JIAFAET(300559) 天风证券·2024-06-13 06:07Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [5][33]. Core Insights - The company, Jiafa Education, is actively involved in the development of national standards for physical education assessments, which enhances its authority and market position in this growing sector [12]. - Jiafa Education focuses on smart examination and education, leveraging advanced technology to provide comprehensive solutions across various educational scenarios, serving over a thousand educational institutions nationwide [2][4]. - The company has shifted its business model from single product sales to a diversified approach that includes product sales, solutions, operational services, and leasing services, aiming to capture both B2B and B2C markets [4][15]. Financial Projections - Revenue is projected to grow significantly, with estimates of 879.18 million yuan in 2024, 1,152.87 million yuan in 2025, and 1,547.39 million yuan in 2026, reflecting growth rates of 45.47%, 31.13%, and 34.22% respectively [21][30]. - The net profit attributable to the parent company is expected to reach 191.30 million yuan in 2024, 278.70 million yuan in 2025, and 361.06 million yuan in 2026, with corresponding growth rates of 45.99%, 45.69%, and 29.55% [21][30]. - Earnings per share (EPS) are forecasted to be 0.48 yuan in 2024, 0.70 yuan in 2025, and 0.90 yuan in 2026, indicating a positive trend in profitability [20][30]. Market Opportunities - The implementation of national standards for physical education assessments is expected to open up significant growth opportunities for Jiafa Education, particularly in the smart sports sector, which is anticipated to generate additional orders [12][13]. - The government's push for equipment upgrades in the education sector is likely to drive demand for Jiafa Education's products and services, aligning with the company's strategic focus on technology-driven educational solutions [4][14][15].