Jiangsu Chuanzhiboke Education Technology (SZ:003032) Minsheng Securities·2024-04-22 15:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 534 million with a year-over-year decline of 33.43%, and a net profit attributable to shareholders of 16 million, down 91.26% year-over-year [2]. - The decline in performance is attributed to macroeconomic factors and a decrease in demand for IT training due to adjustments in the IT industry [2]. - The introduction of new courses related to the HarmonyOS is expected to improve training demand, particularly for IT personnel skilled in this system [2]. - The company is making progress in its vocational education segment, which is anticipated to provide a stable complement to its short-term training offerings [2]. - A cash dividend of 0.16 yuan per 10 shares is planned, totaling 6.44 million, with a dividend payout ratio of 41% [2]. - The company is positioned as a leader in the IT training industry, focusing on product development and enhancing research capabilities to strengthen its competitive advantage [2]. Financial Summary - In 2023, the company reported total revenue of 534 million, with a projected increase to 585 million in 2024, 644 million in 2025, and 705 million in 2026 [3][6]. - The net profit attributable to shareholders is expected to rise from 16 million in 2023 to 110 million in 2024, 142 million in 2025, and 173 million in 2026 [3][6]. - The company's PE ratio is projected to decrease from 248 in 2023 to 35 in 2024, 27 in 2025, and 22 in 2026 [3][6]. - The report indicates a significant drop in net profit margin from 2.92% in 2023 to an expected 18.78% in 2024 [6].