华西证券（002926）发布研报称，维持粉笔(02469)"买入"评级，粉笔与华图山鼎（300492）建立战略 合作，有望显著改善招录培训行业的竞争格局。合作将整合双方在技术(如AI课程开发)、渠道(线上与 线下)及公司治理等核心领域的优势，共同推动行业走向良性发展。此举不仅为粉笔在市场需求扩大的 背景下，通过AI产品开辟第二增长曲线注入新动力，也为传统培训业务的价格企稳创造了有利环境。 华西证券的主要观点如下： 与华图山鼎订立战略合作协议具体内容 双方建立战略合作关系，发挥各自资源互补优势，提升双方整体竞争力，共同探索招录类考试培训业务 合作。包括： 1)投资合作：双方将探索并寻求在股权投资的合作，包括但不限于战略投资及成立合资企业。 2)公司治理：双方可相互推荐董事进入对方实体机构，建立常态化沟通机制，借鉴彼此先进管理经验， 发挥各自优势。 战略合作的好处 1)提振市场信心;2)招录培训行业经历3年多价格战目前有望见底，以24年收入计，华图和粉笔为招录培 训行业前三的龙头公司，粉笔和华图两家龙头合作，有利于行业竞争格局改善、分别发挥线上线下 （300959）优势。 未来空间 (1)2025国考共有341. ...

Core Viewpoint - The recent series of stock buybacks and insider purchases by the company signals strong confidence in its future performance and market position [1][2]. Group 1: Stock Buybacks and Insider Confidence - The company has engaged in a series of stock buybacks, which has attracted market attention [1]. - Founders and executives have increased their holdings and committed to a two-year lock-up, indicating strong belief in the company's prospects [1]. Group 2: Market Response and Sales Performance - Following the announcement of policy changes regarding civil service exam age limits, the company saw a surge in sales, with its AI exam preparation system achieving over 14,000 sales in a single day [2]. - The company's stock price increased by 7% on the day of the announcement, reflecting positive market sentiment [2]. Group 3: Industry Trends and Opportunities - The vocational education sector is experiencing significant growth due to supportive policies, increasing demand, and technological advancements [8][9]. - Recent policy changes have created a favorable environment for AI technologies in education, providing new opportunities for the industry [10]. Group 4: Financial Performance and AI Integration - The company reported a total revenue of 1.492 billion yuan in the first half of the year, with a net profit of 227 million yuan, showcasing resilience despite market challenges [17]. - The introduction of AI products has not only expanded the product line but also improved operational efficiency and reduced costs [20]. Group 5: Competitive Advantages and Future Growth - The company's competitive edge is built on technology investment, a solid user base, and effective commercialization strategies [22]. - The AI-driven products have shown promising results, with the AI exam preparation class exceeding internal sales expectations [20]. - The management has indicated that AI-related revenues are already covering costs and contributing to profits, with potential for further growth in new markets [27].

Group 1 - The stock of Fenbi (02469) increased by over 6%, reaching a price of 2.85 HKD with a trading volume of 145 million HKD [1] - On October 16, Fenbi announced that its AI exam preparation system saw a strong market response, with daily sales exceeding 14,000 orders following the release of the national civil service exam registration announcement [1] - The AI exam preparation system, launched in April this year, is the first AI-driven course product in the industry, developed based on Fenbi's proprietary large model [1] Group 2 - The AI sprint class, officially launched on October 15, also performed well, with pre-sale orders surpassing 21,000, indicating high market recognition for AI-based course products [1] - Fenbi has introduced a series of products including Fenbi AI Teacher, premium AI interview reviews, civil service and public institution AI exam preparation systems, AI smart speakers, and AI sprint classes, covering the entire lifecycle of civil service exam preparation [1] - The announcement on October 14 regarding the recruitment of civil servants for 2026 included an increase in the age limit for applicants, which is expected to boost the number of registrations [1] Group 3 - The recruitment plan for 2026 aims to hire 38,100 individuals, with the age limit for applicants raised from 35 to 38 years, and for 2026 graduates, the limit is extended to under 43 years [1] - According to Xinda Securities, the expanded age limit for the civil service exam is likely to continue promoting an increase in the number of applicants, suggesting investment opportunities in the recruitment training industry [1]

Group 1 - The core point of the article highlights the strong market response to Fenbi's AI exam preparation products, with a significant increase in sales following the announcement of the national civil service examination registration [1] - Fenbi's AI exam preparation system, launched in April, is the first AI-driven course product in the industry, achieving over 14,000 sales in a single day after the announcement [1] - The newly launched AI sprint class also performed well, with pre-orders exceeding 21,000, indicating high market recognition for AI-based educational products [1] Group 2 - The announcement of the 2026 national civil service examination has expanded the age limit for applicants, potentially increasing the number of candidates and benefiting the recruitment training industry [1] - The total recruitment plan for 2026 is set at 38,100 positions, with age limits raised to 38 for general applicants and 43 for master's and doctoral graduates [1] - The investment opportunity in the recruitment training sector is emphasized, particularly in light of the increased applicant age limits and the expected growth in registration numbers [1]

Investment Rating - The investment rating for the education industry is "Positive" [2] Core Insights - The National Civil Service Bureau announced the 2026 civil service examination recruitment, widening the age limit for applicants, which is expected to boost the number of registrations [3] - The age limit has been extended by 3 years, allowing applicants aged 18 to 43 years, which is anticipated to stimulate a rapid increase in registration numbers [3] - Although the number of recruits is slightly reduced to 38,100, a decrease of 4%, it is believed that this will not dampen the enthusiasm for civil service examinations due to the small reduction and the increasing number of graduates [3] - The policy allowing recent graduates to maintain their status for three years is expected to enhance demand for full-time preparation and long-term training programs [3] - The report suggests focusing on investment opportunities in the recruitment training sector due to the expected increase in competition and training demand [3] Summary by Sections - **Event Summary**: The announcement of the civil service examination for 2026 includes a widening of the age limit, which is likely to increase the number of applicants [3] - **Recruitment Numbers**: The planned recruitment for 2026 is 38,100, a slight decrease of 4%, but this is not expected to affect the enthusiasm for civil service exams [3] - **Impact on Training Demand**: The three-year eligibility for recent graduates is likely to boost demand for full-time and long-term training programs [3] - **Investment Recommendations**: The report recommends focusing on investment opportunities in the recruitment training industry due to the anticipated increase in applicant numbers and competition [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is facing pressure on performance due to intense competition in the recruitment training industry, leading to a decline in training business sales and revenue [3] - The launch of the AI-based question practice system class aims to establish a leading position in educational AI applications, with approximately 50,000 sales and revenue of about 20 million RMB by the end of June [3] - The AI question practice system class has shown initial success in improving conversion rates, attracting many previously non-paying users, and the company plans to expand this offering to more subjects in the future [3] - Despite the competitive challenges, the company is expected to achieve non-linear growth through AI applications, with adjusted net profit forecasts for 2025-2027 being 263 million, 295 million, and 358 million RMB respectively [3] Financial Summary - Total revenue for 2023 is projected at 3,034 million RMB, with a year-on-year growth rate of 7.5%, but is expected to decline to 2,625 million RMB in 2025, reflecting a decrease of 5.9% [4] - The net profit attributable to the parent company is forecasted to grow from 189 million RMB in 2023 to 263 million RMB in 2025, with a year-on-year growth rate of 9.7% [4] - The company's gross margin is expected to be around 50% in 2025, with a return on equity (ROE) of 17.8% [4] - The price-to-earnings (P/E) ratio is projected to decrease from 37 in 2023 to 28 in 2025, indicating a more attractive valuation over time [4]