2024年一季报点评：营收超预期，AI赋能未来可期

Investment Rating - The report maintains a "Buy" rating for the company [16][15]. Core Views - The company achieved a revenue of 114 million yuan in Q1 2024, representing a year-on-year growth of 68.47%. The net profit attributable to the parent company was 6.5254 million yuan, up 87.31% year-on-year, indicating strong performance driven by the standardized examination business and AI integration [14][27]. - The company is positioned as a leader in standardized examination construction, focusing on smart examination and smart education, with AI expected to drive a new growth curve [14][15]. - The report highlights the ongoing high growth cycle in the smart examination business, supported by increased demand for anti-cheating systems and intelligent security gates due to regulatory focus on exam integrity [14][15]. Financial Summary - The company forecasts revenues of 795 million yuan, 1.074 billion yuan, and 1.368 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 180 million yuan, 244 million yuan, and 314 million yuan for the same years [15][31]. - The report notes that the management expenses in Q1 2024 were 21.545 million yuan, a 92.94% increase year-on-year, primarily due to the amortization of the employee stock ownership plan [27]. - The company’s earnings per share (EPS) are projected to be 0.45 yuan, 0.61 yuan, and 0.79 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 26, 19, and 15 [15][31].