业绩延续高增长，中长期弹性仍可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 68.12 CNY per share, reflecting an expected performance that exceeds the market by more than 15% over the next 12 months [32][40]. Core Insights - The company has shown significant growth in personalized education and is actively expanding into vocational education, with nearly 240 personalized learning centers across over 100 cities and more than 30 full-time training bases nationwide. The education training business is expected to benefit from the recovery of offline demand and an optimized competitive landscape, projecting a revenue of 2.15 billion CNY for 2023, a year-on-year increase of 24.1% [2][39]. - The company's profitability has improved significantly, with a gross margin of 36.4% in 2023, up 9.2 percentage points year-on-year. The overall gross margin for 2023 and Q1 2024 improved by 8.5 and 2.0 percentage points, respectively, benefiting from enhanced efficiency in network and teacher capacity [2][39]. - The report forecasts substantial growth in net profit, projecting 2.77 billion CNY for 2024, with a year-on-year growth rate of 80.3%. The earnings per share (EPS) is expected to reach 2.27 CNY in 2024, with a price-to-earnings (P/E) ratio of 28.04 [10][40]. Financial Summary - The company reported a revenue of 2.21 billion CNY for 2023, a 23.1% increase year-on-year, and a net profit of 154 million CNY, reflecting a staggering growth of 1,035.2% [39]. - For Q1 2024, the company achieved a revenue of 710 million CNY, a 36.0% increase year-on-year, with a net profit of 50.2 million CNY, up 886.4% [39]. - The projected revenues for 2024, 2025, and 2026 are 2.83 billion CNY, 3.49 billion CNY, and 4.22 billion CNY, respectively, indicating a consistent growth trajectory [10][39].