Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 decreased by 7.66% to 2.79 billion, while adjusted net profit fell by 18.56% to 363 million, impacted by the timing of civil service exams and intensified industry competition [1] - Despite short-term challenges, the long-term outlook remains positive due to strong demand in the examination training sector and the company's ongoing investment in AI technology [5] Summary by Sections Financial Performance - In 2024, the training business generated revenue of 2.34 billion, down 6.9% year-on-year, with online learning products and large classes experiencing significant declines due to competition [2] - The company achieved a gross margin of 52.5%, an increase of 0.5 percentage points year-on-year, with training services gross margin rising to 56.0% [4] - The adjusted net profit for 2025-2027 is projected to be 370 million, 410 million, and 460 million respectively, reflecting growth rates of 3%, 10%, and 11% [5][6] AI Development - The company has expanded its AI product matrix, launching several AI-driven educational tools, including "Fenli AI Teacher" and "AI Teacher Interview Feedback," enhancing user experience and operational efficiency [3] - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational AI model laboratory [3] Market Position and Growth Potential - The company benefits from a robust online and offline synergy, positioning itself as a leading player in the examination training market, with a contract liability of approximately 140 million as of 2024 [5] - The report indicates that the company is well-positioned to capitalize on the growing demand for examination training and skills assessment, ensuring sustainable long-term growth [5]
粉笔：行业竞争加剧致业绩承压，深耕AI探索结构性机遇-20250401