传智教育：2024Q3业绩点评：需求承压，降本控费

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Views - The company is facing significant pressure on demand, leading to a decline in revenue and net profit. In Q3 2024, revenue was 69.4 million yuan, down 45.50% year-on-year, and net profit attributable to the parent company was -6.99 million yuan, down 128.26% year-on-year [4][7]. - The overall economic environment has negatively impacted the employment situation for IT talent, resulting in fewer student enrollments and a subsequent drop in revenue [7][8]. - Despite cost control measures, including optimizing personnel structure and reducing rental expenses, the company is still experiencing pressure on gross and net profit margins due to declining revenue [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 181 million yuan, a decrease of 59.45% year-on-year, and a net profit of -41.22 million yuan, down 140.48% year-on-year [4][8]. - In Q3 2024, the company’s revenue was 69.4 million yuan, with a net profit of -6.99 million yuan, reflecting a significant decline in profitability [4][8]. Cost Management - The company has implemented cost control measures, resulting in a reduction of operating costs, sales, management, R&D, and financial expenses by 40.48%, 14.12%, 15.30%, 20.13%, and 432.28% respectively [7][8]. - However, the overall gross margin decreased by 20.79 percentage points year-on-year, indicating that cost management efforts are insufficient to offset revenue declines [7][8]. Future Outlook - The company is focusing on R&D-driven content and expects to capture growth opportunities as recruitment demand recovers. New courses in integrated circuit application development and e-commerce visual design have been launched [8]. - The company is also expanding into vocational education, with the establishment of a vocational school aimed at cultivating digital talent, which is expected to enhance its revenue and risk resilience [8][9]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is -52 million yuan, 45 million yuan, and 86 million yuan respectively, with corresponding PE ratios of 98.58X and 51.79X for 2025 and 2026 [9][10].