JIAFAET(300559) 天风证券·2024-12-15 13:00Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [3][11]. Core Insights - The company is rapidly implementing its "AI+" strategy, achieving breakthroughs in multiple new business areas, particularly in education technology [3][5]. - Recent government policies encourage the integration of artificial intelligence in primary and secondary education, creating a favorable environment for the company's growth [4][6]. - The company has successfully developed AI solutions for various educational scenarios, including sports education and English language assessments, enhancing efficiency and effectiveness [6][10]. Summary by Sections Basic Data - Total A-share capital is 399.51 million shares, with a market capitalization of 5,221.66 million yuan [3]. - The company's net asset per share is 3.06 yuan, and the asset-liability ratio stands at 12.12% [3]. Business Developments - The company has made significant progress in its "AI+" strategy, with successful applications in subjects like sports and English, and has developed proprietary AI algorithms [5][6]. - The AI solutions for sports education utilize advanced technologies such as AI visual recognition and big data, addressing various challenges in physical education [6][10]. - The new English language assessment solution has improved the efficiency of testing processes, allowing for a single set of exam papers for large-scale assessments [7][10]. Financial Forecast - The company expects a net profit of 0.9 billion yuan in 2024, with projections of 1.5 billion yuan and 2.0 billion yuan for 2025 and 2026, respectively [11]. - Revenue is projected to reach 501.03 million yuan in 2024, with a growth rate of -17.10%, followed by a recovery in subsequent years [11][14].