Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is expected to achieve a revenue of at least 3 billion CNY in 2023, representing a year-on-year growth of no less than 6.75%. The net profit attributable to the parent company is projected to be at least 166 million CNY, marking a turnaround from loss to profit. Adjusted net profit is expected to be no less than 420 million CNY, with a year-on-year growth of at least 119.32% [1]. - Strong demand for recruitment and examination training is driving steady revenue growth. The number of applicants for national civil service examinations reached 3.033 million in 2024, a year-on-year increase of 16.8%. The company benefits significantly from this trend, with strong growth in user metrics for its app [1][2]. - The company has made significant investments in digitalization, with AI research and development expenditures of approximately 80 to 100 million CNY in FY23. The AI systems developed by the company are leading the industry, enhancing operational efficiency and reducing costs [1][2]. Financial Summary - The company expects to achieve net profits of 420 million CNY, 620 million CNY, and 820 million CNY for the years 2023, 2024, and 2025, respectively, with growth rates of 120.3%, 46.9%, and 31.7% [2][3]. - The projected P/E ratios for the years 2023, 2024, and 2025 are 23.9, 16.3, and 12.4, respectively [2][3]. - The company’s revenue for 2023 is expected to be around 3.07 billion CNY, with a growth rate of 9.2% year-on-year [3][11].
盈利水平超预期，品牌力持续加强