首次覆盖: 公考龙头的跃迁：基地下沉、AI 赋能 华图山鼎(300492) 华图山鼎首次覆盖报告 股票研究/[Table_Date] 2026.01.06 2026-01-06 建筑工程业 [Table_Industry] /工业 本报告导读： 公司利用 AI 技术全场景赋能及地市基地下沉战略，配合与粉笔的深度协作，正加速 实现公考行业的市占率跨越与格局重塑。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 247 | 2,833 | 3,458 | 4,293 | 5,159 | | (+/-)% | 131.3% | 1,046.3% | 22.1% | 24.1% | 20.2% | | 净利润(归母) | -92 | 53 | 312 | 438 | 543 | | (+/-)% | -939.0% | 157.6% | 487.9% | 40.7% | 23.9% | | 每股净收益(元) | -0.4 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 89.20 CNY [5][16]. Core Insights - The company is leveraging AI technology and a city-based base sinking strategy, in collaboration with Fenbi, to accelerate its market share growth and reshape the public examination industry [2][12]. - The company is expected to achieve significant revenue growth, with projected net profits for 2025-2027 at 312 million, 438 million, and 543 million CNY respectively, and EPS of 1.58, 2.23, and 2.76 CNY [12][16]. - The strategic partnership with Fenbi is anticipated to enhance competitive barriers and operational efficiency in the vocational education market [12][21]. Financial Summary - Total revenue is projected to grow from 247 million CNY in 2023 to 5,159 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 131.3% in 2024 [4][13]. - The net profit is expected to turn from a loss of 92 million CNY in 2023 to a profit of 543 million CNY by 2027, indicating a significant recovery and growth trajectory [4][13]. - The company’s gross margin is projected to improve from 53.48% in 2024 to 57.16% by 2027, driven by brand effect and operational efficiency [19][21]. Industry Analysis - The number of college graduates in China is expected to exceed 12 million by 2025, creating a sustained demand for public examination training [32][46]. - The public examination training market is projected to reach approximately 151 billion CNY in 2025, with a potential growth to 237 billion CNY by 2030 [46][47]. - The company is positioned to benefit from the increasing number of civil service examination candidates, which has shown a consistent upward trend [41][46].

华图山鼎 20251230 摘要 公考市场规模庞大，2025 年国考报名人数达 370 万，整体规模上千万 级别。尽管录取率下降，但报考热情高涨，付费培训需求强劲，线上低 价和线下高性价比课程均有发展前景。 华图山顶自 2023 年转型公考培训，得益于华图教育资源注入。目前线 下面授占比 93.4%，在线培训占比 6.6%。凭借 20 年教学积累和品牌 影响力，在行业内占据重要地位。 公考行业未来发展前景广阔，报考热情持续高涨，推动培训机构创新产 品和服务。AI 技术应用、线上低价产品和本地化培训将提高学员满意度。 应届生身份延长政策也增加了回乡备考人群。 协议班模式因退费问题衰落，头部机构营收下滑，教师流失加剧尾部机 构扩张，行业竞争格局恶化。华图山鼎因起步较晚，退费压力较轻， 2024 年底收入超过中公教育，成为行业第一。 华图山鼎创新推出"考编直通车"产品，将分项目制改为分科目制，缩 短交付天数，降低教师成本，提升地级市基地班毛利率 40 个百分点， 实现商业模型跑通。 Q&A 近年来公务员考试热潮的原因是什么？ 公务员考试热潮的主要原因在于当前经济形势下，年轻人对稳定工作的追求。 特别是在经济短期承压 ...

证券研究报告 | 2025年12月29日 | 晨会纪要 | | --- | | 数据日期:2025-12-26 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3963.67 | 13603.89 | 4657.24 | 14573.33 | 3934.70 | 1345.82 | | 涨跌幅度（%） | 0.10 | 0.53 | 0.31 | 0.38 | -0.09 | -0.23 | | 成交金额（亿元） | 8936.44 | 12665.47 | 4604.26 | 4672.38 | 5713.13 | 451.90 | $\frac{\pi\times6}{\pi\times6}$. 【重点推荐】 行业与公司 建筑行业快评:洁净室工程点评-为何洁净室能成为 AI 基建主线？ 华图山鼎(300492.SZ) 深度报告:公考热下竞争格局重塑，产品创新抢占 成长先机 【常规内容】 宏观与策略 宏观周报:宏观经济周报-当基期调整遇上价格回 ...

