复读及职校稳步回暖，业绩超预期

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [15]. Core Insights - The company reported a revenue of 771 million yuan in 2023, a decrease of 2.94% year-on-year, primarily due to the divestment of its K12 education business at the end of 2022 [15]. - The net profit attributable to the parent company for 2023 was 139 million yuan, reflecting a significant increase of 83.60% year-on-year [15]. - The company’s gross margin improved to 33.26% in 2023, an increase of 2.39 percentage points compared to the previous year [15]. - The report highlights a strong recovery in vocational schools and repeat education businesses, with revenues from these segments reaching 353 million yuan, up 23.74% year-on-year [15]. - The company’s investment in the AI chip company Zhonghao Xinying yielded a profit contribution of 7.36 million yuan in 2023, indicating successful investment performance [15]. Financial Summary - Total revenue is projected to grow from 905 million yuan in 2024 to 1,223 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 15.7% [1]. - The net profit attributable to the parent company is expected to increase from 176 million yuan in 2024 to 262 million yuan in 2026, reflecting a CAGR of 21.2% [1]. - The gross margin is anticipated to improve from 33.3% in 2024 to 35.2% in 2026, indicating enhanced operational efficiency [1]. - The return on equity (ROE) is projected to rise from 16.5% in 2024 to 17.0% in 2026, suggesting better profitability relative to shareholders' equity [1]. - The earnings per share (EPS) is expected to grow from 0.53 yuan in 2024 to 0.80 yuan in 2026, reflecting strong earnings growth potential [1].