科德教育(300192)：24年教育业务小幅增长

Core Insights - The company reported a revenue of 795 million yuan for 2024, representing a year-on-year increase of 3.10%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 2.27% to 183 million yuan and a net profit decrease of 6.80% to 38 million yuan [1] Financial Performance - For 2024, the education business saw a slight revenue increase of 3.45%, with vocational schools and full-time schools generating 365 million yuan [3] - The gross margin for the education segment decreased by 1.97 percentage points to 46.28%, while the gross margin for the ink business increased by 1.94 percentage points to 22.27% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37% in 2024 [3] - The company reduced its expense ratios in 2024, with sales expense ratio down by 0.87 percentage points to 3.13%, management expense ratio down by 0.08 percentage points to 6.16%, R&D expense ratio down by 0.08 percentage points to 2.18%, and financial expense ratio down by 0.05 percentage points to -0.23% [3] Investment and New Initiatives - The company reported an investment income of 5.93 million yuan from its associate company, Zhonghao Xinying, which achieved a revenue of 598 million yuan, up 23% year-on-year, and a net profit of 85.91 million yuan, up 6% [3][4] - The company has diluted its equity stake in Zhonghao Xinying to 5.99% [4] - The launch of "Kede AI Learning" aims to integrate AI technology into vocational education, offering over 20 popular professional certifications and life skills courses [4] - Currently, "Kede AI Learning" has nearly 30,000 users [5] Q1 2025 Performance and Outlook - In Q1 2025, the company experienced a slight decline in both revenue and net profit, attributed mainly to a decrease in ink product prices due to lower raw material costs and an investment loss of 4.57 million yuan from Zhonghao Xinying, which was higher than in Q1 2024 [5] - The profit forecasts for 2025 to 2027 have been adjusted to 161 million yuan, 185 million yuan, and 210 million yuan respectively, with current stock price valuations at 31x, 27x, and 24x [5]