Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a strong performance in 2023, with revenue increasing by 7.50% to 3.021 billion yuan and adjusted net profit soaring by 134.11% to 445 million yuan [1]. - The demand for recruitment and training remains robust, with significant growth in the number of applicants for national and provincial examinations, benefiting the company [1]. - The company has successfully leveraged AI technology in its educational offerings, enhancing operational efficiency and profitability [1]. - The synergy between online and offline services continues to support sustainable long-term growth for the company [1]. Financial Performance Summary - Revenue for 2023 was 3.021 billion yuan, with a year-on-year growth rate of 7.5% [2]. - The adjusted net profit for 2023 was 445 million yuan, reflecting a year-on-year increase of 134.1% [2]. - The company expects adjusted net profits to reach 600 million yuan, 778.5 million yuan, and 1.015 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 35.3%, 29.3%, and 30.4% [1][2]. - The gross margin improved to 51.96%, up 3.37 percentage points year-on-year, with training services gross margin at 55.4% [1]. Business Segment Performance - The training business generated revenue of 2.515 billion yuan in 2023, a year-on-year increase of 83.2% [1]. - Online learning products and various course offerings contributed significantly to revenue growth, with the OMO small class courses expected to see substantial growth [1]. - Book sales also benefited from increased demand, achieving revenue of 510 million yuan, up 16.8% year-on-year [1]. User Engagement and Growth - The company achieved a record average monthly active user count of 9.1 million in 2023, up from 7.9 million the previous year [1]. - The peak monthly active users reached 10.6 million, indicating strong user engagement [1].
全年业绩亮眼，中长期成长可持续