Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company's performance slightly exceeded expectations, with a revenue of 30.2 billion yuan in 2023, representing a year-on-year increase of 7.5%. The adjusted net profit reached 4.45 billion yuan, a significant increase of 134.1% year-on-year [1]. - The growth in small class training courses continues to drive revenue, with the average monthly active users of the app reaching 9.1 million, a 14.5% increase year-on-year, marking the highest level since 2019 [1]. - Cost optimization and efficiency improvements have enhanced profitability, with the gross margin increasing by 3.4 percentage points to 52.0% in 2023 [1]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 30.2 billion yuan, with a breakdown of 1.3 billion yuan from online learning products, 6.7 billion yuan from large class training, and 16.7 billion yuan from small class training [1]. - The adjusted net profit for 2023 was 4.45 billion yuan, reflecting a year-on-year growth of 134.1%, with an adjusted net profit margin of 14.7% [1][3]. Operational Metrics - The average monthly active users of the company's app reached 9.1 million in 2023, an increase of 14.5% year-on-year, indicating strong user engagement [1]. - The number of operational centers increased to 202, up by 4 centers year-on-year [1]. Cost and Profitability - The company reduced its teaching staff by over 700, resulting in an average income per teacher of 937,000 yuan, a 31.4% increase year-on-year [1]. - The gross margin for training services improved to 55.4%, up by 3.9 percentage points year-on-year, while the gross margin for book sales increased to 34.7%, up by 1.1 percentage points [1]. Future Projections - The company maintains adjusted net profit forecasts of 6.1 billion yuan, 8.1 billion yuan, and 10.2 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 15x, 11x, and 9x [1].
业绩略超预期，小班持续发力