Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The company has launched a new AI feature called "AI Smart Teacher" for its exam preparation courses, which is expected to enhance user experience [1]. - The pricing for the exam preparation courses has been increased from 980 yuan to 1280 yuan, representing a 31% increase, effective from August 1 [1]. - The company has upgraded its exam preparation courses and services, which is anticipated to boost revenue and improve profitability [1]. - The introduction of scholarships for students who progress to interviews is expected to attract more high-quality candidates [1]. - The projected adjusted net profits for 2024, 2025, and 2026 are estimated to be 608 million yuan, 806 million yuan, and 1,003 million yuan respectively, with corresponding valuations of 15x, 11x, and 9x [1]. Financial Summary - Total revenue for 2022 was 2,810 million yuan, with a projected increase to 3,021 million yuan in 2023 and further to 3,412 million yuan in 2024, reflecting a year-on-year growth rate of 7.5% [2]. - The net profit attributable to shareholders for 2022 was 190 million yuan, expected to rise to 445 million yuan in 2023 and 608 million yuan in 2024, showing a significant year-on-year growth of 134.1% in 2023 [2]. - The gross margin is projected to improve from 49% in 2022 to 58% by 2026 [2]. - The earnings per share (EPS) is expected to increase from -2.86 yuan in 2022 to 0.44 yuan by 2026 [2]. Key Financial Ratios - The company is expected to achieve a gross margin of 54% in 2024 and 56% in 2025 [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 20 in 2023 to 9 in 2026, indicating an attractive valuation [5]. - The current ratio is expected to improve significantly from 2.34 in 2023 to 7.61 in 2025, reflecting enhanced liquidity [5].
粉笔：推出ToC端AI产品，系统班升级并提价