Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Viewpoints - The company has transformed into a new leader in offline civil service examination training, leveraging its strategic shift towards vocational education and extensive resource support from its major shareholder [1][5]. - The civil service examination training market is experiencing strong demand, with the company rapidly gaining market share due to the decline of its main competitor, and it is expected to expand into new training areas [2][5]. - The company has established a robust national network for vocational training, focusing on civil service, public institutions, and healthcare systems, which has led to significant revenue growth [3][5]. Summary by Sections Company Overview - The company, originally focused on architectural design, has undergone a strategic transformation to become a leader in civil service examination training, supported by its major shareholder's resources [1][11]. - The major shareholder has transferred various intangible assets related to vocational training to the company, facilitating its entry into the non-degree training market [1][3][46]. - The company has rapidly established over 1,000 training centers across 31 provinces, significantly expanding its operational footprint [1][19]. Industry Analysis - The vocational training market is characterized by strong demand, with a shift in market leadership occurring as competitors struggle [2][39]. - Government policies are increasingly supportive of vocational training, contributing to rapid growth in the non-degree training sector [28][31]. - The number of college graduates is at a record high, driving demand for examination training, particularly in competitive fields like civil service [35][36]. Financial Analysis - The company has a strong asset base with high liquidity, and its cash flow is robust due to a prepayment business model [4][5]. - Revenue from non-degree training has surged, with projections indicating continued growth in the coming years [3][5][6]. - The company is expected to achieve significant revenue growth, with forecasts indicating revenues of 27.01 billion, 33.28 billion, and 41.60 billion yuan for 2024, 2025, and 2026, respectively [5][6].