JIAFAET(SZ:300559) Tianfeng Securities·2025-04-28 02:46Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Insights - The company is experiencing a decline in revenue and net profit due to insufficient market demand and project delays, with a projected revenue of 4.3 billion yuan in 2024, down 29% year-on-year [1]. - The company is adapting its market strategy by offering diverse models such as rental and operational services to meet varying customer needs, while also leveraging national policies for equipment updates [1]. - The introduction of new products in English testing, smart sports, and experimental exams is expanding the company's product line and market reach [1]. - The "AI+" strategy is being successfully implemented across various educational fields, with significant achievements in sports and English language education [2]. - The company is involved in the formulation of national standards for student sports assessment, which is expected to transform teaching and evaluation methods in physical education [2]. Financial Summary - The company's revenue for 2023 was 604.37 million yuan, with a projected decline to 429.92 million yuan in 2024, followed by a slight recovery in subsequent years [8]. - The net profit attributable to the parent company is expected to decrease from 131.04 million yuan in 2023 to 36.39 million yuan in 2024, before recovering to 66.51 million yuan in 2025 [8]. - Earnings per share (EPS) are projected to be 0.17 yuan in 2025, with a price-to-earnings (P/E) ratio of 59.53x [8].