2023业绩快报点评：扣非净利显著增长，大股东承诺不减持

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 13.65 billion yuan in 2023, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 2.96 billion yuan, representing a year-on-year growth of 42.0%. The profit growth is mainly attributed to effective control of accounts receivable and inventory, along with a reduction in credit impairment losses and asset impairment losses [2][3] - The company’s non-recurring net profit for 2023 was 2.06 billion yuan, reflecting a year-on-year increase of 14.8%. The difference between net profit and non-recurring net profit is primarily due to a deferred income tax expense of 680 million yuan included in non-recurring gains and losses [2][3] - The major shareholder has committed not to reduce their holdings and proposed a cash dividend of 5.00 yuan per 10 shares (tax included) [3] - The company is actively expanding its smart education business and exploring AI+MR technologies, with significant user engagement and partnerships in the education sector [3] - The profit forecast for 2024-2025 has been adjusted downwards due to expected increases in the effective tax rate, with net profits projected at 1.88 billion yuan for 2024 and 1.98 billion yuan for 2025 [3] Financial Summary - Total revenue for 2022 was 13.60 billion yuan, with projections of 13.65 billion yuan for 2023, 14.38 billion yuan for 2024, 15.16 billion yuan for 2025, and 15.98 billion yuan for 2026 [2] - The net profit attributable to shareholders for 2022 was 2.08 billion yuan, with projections of 2.96 billion yuan for 2023, 1.88 billion yuan for 2024, 1.98 billion yuan for 2025, and 2.15 billion yuan for 2026 [2] - The latest diluted EPS for 2023 is projected at 1.16 yuan per share, with future projections of 0.74 yuan for 2024, 0.78 yuan for 2025, and 0.84 yuan for 2026 [2] - The current P/E ratio is 10.06, with future projections of 15.85 for 2024, 14.99 for 2025, and 13.84 for 2026 [2][10]