Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Viewpoints - The company is a leader in the online high-end investment education service market, primarily targeting affluent individuals with high-quality educational content and financial information software services. As of 2021, the company held an 11.2% market share in the online investor content service market, leading significantly in the high-end education segment with a 31.9% share [3][23]. - Despite market fluctuations, the company achieved steady revenue growth in 2023, with a 17.9% year-on-year increase in orders on hand, laying a solid foundation for future revenue growth. The projected net profits for 2024-2026 are estimated at 199 million, 212 million, and 236 million yuan, respectively, with corresponding EPS of 0.43, 0.45, and 0.51 yuan [3][38]. Summary by Sections 1. Company Overview - The company is recognized as a leader in the online high-end investment education service sector, established in 1996, and aims to assist individual investors in understanding financial markets and making informed investment decisions [12]. 2. Market Potential - The online investor content service market is expected to grow significantly, with projections indicating a market size of 346 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 22.7% from 2021 to 2026. The high-end education market is anticipated to grow at an even faster rate of 29.2% during the same period [4][21][22]. 3. Business Model and Strategy - The company focuses on high-quality investment research content, which underpins its product offerings. It has established a dedicated research institute and has produced over 2,000 analysis articles and 100 professional courses [26]. - The company serves affluent individuals with assets between 1 million to 5 million yuan, offering personalized and professional services through its two main product lines: the high-end education service and financial information software [27]. - The company has a robust media presence with 374 MCN accounts and 38.9 million followers across various platforms, enhancing its user engagement and retention [31]. 4. Financial Performance - In 2023, the company reported revenues of 1.97 billion yuan, a 6.2% increase year-on-year, with a total order amount of 2.35 billion yuan, reflecting a 17.9% growth. The adjusted net profit was 319 million yuan, despite a reported decline due to increased share-based compensation [16][19]. 5. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2024-2026 showing increases of 5.4%, 6.2%, and 10.4%, respectively. The gross margin is anticipated to remain stable at around 83.7% [36][38].
九方财富：港股公司首次覆盖报告：高端投教服务领军，优质内容+流量运营构筑护城河