教育业务亏损收窄，布局AI自习室丰富增长点

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue for 2023 increased by 7.02% to 2.396 billion yuan, while the net profit attributable to shareholders decreased by 17.97% to 4.1155 million yuan. In Q1 2024, revenue decreased by 18.90% to 483 million yuan, and the net loss attributable to shareholders increased by 66.84% to 8.0856 million yuan [4]. - The education business has shown a significant reduction in losses, with a revenue of 432 million yuan in 2023, reflecting a year-on-year increase of 19.10%. The net loss for this segment was 46.98 million yuan, an increase of 44.88% year-on-year [4]. - The printing business maintained positive profitability, with a revenue increase of 4.68% to 1.964 billion yuan in 2023, although net profit decreased by 43.37% to 51.1 million yuan due to high inventory levels and a reduction in high-margin orders [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.396 billion yuan, with a year-on-year growth rate of 7.0%. The net profit attributable to shareholders was 4 million yuan, down 92.6% year-on-year. The projected net profits for 2024-2026 are 80 million yuan, 100 million yuan, and 125 million yuan, respectively, with significant growth rates of 1918.9%, 26.5%, and 19.2% [14]. - The company plans to distribute a cash dividend of 0.02 yuan per share, totaling 10.6536 million yuan [4]. Business Segments - The education segment is expected to improve, with the introduction of new courses and services, including AI-assisted study rooms, which are anticipated to enhance customer retention and create new revenue streams [4]. - The printing segment continues to support overall performance, despite a decline in profit margins due to external factors [4]. Future Outlook - The company is projected to achieve a turning point in its fundamentals, with a focus on dual development in publishing services and technology education services. The expected price-to-earnings ratios for 2024-2026 are 39, 31, and 26 times, respectively [4].