Jingu Finance News | Cinda Securities issued a research report stating that Pencil (02469) released a positive profit forecast. In the 24H1 period, it achieved revenue of over 1.61 billion yuan, a decrease of no more than 4.3% year-on-year, achieved net income of over 0.255 billion yuan, an increase of more than 212.9% year-on-year, and achieved adjusted net income of over 0.327 billion yuan, an increase of more than 13.5% year-on-year.
The bank pointed out that excluding the impact of staggered business unit examinations, revenue is expected to increase slightly. Based on the lower limit of earnings and adjusted net income, the net margin will reach 20.3%, an increase of 3.2 points year-on-year. The company's profitability has improved significantly through technology and AI empowerment, the efficiency of teacher resource utilization, and the average teacher income.
The bank continued to point out that the company's interim results met expectations, and if the impact of staggered business unit examinations is excluded, revenue is expected to increase slightly. Through technology empowerment, the company continuously improves its profitability and delivers stable profit growth. From an industry perspective, the bank believes that the demand side is still strong, and the speed of clearing by small and medium-sized institutions on the supply side may be slightly lower than the bank's expectations, but the trend of concentration in the future will still be present. Based on prudence, the bank adjusted its forecast of the company's adjusted net profit for 2024-26 to 0.558/0.684/0.822 billion yuan, with a current stock price corresponding to a valuation of 10x/8x/6x, and maintained a "buy" rating.