TANGEL(300148) Huaxin Securities·2025-05-30 01:11Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [6]. Core Insights - The company's main business is showing continuous improvement, with projected revenues of 5.15 billion, 5.77 billion, and 6.50 billion yuan for 2025, 2026, and 2027 respectively, alongside a significant increase in net profit [5][6]. - The company is exploring AI+education new business models in 2025, focusing on deepening its core publishing and gaming businesses while collaborating with tech firms to enhance AI education products [5][6]. Summary by Sections Market Performance - The current stock price is 4.83 yuan, with a total market capitalization of 4 billion yuan and a 52-week price range of 2.21 to 5.55 yuan [2]. Business Development - In 2024, the company achieved a net profit of 0.33 billion yuan, with a revenue of 3.93 billion yuan from its publishing business, reflecting a year-on-year growth of 12.37% [5]. - The company launched a self-developed educational book series that generated over 10 million in sales in its first year, contributing to profit growth [5]. Financial Forecast - The forecast for net profit shows a recovery from a previous decline, with expected figures of 0.74 billion, 1.03 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively [6][9]. - The report anticipates a significant increase in earnings per share (EPS) from 0.04 yuan in 2024 to 0.16 yuan by 2027 [12]. Key Financial Metrics - The report highlights a projected revenue growth rate of 11.7% for 2025, with a net profit growth rate of 124.2% [9][12]. - The gross margin is expected to improve from 28.3% in 2024 to 41.8% in 2027, indicating enhanced profitability [12].