Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.61 HKD, indicating an expected relative return of over 20% within six months [1][3]. Core Insights - The company reported a revenue of 3.02 billion HKD in 2023, representing a year-on-year increase of 7.5%. Adjusted net profit surged by 134.1% to 450 million HKD, driven by strong demand in training services and effective utilization of online course products [1]. - The training revenue accounted for 83.2% of total revenue, with a growth of 6.8% year-on-year, attributed to robust demand for recruitment examination training and the integration of online and offline teaching methods [1]. - The gross profit margin improved to 52%, up 3.4 percentage points, with training services achieving a gross margin of 55.4% due to enhanced operational efficiency and the adoption of AI technology [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of 1.57 billion HKD, with a gross margin of 52%. The training services gross margin was 55.4%, reflecting improvements in teaching methods and operational efficiency [1]. - The company’s book sales reached 510 million HKD, a year-on-year increase of 11%, contributing 16.8% to total revenue [1]. Market Outlook - The company anticipates continued growth in recruitment examination registrations in the short term, with an emphasis on maintaining high course quality to differentiate from competitors [2]. - The report highlights the importance of leveraging AI technology to enhance teaching efficiency and learning experiences, which is seen as a critical factor for maintaining competitive advantages in the education sector [2]. Future Projections - Revenue projections for 2024-2026 are estimated at 4.08 billion RMB, 4.92 billion RMB, and 5.89 billion RMB, respectively, with adjusted net profits of 600 million RMB, 720 million RMB, and 860 million RMB [3].
业绩高增盈利提升，构建差异化竞争壁垒