丨证券研究报告丨 公司研究丨点评报告丨佳发教育（300559.SZ） [Table_Title] 短期需求扰动导致业绩承压，AI 助力智慧转型 报告要点 [Table_Summary] 佳发教育发布 2024 年报及 2025 年一季报，2024 年公司实现营收 4.30 亿元，同比减少 28.87%； 实现归母净利润 0.36 亿元，同比减少 72.23%；实现扣非归母净利润 0.34 亿元，同比减少 73.19%；实现经营性现金流净额 0.50 亿元，同比减少 72.10%。2025 年 Q1 实现营业收入 0.55 亿元，同比减少 51.82%；实现归母净利润-0.10 亿元，去年同期为 0.07 亿元；实现扣非归母 净利润-0.11 亿元，去年同期为 0.06 亿元；实现经营性现金流净额 -0.08 亿元，去年同期为- 0.44 亿元。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 佳发教育（300559.SZ） cjzqdt11111 [ ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on AI-driven growth opportunities in the education sector [1][2][4] Financial Performance - In 2024, the company achieved revenue of 430 million yuan, a year-on-year decrease of 28.87% [1][2] - The net profit attributable to shareholders was 36 million yuan, down 72.23% year-on-year [1][2] - The operating cash flow net amount was 50 million yuan, a decrease of 72.10% year-on-year [1] - For Q1 2025, the company reported revenue of 55 million yuan, a decline of 51.82% year-on-year [1][2] Business Segments - The core business of standardized examination products and solutions generated revenue of 270 million yuan in 2024, down 35.91% year-on-year, with a gross margin of 58.01% [3] - The smart education products and solutions achieved revenue of 93 million yuan, a decrease of 19.89% year-on-year, with a gross margin of 37.32% [3] Strategic Focus - The company is focusing on the "AI+" strategy to drive transformation and innovation in response to market demand [3][4] - AI applications have been implemented in various examination processes, enhancing efficiency and fairness [3] - The company has established a strong brand presence in the smart examination sector, being one of the earliest entrants in the industry [4] Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 475 million, 554 million, and 680 million yuan, respectively, with net profits of 68 million, 88 million, and 130 million yuan [4] - The company is expected to benefit from AI-driven new products and business lines, potentially leading to a new growth curve [3][4]