Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].
粉笔（02469）：持续加大AI投入