手握国产AI芯片独角兽股权，价值亟待重估

Investment Rating - Buy (First Coverage) [21] Core Views - The company has transitioned from traditional ink manufacturing to the education sector, focusing on modern education and AI chip investments [2][11] - The company holds a 7.8% stake in Zhonghao Xinying, a domestic AI chip unicorn, which is undervalued and has significant potential for revaluation [21][22] - The education sector, particularly vocational schools and retake programs, is expected to drive steady growth, with the company's business model being highly replicable [29][84] Business Overview - The company, originally named Suzhou Kingswood Printing Ink Co., Ltd., transitioned from ink manufacturing to education in 2017 by acquiring Longmen Education [2][11] - The education business includes vocational schools, full-time retake schools, and vocational skills training services [2][11] - The company's education business has been impacted by public events and education policies but is expected to return to normal growth from 2024 [29][84] Financial Performance - The company's revenue for 2023 is expected to be 737 million yuan, with a year-on-year decrease of 7.3% [23] - Net profit attributable to the parent company is expected to be 130 million yuan in 2023, with a year-on-year increase of 75.7% [23] - The company's EPS for 2023-2025 is forecasted to be 0.40, 0.52, and 0.69 yuan, respectively [22] AI Chip Investment - Zhonghao Xinying, in which the company holds a 7.8% stake, is a domestic AI chip unicorn with significant potential for revaluation [21][22] - Zhonghao Xinying's "Chana TM" AI training chip has a single-chip computing power of 204TFLOPS (FP16)/396TOPS (INT8), comparable to Google's TPUv4 and TPUv5p [19][80] - The company's stake in Zhonghao Xinying could be worth approximately 3.9 billion yuan, based on a PS valuation of 99x and a 2024 revenue target of 500 million yuan [22][82] Education Sector Growth - The company's education business is expected to grow steadily, with revenue from vocational schools and retake programs projected to increase by 29%, 32%, and 30% from 2023 to 2025 [17] - The company's vocational schools and retake programs have a high college entrance exam pass rate, ensuring sustainable student enrollment [29][84] - The company's education business model is highly replicable, with a focus on "middle-tier students" and a strong emphasis on management and teaching quality [104] Valuation and Comparison - The company's current PE ratios for 2023-2025 are 26x, 20x, and 15x, respectively, which are lower than the average PE ratios of comparable education companies [22][138] - The company's valuation is discounted compared to its peers, and the potential revaluation of its stake in Zhonghao Xinying could significantly increase its market value [22][82]