Guohai Securities released a research report saying that the first chalk (02469) “buy” rating predicts net profit of 5.1/6.6/850 million yuan in 2024-2026, and adjusted net profit of 5.9/7.1/860 million yuan in 2024-2026. The company is a leader in the public examination circuit. It has excellent products, R&D, and technical capabilities. In the future, it will benefit from increased industry concentration and technological empowerment such as AI, and is expected to maintain a high level of revenue and profit growth.
The bank said that the company's small classes drive revenue growth, and the OMO synergy effect is prominent. ① Small classes are the main driver of income. In 2023, training service revenue was 2,515 billion yuan, yoy +6.8%, gross profit margin of 55.4%, +3.9 pct year-on-year. By business, the revenue for small classes and large classes in 2023 was 1,666 billion yuan, respectively. ② Deeply cultivate online, and the OMO synergy effect is prominent. Small class classes are divided into two forms: online and OMO. The company has been deeply involved in online training for public examinations for many years. The quality of teaching is stable, and has formed a good brand effect. By deepening the OMO model, online and offline collaborative development, and relying on years of accumulated learning data and related technology to provide personalized learning solutions, the company has increased the scale of the small class business.