Investment Rating - The report maintains a "Buy" rating for the company [16][29]. Core Insights - The company has faced pressure on revenue due to weak demand for IT job recruitment in 2023, leading to a decline in income. The gross profit margin has decreased, and the expense ratio has increased due to rigid costs associated with teachers and facilities, along with compensation for lease terminations and personnel optimization [28][40]. - The company is expected to see net profits attributable to the parent company of 127 million, 198 million, and 256 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 32, 20, and 16 times [29][40]. Summary by Sections Financial Performance - In 2023, the company's total revenue was 534 million yuan, a year-on-year decrease of 33.43%, while the net profit attributable to the parent company was 15.63 million yuan, down 91.26% year-on-year [40]. - The comprehensive gross profit margin for 2023 was 50.45%, a decrease of 7.24 percentage points year-on-year. The expense ratios for sales, management, R&D, and financial expenses increased by 1.64, 3.10, 3.55, and decreased by 2.20 percentage points, respectively [14][40]. Business Development - The company is expanding its vocational education layout, having established the Suqian ChuanZhi Internet Vocational Technical School, which has completed its first two student enrollments and currently has nearly 500 students. Additionally, the Dazhong Data Technology Vocational College project is making significant progress [3][28]. - The company has introduced new courses in integrated circuit application development and e-commerce visual design, with plans to establish a new curriculum system for Hongmeng application development in early 2024 [41]. Market Competition - The competition among online participants has intensified, with offline IT training focusing on practical guidance and effectiveness supervision. If AIGC significantly enhances the quality and efficiency of online institutions, the competitive edge of online institutions may increase under tighter budget constraints [6][28].
2023年业绩点评：需求不振压制业绩，期待新技术新空间