JIAFAET(SZ:300559) Minsheng Securities·2024-03-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company achieved a revenue of 604 million yuan in 2023, representing a year-on-year growth of 46%, and a net profit attributable to shareholders of 131 million yuan, up 90% year-on-year [14] - The fourth quarter of 2023 saw significant growth, with revenue reaching 167 million yuan, a 175% increase year-on-year, and a net profit of 15 million yuan, recovering from a loss in the same period last year [14] - The company has launched an employee stock ownership plan, reflecting management's confidence in future performance [14] - The core business of educational information technology is expected to continue growing, with a revenue of 421 million yuan in this segment, up 56% year-on-year [14] - The company has embraced an "AI+" strategy, launching AI products tailored for the education sector, which enhances its competitive edge [14] - Future profit projections estimate net profits of 198 million yuan, 257 million yuan, and 316 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 51%, 30%, and 23% [14] Financial Summary - The company's operating income is projected to grow from 794 million yuan in 2024 to 1.219 billion yuan in 2026, with growth rates of 31.4% and 21.3% respectively [7] - The net profit attributable to shareholders is expected to increase from 198 million yuan in 2024 to 316 million yuan in 2026, with growth rates of 50.98% and 22.78% respectively [9] - The company's PE ratio is projected to decrease from 26 in 2024 to 16 in 2026, indicating potential valuation improvement [7]