非学科教培龙头，优势巩固增长可期

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 7.19 CNY and a reasonable value of 7.5 CNY per share [48]. Core Insights - The children's programming education industry is expected to grow significantly, with a market size projected to reach 488 billion CNY by 2024, driven by supportive policies and increasing participation [42][51]. - The company has established a dual business model combining printing services and technology education, enhancing its market position and brand strength [51][79]. - The competitive landscape in the children's programming sector is evolving, with leading brands like LeBoLeBo and VIPCODE gaining market share through comprehensive course offerings and strategic partnerships [18][79]. Summary by Relevant Sections Company Overview - The company has transitioned from a single focus on printing to a dual business model that includes technology education, particularly after acquiring LeBoLeBo in 2017 [47][51]. - The ownership structure is concentrated within a family, with the largest shareholder holding 21.34% of the shares [62][63]. Children's Programming Education - The industry is witnessing a rise in regulatory support, with policies emphasizing the importance of scientific education and the integration of programming into school curricula [42][74]. - The market for children's programming education is currently valued at nearly 500 billion CNY, with expectations for continued growth and increased concentration among leading brands [42][51]. Financial Analysis - The company reported revenues of 22.39 billion CNY in 2022, with a net profit of 483.5 million CNY, indicating a recovery trend after previous declines [65][94]. - The profitability of the education training segment has been volatile due to external factors, but there are signs of recovery as the company adapts to market conditions [67][98]. Competitive Landscape - The competitive dynamics are shifting, with established players like LeBoLeBo and new entrants focusing on comprehensive programming education solutions, including online and offline models [18][79]. - The report highlights the importance of brand recognition and course offerings in capturing market share within the growing children's programming education sector [18][79].