Core Viewpoint - Huatu Shanding (300492) announced on November 24 that its main non-academic training product, "Kaobian Zhitongche," utilizes a base delivery model to enhance operational efficiency and reduce costs by shifting from a traditional project-based teaching model to an integrated subject-based teaching approach [1] Group 1 - The "Kaobian Zhitongche" product breaks the traditional project-based teaching model [1] - The company ensures quality delivery while maintaining cost advantages through combined classes for the same subjects across different product sequences [1] - This new teaching model significantly improves operational efficiency [1]

Group 1: Company Overview and Expansion Plans - The Mogan Mountain base was planned in June 2025 with an initial capacity of 300 people, which expanded to 500 within a month due to high demand [1] - The base currently has a total area of approximately 4,000 square meters, with 13 classrooms and 2 self-study rooms, accommodating 1,370 students, and future plans aim for a total capacity of 1,550 [2] - The company plans to establish over 320 bases nationwide, with a target of launching more than 70 bases in 2025, aiming for an average of one new base per week [4] Group 2: Market Strategy and Product Offerings - The main product for non-degree training is the "Direct Train" program, which integrates resources through a subject-based teaching model, enhancing operational efficiency [5][6] - The company is focusing on high-quality "product + delivery" investments to meet the changing demands of students, particularly in lower-tier cities [3] - The "Direct Train" product is promoted through a three-pronged strategy: new projects will primarily offer this product, existing short-term courses will be replaced, and all branches will transition to this product [9] Group 3: AI Integration and Competitive Positioning - The company has developed a matrix of AI products, including AI interview feedback and personalized tutoring, which are applied across various learning scenarios, significantly improving delivery efficiency [7] - The competitive landscape is shifting towards larger institutions, with the company relying on three core strategies for differentiation: regional operations in lower-tier cities, focus on the "Direct Train" product, and deep integration of AI technology [8] - The company plans to launch a membership-based AI product package in 2026, aimed at expanding brand influence and driving traffic to offline bases [9]

Core Insights - Huatu Education held an AI strategy conference, revealing its strategic planning, product achievements, and industry forecasts, focusing on the vast potential of the non-degree vocational education market and the opportunities for industry transformation [1] - The company aims to explore business growth in lower-tier markets, leveraging vertical large models as a technological foundation to reconstruct the delivery model of educational services [1] Financial Performance - In the first three quarters of 2025, Huatu Shanding reported revenue of 2.464 billion yuan, a year-on-year increase of 15.65%, and a net profit of 249 million yuan, reflecting a significant year-on-year growth of 92.48% [3][4] Market Strategy - The lower-tier market is identified as a new growth engine for non-degree vocational education, with a focus on providing full-time, long-cycle preparatory services to users returning to their hometowns [2] - Huatu Education plans to deepen its market presence through three key initiatives: regional operational reform, optimizing product offerings, and enhancing service processes to improve user experience and operational efficiency [2] AI Product Development - Huatu Education has developed a comprehensive AI product matrix, including 20 AI products that cover all learning scenarios from training to assessment, with significant applications in AI interview feedback and essay grading [4][5] - The company has seen a rapid increase in user engagement with its AI products, with monthly usage doubling, indicating strong market demand and product effectiveness [4][5] Data Utilization and Organizational Efficiency - The company emphasizes the importance of high-quality data collection and organization, possessing over 200,000 grading samples and investing significantly in data governance to enhance AI capabilities [5] - AI strategies extend beyond student-facing products to organizational operations, with nearly 70% of employees using AI tools, resulting in a 35% increase in enrollment conversion rates and over 50% improvement in sales efficiency [5] Industry Outlook - The vocational education market in China is projected to exceed 900 billion yuan in 2024, with expectations to surpass 1.2 trillion yuan by 2030, driven by data-driven educational models [6] - Huatu Education anticipates an increase in market concentration, aiming to raise its market share from approximately 5% to 30% by leveraging high-quality curriculum and AI efficiency tools [6]

