Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in China's civil service examination training sector, with strong demand driving impressive performance. It has transitioned to an OMO (Online-Merge-Offline) model, enhancing its growth potential [3][4]. - The civil service examination training market is expected to reach a scale of 430 billion yuan in 2024, with the company poised to increase its market share through its online business advantages and differentiated competition strategies [3][4]. - The company anticipates achieving revenues of at least 3 billion yuan and an adjusted net profit of 420 million yuan in 2023, reflecting growth rates of no less than 6.8% and 119%, respectively [3][4]. Summary by Sections 1. Online Civil Service Training Leader, Strong Industry Demand - The company has established itself as a leader in the civil service examination training sector, primarily offering examination training and book sales. It has built a solid reputation through its online courses and has seen a significant recovery in offline operations since 2023 [3][12]. - The number of applicants for national civil service examinations has exceeded 3 million in 2024, indicating a growing preference for stable government jobs among graduates facing employment pressures [3][24]. 2. Employment Pressure and High Industry Prosperity - The increasing number of graduates and the rising unemployment rate among young people have intensified competition for civil service positions, driving demand for training services [24][26]. - The report highlights that the national civil service examination has seen a continuous increase in applicants over the past five years, with a record number of positions and applicants expected in 2024 [29][31]. 3. Online Training and OMO Model Synergy - The company's online training remains a core strength, with significant contributions from both online and offline training services. The OMO model has allowed for optimal resource allocation and improved operational efficiency [3][4][19]. - The average revenue per paid user for online training increased by 23.6% year-on-year in the first half of 2022, showcasing the effectiveness of its online offerings [3]. 4. Profitability Forecast - The company is projected to achieve adjusted net profits of 230 million yuan, 376.9 million yuan, and 570.28 million yuan for 2023, 2024, and 2025, respectively, with year-on-year growth rates of 111%, 63.54%, and 51% [2][4]. - The report indicates that the company has successfully improved its profitability through cost reduction and efficiency enhancement strategies, with a significant recovery in adjusted net profit observed in 2023 [19][21].
公考培训需求旺盛，线上线下融合打通实现规模化增长