教育：招录市场需求强劲，华图中公扬帆起航

Investment Rating - The report rates the education industry as "Outperform" [1] Core Viewpoints - The recruitment market is experiencing strong demand, with the number of candidates for national civil service exams reaching a record high. The overall recruitment market is characterized by an increase in the number of applicants and training participation rates, indicating a high level of market vitality [2][4] - The competitive landscape is fragmented, with leading companies such as Huatu, Zhonggong, and Fenbi dominating the market. These companies leverage their brand, teaching resources, and management capabilities to enhance market share [2][4] Summary by Sections 1. Recruitment Market Dynamics - The number of college graduates in China has been steadily increasing, with 2023 expected to see 11.58 million graduates, up from 10.76 million in 2022. This trend is driving a growing interest in public service exams among graduates [13][14] - The national civil service exam has seen a continuous increase in recruitment numbers, with 39,600 positions available in 2024, a 6.6% increase from the previous year. The competition ratio for these positions is approximately 77:1, indicating heightened competition [15][18] - The recruitment training market is projected to reach 38.7 billion yuan in 2023, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021. The market is expected to grow to 50.5 billion yuan by 2026 [18][21] 2. Competitive Landscape - The recruitment training market is characterized by a "three-horse race" among Huatu, Zhonggong, and Fenbi, with respective revenues of 2.67 billion yuan, 2.1 billion yuan, and 1.68 billion yuan in the first half of 2023 [29] - Huatu has been expanding its non-degree vocational education business, leveraging its established brand and resources to enhance its market position. The company has set up over 300 branches nationwide, training more than 50,000 students [33][34] - Zhonggong, a leader in vocational education, has shifted its strategy towards sustainable growth after experiencing significant losses in 2021. The company is now focusing on profitability and has announced a stock incentive plan to boost employee confidence [30][31] - Fenbi, which started as an online training provider, has successfully integrated online and offline training methods, achieving a revenue growth of 15.9% in the first half of 2023 [30][31] 3. Policy Support and Market Growth - The Chinese government has been increasingly supportive of vocational education, with policies aimed at enhancing the quality and accessibility of vocational training. This support is expected to drive further growth in the recruitment training market [28][29]