Core Insights - The article discusses Huatu Education's AI strategy, focusing on its planning, product implementation, and industry forecasts, emphasizing the potential of the non-degree vocational education market and the need for a shift in educational service delivery models [1][2] Group 1: Financial Performance - In the first three quarters of 2025, Huatu Shanding reported revenue of 2.464 billion yuan, a year-on-year increase of 15.65%, and a net profit of 249 million yuan, reflecting a significant growth of 92.48% [1][3] - The non-degree training business generated revenue of 2.443 billion yuan, indicating strong performance despite industry pressures [3] Group 2: Market Strategy - Huatu Education is focusing on the lower-tier markets, recognizing a demand for full-time, long-cycle preparatory services among users returning to their hometowns [1][2] - The company plans to deepen its market penetration through three key initiatives: regional operational reforms, optimized product offerings, and enhanced service processes [2] Group 3: AI Product Development - Huatu Education has developed a comprehensive AI product matrix, including 20 AI applications that cover all learning scenarios from training to assessment [3][4] - The AI interview evaluation and essay correction products have shown industry-leading user engagement, with monthly usage doubling [4][5] Group 4: Data and Technology - The company has invested significantly in data collection and organization, amassing over 200,000 correction samples and utilizing 3,000 teachers and 300,000 hours of data governance to create high-quality structured data [5][6] - Huatu's AI strategy extends beyond student-facing products to enhance organizational efficiency, with approximately 70% of its 7,000 employees using AI-driven tools to improve performance metrics [5][6] Group 5: Industry Outlook - The vocational education market in China is projected to exceed 900 billion yuan in 2024 and reach 1.2 trillion yuan by 2030, indicating substantial growth potential [6] - Huatu aims to increase its market share from approximately 5% to 30% by leveraging high-quality curriculum and AI efficiency tools, anticipating a rise in industry concentration [6]

Core Insights - Company launched approximately 20 AI products, including AI interview evaluation, with R&D expenses increasing to 145 million yuan, reflecting a 160.41% year-on-year growth [1][4] - The strategic focus is on "technology innovation" as a key component for high-quality development, emphasizing the importance of AI in education [1][3] AI Strategy - The company is implementing a "three-in-one" AI strategy, focusing on regional operational reform, product optimization, and service process enhancement [3] - Key products include "Interview AI Evaluation" launched in October 2024 and a "Personalized Tutoring System" set to launch in May 2025, utilizing big data and AI for tailored learning solutions [3][4] Product Performance - The AI interview evaluation product achieved over 1 million uses within 40 days of launch, while the monthly usage of AI essay correction doubled [4] - The company aims to create a learning scene matrix covering 50 scenarios across all subjects [4] Operational Efficiency - AI initiatives have led to a 35% increase in enrollment conversion rates and over 50% improvement in sales personnel efficiency [4] - Approximately 70% of employees, around 7,000, are actively using the AI workbench, indicating strong internal adoption [4] Financial Performance - The latest financial report for the first three quarters of 2025 shows revenue of 2.464 billion yuan, a year-on-year increase of 15.65%, and a net profit of 249 million yuan, reflecting a 92.48% growth [6]

Core Insights - The article highlights Huatu Education's comprehensive AI strategy and its significant investment in AI research and development, showcasing a commitment to leveraging technology for educational advancement [1][2][3] Financial Performance - Huatu Shanding reported a revenue of 2.464 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.65%, while net profit reached 249 million yuan, marking a substantial increase of 92.48% [2] Strategic Initiatives - The company is focusing on three key areas to meet the new demands of students: regional operational reform, product optimization with the launch of the "Exam Preparation Express," and a shift from market-driven to product and service-driven operations [2][3] - Huatu's competitive edge lies in its high-quality base product construction and AI-driven technological empowerment [2] AI Development and Implementation - Huatu has made significant strides in AI product development, with user engagement in AI interview evaluation and essay grading leading the industry and doubling in usage each month [6][10] - The company emphasizes the importance of structured vertical data accumulation and human-machine collaboration as unique advantages in the AI education sector [3][8] Human-Machine Collaboration - Huatu employs a large team of 3,000 teachers, dedicating significant resources to data annotation and content review, which enhances the quality of its AI products [9][10] - The company has developed an intelligent work platform that improves operational efficiency, with AI contributing to a 35% increase in enrollment conversion rates and over 50% improvement in sales staff efficiency [9][10] Product Quality and Market Strategy - Huatu's AI strategy is built on five key principles, including human-machine collaboration, data-driven iteration, personalized service, innovation stimulation, and multi-functional roles to enhance organizational efficiency [12] - The company prioritizes product quality over rapid market entry, aiming for a 90% performance standard in AI products before launch [12][13] Future Outlook - Huatu is positioned to reshape the public examination training landscape by transforming its competitive advantages into a sustainable AI moat, capitalizing on the ongoing productivity revolution in education [13]