Investment Rating - The investment rating for the company is "Buy" with a target price of 6 HKD, maintaining the rating from previous assessments [1]. Core Views - The company is expected to achieve a revenue of no less than 3 billion RMB in 2023, with a revised net profit of 420 million RMB, representing a year-on-year increase of 119% [1]. - The growth in performance is attributed to strong demand for recruitment training in 2023, enhanced by online small classes and a blended learning model, which has improved customer pricing and brand reputation [1]. - The company is projected to have revenues of 4.08 billion RMB, 4.92 billion RMB, and 5.89 billion RMB for the years 2024 to 2026, with adjusted net profits of 600 million RMB, 720 million RMB, and 860 million RMB respectively [2]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected to be at least 3 billion RMB, with a net profit of 420 million RMB, marking a 119% increase year-on-year [1]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.26 RMB, 0.31 RMB, and 0.38 RMB respectively, with price-to-earnings (PE) ratios of 19X, 16X, and 13X [2]. Market Position and Strategy - The company is positioned to benefit from the rational return of competition in the public recruitment training sector, with an anticipated increase in the number of recruits in 2024 by approximately 240,000, a 5.4% year-on-year increase [1]. - The company has made significant advancements in artificial intelligence, with proprietary systems for intelligent grading and interview feedback, enhancing operational efficiency [1]. Operational Efficiency - The company has optimized its cost structure and improved operational efficiency, maintaining stable expenses while enhancing gross profit margins and net profit margins [1]. - The integration of online and offline teaching methods has led to improved teaching quality and reduced reliance on physical teaching spaces [1]. Future Outlook - The company plans to continue enhancing its teaching staff and course content while increasing research and development investments to seize structural opportunities and expand its technological advantages [1].
23年预计高增收官，24年乐观预期，公职培训启动业绩成长