Investment Rating - The investment rating for the company is "Buy" [4] - The rating has been maintained as "Add" [4] Core Views - The company's operating performance met expectations, with a significant improvement in profitability [1][5] - In 2023, the company achieved a revenue of 3.021 billion yuan, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 189 million yuan, recovering from a loss of 2.087 billion yuan in 2022 [1][5] - The adjusted net profit for 2023 was 445 million yuan, representing a year-on-year increase of 134.1% [1][5] - The company’s gross profit margin reached a new high of 52.0%, up 3 percentage points, driven by efficiency improvements and AI empowerment [8][9] Financial Performance Summary - Revenue and Profitability: - 2023 revenue: 30.21 billion yuan, +7.5% YoY [1][5] - Adjusted net profit: 4.45 billion yuan, +134.1% YoY [1][5] - Net profit margin: 4.7%, +8 percentage points [1] - Business Segmentation: - Training services revenue: 25.15 billion yuan, +6.8% YoY [1][5] - Book sales revenue: 5.07 billion yuan, +11.0% YoY [1][5] - Cost Management: - Management expense ratio: 16%, -4 percentage points [8] - Sales expense ratio: 22%, +4 percentage points [8] - R&D expense ratio: 8%, +1 percentage point [8] Future Outlook - The company has raised its profit forecast for 2023-2025, expecting adjusted net profits of 5.77 billion yuan and 7.27 billion yuan for 2024 and 2025, respectively [2][9] - The expected growth rates for these years are 33% and 26% [2][9] - The company plans to increase online membership prices by over 30% in January 2024, reflecting confidence in its product competitiveness [1][9]
2023年业绩点评：经营符合预期，盈利能力显著改善