Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a revenue of 3 billion CNY in 2023, representing a year-on-year growth of 7.5%, with an adjusted net profit of 445 million CNY, reflecting a significant increase of 132% [2][3] - The gross profit for the year was 1.57 billion CNY, with a gross margin of 52%, which is an improvement of 3.37 percentage points compared to the previous year [5] - The company has shown a notable increase in its small class training segment, contributing significantly to its revenue growth [2][5] Financial Performance Summary - Revenue for 2023 was 3 billion CNY, with a year-on-year increase of 7.5% [3] - Adjusted net profit reached 445 million CNY, marking a 132% increase, with an adjusted net profit margin of 14.7% [3][5] - The company achieved a gross profit of 1.57 billion CNY, with a gross margin of 52% [5] - Monthly active users of the company's app reached 9.1 million, an increase of 14.5% [2] Business Segment Performance - Online learning products generated approximately 130 million CNY in revenue [3] - Large class training courses contributed around 670 million CNY, while small class training courses generated 1.67 billion CNY [3] - The company also reported 510 million CNY in book sales, reflecting an 11% increase [3] Future Projections - Revenue projections for 2024 to 2026 are estimated at 3.68 billion CNY, 4.42 billion CNY, and 5.24 billion CNY, respectively, with expected growth rates of 21.6%, 20.3%, and 18.5% [5][7] - Adjusted net profit forecasts for the same period are 610 million CNY, 799 million CNY, and 968 million CNY, with growth rates of 37%, 31%, and 21% [5][7]
经调净利4.5亿元，小班拓展第二增长曲线