Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is facing increased competition in the exam training industry, leading to a decline in revenue and adjusted net profit for 2024. The estimated revenue for 2024 is at least 2.77 billion yuan, a year-on-year decrease of no more than 8.3%, while the adjusted net profit is expected to be at least 0.35 billion yuan, a year-on-year decrease of no more than 21.4% [2][6] - The company has launched AI products covering various exam preparation areas, which include features such as question answering, study planning, and intelligent supervision. Although the short-term contribution to performance is limited, these innovations are expected to significantly impact the industry ecosystem in the long run [6] - The financial forecasts for adjusted net profit for 2024 to 2026 are revised to 0.361 billion yuan, 0.372 billion yuan, and 0.412 billion yuan respectively. The current stock price corresponds to valuations of 18x, 17x, and 16x for these years, maintaining a "Buy" rating due to the market's focus on AI applications [6] Financial Summary - Total revenue for 2022 was 2.81 billion yuan, with a year-on-year growth rate of -18%. In 2023, revenue increased to 3.02 billion yuan, showing a growth rate of 7.5%. For 2024, revenue is projected to decrease to 2.79 billion yuan, reflecting a year-on-year decline of 7.7% [4][6] - The net profit attributable to the parent company was 0.19 billion yuan in 2022, increasing to 0.445 billion yuan in 2023, a growth rate of 134.1%. The forecast for 2024 is a net profit of 0.361 billion yuan, indicating a year-on-year decrease of 19% [4][6] - The gross margin is expected to remain stable at around 49% for 2024 to 2026, while the return on equity (ROE) is projected to be 22% in 2024, decreasing to 19% and 17% in the following years [4][6]
粉笔：竞争加剧，业绩承压-20250217