Investment Rating - The investment rating for the company is "Accumulate" [3][8] Core Views - The company is expected to achieve an adjusted net profit exceeding 420 million yuan in 2023, showing significant improvement in profitability compared to a loss of 2.087 billion yuan in the previous year. Revenue is projected to exceed 3 billion yuan, reflecting a year-on-year increase of over 6.7% [1][2] - The company has solidified its advantages in online course products and is enhancing its profitability through an OMO (Online-Merge-Offline) teaching model, which has led to a notable increase in the average revenue per student [1] - The company has increased its investment in AI technology from 40 million yuan to between 80 million and 100 million yuan, with AI features already implemented to assist daily operations [1] - The competitive landscape for civil service examinations remains intense, with an average admission ratio exceeding 60:1 in many regions, which is expected to boost candidates' willingness to participate in training [1] - The company has raised the prices of its membership products by over 30% starting January 12, 2024, indicating confidence in demand despite the price increase [1] Financial Forecasts and Metrics - For 2023, the company is expected to achieve revenue of over 3.077 billion yuan, with a year-on-year growth of 9.5%. The adjusted net profit is projected to be 421 million yuan, reflecting a growth rate of 120.2% [2][6] - The earnings per share (EPS) for 2023 is estimated at 0.18 yuan, with corresponding price-to-earnings (PE) ratios of 25, 19, and 15 for 2023, 2024, and 2025 respectively [2][6] - The company's EBIT margin is expected to improve to 14.2% in 2023, up from 12.8% in 2022, indicating enhanced operational efficiency [2][6] - The net asset return (ROE) is projected to be -4.0% in 2023, with a gradual improvement expected in subsequent years [2][6]
2023年正面盈利点评：预计2023年经调净利润超4.2亿元，盈利能力改善明显