insights - The company has shown steady revenue growth, with a projected revenue of 573 million yuan for 2024, representing a year-on-year growth of 12.85% [2][13]. - The net profit attributable to the parent company is expected to reach 54 million yuan in 2024, reflecting a year-on-year increase of 28.29% [2][13]. - The company is focusing on the development of educational support content and enhancing AI+ education product functionalities [3][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 388 million yuan, a year-on-year increase of 5.3%, and a net profit of 31 million yuan, up 0.3% year-on-year [7]. - In Q3 2024, the revenue was 225 million yuan, with a year-on-year growth of 2.8%, and the net profit was 24 million yuan, increasing by 0.2% year-on-year [7]. - The gross margin for Q3 2024 reached 35.3%, an increase of 1.9 percentage points year-on-year, indicating stable profitability [10][11]. Expense Analysis - The sales expense ratio slightly increased to 13.2% in Q3 2024, primarily due to higher marketing costs during the traditional book sales peak season [3][8]. - The management and R&D expense ratios remained stable at 5.9% and 0.2%, respectively [3][8]. Future Projections - The company expects revenues for 2024, 2025, and 2026 to be 573 million yuan, 632 million yuan, and 696 million yuan, respectively, with corresponding year-on-year growth rates of 12.85%, 10.39%, and 10.08% [2][13]. - The projected net profits for the same years are 54 million yuan, 65 million yuan, and 77 million yuan, with year-on-year growth rates of 28.29%, 18.89%, and 18.73% [2][13].