Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a revenue of at least 3.0 billion yuan in 2023, representing a year-on-year increase of 6.7%, and an adjusted net profit of at least 420 million yuan, reflecting a significant year-on-year increase of 119.3% [2][4] - The strong demand for recruitment-related examinations is driving the company's performance growth, with a notable increase in the number of applicants for civil service exams, which is expected to enhance training willingness and participation rates [2][4] - The company's profitability has significantly improved due to cost optimization and efficiency enhancements, with gross profit margin expected to rise to 52% in 2023, up from 49% in 2022 [3][4] Financial Summary - Total revenue (in million yuan): - 2021: 2,132 - 2022: 2,810 - 2023E: 3,057 - 2024E: 3,852 - 2025E: 4,726 - Year-on-year growth rates: 2023E: 8.8%, 2024E: 26.0%, 2025E: 22.7% [3][6] - Adjusted net profit (in million yuan): - 2021: -2,046 - 2022: -2,087 - 2023E: 436 - 2024E: 606 - 2025E: 854 - Year-on-year growth rates: 2023E: 120.9%, 2024E: 39.0%, 2025E: 40.9% [3][6] - Gross profit margin is projected to improve to 52% in 2023, with an adjusted net profit margin increasing to 14% [3][4] Investment Recommendations - The company is positioned as a leader in online recruitment examination training in China, with strong teaching products and services, and is expected to capture a larger market share [4] - The adjusted net profit forecasts for 2023-2025 are 440 million yuan, 610 million yuan, and 850 million yuan respectively, with current price-to-earnings ratios of 24x, 17x, and 12x [4]
业绩符合预期，盈利能力显著提升