Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has entered into a strategic cooperation agreement with Huatu, aiming to enhance overall competitiveness and explore collaboration in examination training business [2] - The partnership includes investment cooperation, governance, AI technology collaboration, distribution channel cooperation, and a commitment to reducing unhealthy competition in the industry [2] - The strategic collaboration is expected to boost market confidence and improve the competitive landscape in the examination training industry, which has been experiencing a price war for over three years [4] Financial Projections - The company anticipates a revenue increase in 2025, with 3.416 million people passing the qualification review, a year-on-year increase of 12.6% [5] - Revenue forecasts for 2025-2027 are projected at 3.061 billion, 3.192 billion, and 3.428 billion yuan respectively, with adjusted net profits of 277.1 million, 401.48 million, and 560.2 million yuan [5][7] - The earnings per share (EPS) are expected to be 0.12, 0.18, and 0.25 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 19, 13, and 9 [5][8] Financial Summary - The company's total revenue for 2023 is reported at 3.021 billion yuan, with a year-on-year growth of 7.5% [7] - The adjusted net profit for 2023 is 188.57 million yuan, reflecting a significant year-on-year increase of 109.03% [7] - The gross margin is projected to improve from 51.96% in 2023 to 54.00% by 2027 [8]
粉笔（02469）：与华图战略合作，行业竞争格局有望改善