2023年收入5.3亿，静候市场需求反弹

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue of 530 million yuan in 2023, a year-on-year decrease of 33.4%, with a gross margin of 50.5%, down 7.3 percentage points [5][6]. - The net profit attributable to the parent company was 15.63 million yuan, a significant decline of 91.3% year-on-year, primarily due to the impact of the overall economic environment and a reduction in student enrollment [5][6]. - The company is focusing on marketing, collaboration, and research and development to drive growth, including partnerships with major industry players like Alibaba Cloud and Huawei [6]. - The dual-track development strategy is being enhanced, with a capital increase of 260 million yuan to its wholly-owned subsidiary, aiming to establish a first-class application-oriented digital vocational education institution [6]. - The earnings per share (EPS) forecast for 2024-2026 is projected at 0.39, 0.46, and 0.48 yuan respectively, benefiting from the national demand for digital talent [6][10]. Financial Summary - In 2023, the total revenue was 534 million yuan, with a projected increase to 755 million yuan in 2024, representing a year-on-year growth of 41.2% [21]. - The net profit is expected to rebound significantly to 156 million yuan in 2024, reflecting a year-on-year growth of 898.5% [21]. - The gross margin is anticipated to improve to 63.8% in 2024, indicating a recovery in profitability [21]. - The company’s financial metrics show a net asset return of 10.3% in 2024, up from 1.2% in 2023 [21].