JIAFAET(SZ:300559) GF SECURITIES·2024-04-26 06:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.52 CNY per share based on a 35X PE for 2024 [32][54]. Core Insights - The company is focusing on the integration of AI in education, with products like the AI English learning assistant and AI solutions for science experiments and sports education [28][54]. - Revenue is projected to grow significantly, with estimates of 782 million CNY in 2024, 1.007 billion CNY in 2025, and 1.293 billion CNY in 2026, reflecting growth rates of 29.4%, 28.8%, and 28.4% respectively [3][13]. - The company has shown strong performance in Q1 2024, achieving a revenue of 110 million CNY, a year-over-year increase of 68.5%, and a net profit of 6.53 million CNY, up 87.3% [30]. Financial Summary - The company's revenue for 2022 was 413 million CNY, which increased to 604 million CNY in 2023, with a projected growth to 782 million CNY in 2024 [3][13]. - The EBITDA is expected to rise from 153 million CNY in 2023 to 220 million CNY in 2024, indicating a healthy growth trajectory [3]. - The net profit attributable to the parent company is forecasted to be 200 million CNY in 2024, up from 131 million CNY in 2023, with an EPS of 0.50 CNY per share [3][54]. Market Position - The company is positioned as a leader in standardized examination information technology, leveraging generative AI technology to enhance its product offerings [13][54]. - Collaborations with major tech firms like Tencent and Huawei are expected to bolster the company's AI capabilities and market presence [28].