JIAFAET(SZ:300559) Changjiang Securities·2025-11-17 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 340 million yuan for the first three quarters of 2025, a year-on-year increase of 0.44%. However, the net profit attributable to shareholders decreased by 3.26% to 49 million yuan, and the net profit after deducting non-recurring items fell by 10.75% to 44 million yuan. Operating cash flow showed significant improvement, with a net increase of 132.96% to 26 million yuan [2][5]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 66 million yuan, a year-on-year decrease of 14.90%. The net profit attributable to shareholders was 8 million yuan, an increase of 4.36%, while the net profit after deducting non-recurring items decreased by 32.99% to 5 million yuan. The seasonal revenue fluctuation is attributed to the timing of key examination projects [11]. Business Focus - The company is a leader in standardized examination point construction, focusing on two main business directions: smart examination and smart education. The integration of AI is expected to drive a new growth curve for the company [2][5]. AI and Smart Education - The company is actively promoting its "AI+" strategy, launching new products such as the "Lingyu Tong" English education brand and expanding its AI sports education products. The company has partnered with various educational institutions and technology firms to enhance its offerings and market reach [11]. Future Projections - Revenue projections for 2025 to 2027 are 475 million yuan, 554 million yuan, and 680 million yuan, respectively. The net profit attributable to shareholders is expected to be 95 million yuan, 115 million yuan, and 179 million yuan for the same period. The corresponding price-to-earnings ratios are projected to be 50, 41, and 26 times [11].