Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is expected to generate total revenue of 2.77 billion RMB in 2024, a year-on-year decrease of no more than 8.3%, while net profit is projected to be at least 225 million RMB, representing a year-on-year growth of at least 19.3% [1]. - The company has embraced the DeepSeek large model by the end of 2024, aiming to enhance the performance of its self-developed domain-specific large model and restructure the public service training industry ecosystem [2]. - The self-developed domain-specific large model covers the entire "teaching-learning-practice-assessment" chain, with the launch of a premium AI interview evaluation product priced at 1 RMB per session [3]. - The company has integrated online and offline resources through an innovative OMO model, achieving economies of scale and synergy effects, which positions it favorably in the competitive job market [4]. Summary by Sections Financial Performance - The company has consistently maintained robust profitability since its listing, with net profits achieving double-digit growth levels [1]. - Adjusted profit forecasts for 2024-2026 indicate revenues of 2.77 billion RMB, 3.09 billion RMB, and 3.56 billion RMB, with net profits of 350 million RMB, 400 million RMB, and 470 million RMB respectively [5]. User Engagement and Market Position - As of December 31, 2024, the company had 72.74 million registered users, reflecting strong market recognition [3]. - The recent AI interview mock exam competition saw a peak registration of over 22,000 participants in a single day, with a total of 94,000 registrations in the past week, indicating a significant increase in user engagement [3]. Business Model and Strategy - The company offers a comprehensive range of training services, including online learning products, large class live courses, and small personalized training classes, catering to public service recruitment and professional qualification exams [4]. - The OMO model allows the company to leverage both online and offline resources effectively, enhancing its competitive edge in the vocational examination training industry [4].
粉笔：盈利保持稳健，持续深耕AI+教育结构性机遇-20250222