Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2023, the company achieved a net profit turnaround with an adjusted net profit of 444.5 million yuan, reflecting a year-on-year increase of 134.1% [3] - The company's total revenue for 2023 was 3.021 billion yuan, a year-on-year increase of 7.5% [3] - The training business revenue grew steadily, with 2023 training revenue reaching 2.515 billion yuan, up 6.8% year-on-year [3] - The overall gross margin for the company improved to 52.0%, an increase of 3.4 percentage points year-on-year [3] - The company has a strong online business model and is actively developing an OMO (Online-Merge-Offline) model to enhance service flexibility and efficiency [3] Financial Performance Summary - The company reported a total revenue of 3.021 billion yuan in 2023, with a net profit of 188.57 million yuan, marking a significant recovery from a loss of 2.087 billion yuan in 2022 [2][4] - The earnings per share (EPS) for 2023 was 0.08 yuan, with projected EPS of 0.23 yuan for 2024 and 0.40 yuan for 2026 [2][11] - The company’s projected net profit for 2024 is 523.86 million yuan, increasing to 914.89 million yuan by 2026, with corresponding P/E ratios of 17, 13, and 10 for 2024-2026 [4][11] Business Segmentation - The training business segment saw a revenue of 2.515 billion yuan in 2023, with online learning products contributing 126 million yuan and small class training generating 1.665 billion yuan [3] - The book sales segment achieved a revenue of 507 million yuan in 2023, up 11.0% year-on-year, driven by post-pandemic recovery and increased public examination demand [3] Market Position - The company is recognized as a leading training institution in the public examination sector, having established a strong reputation in online training [4] - As of the end of 2023, the company had 202 operational centers and 3,225 full-time instructors, with an average of 9.1 million active users per month, reflecting a year-on-year growth of 15.2% [3]
2023业绩点评：经调整净利润4.45亿元，盈利能力提升明显