港股異動丨粉筆大漲超21%,機構指AI刷題系統班引領公司迎增厚利潤奇點時刻
粉筆(2469.HK)今日漲幅擴大,盤中拉昇漲超21%至3.61港元,股價創2024年10月以來新高;截至目前成交額放大至7.6億港元。消息面上,粉筆2025年4月7日上線AI刷題系統班,7月初版本迭代至3.0。浙商證券日前發佈研報稱,根據多知數據,粉筆AI刷題系統班產品上線兩個月累計銷售額突破1400萬元,付費學員規模達4萬人,2025年收入有望超過1億元,對應市場滲透率僅3.2%(假設公考報考人數900萬人)。假設長期滲透率在保守/中性/樂觀場景下分別爲15%(對應135萬人,與大班課高峯時期付費人次較接近)/30%(與行業滲透率一致)/50%,則有望帶來收入增量4.7/9.4/15.7億元。若考慮AI賦能傳統業務包括AI系統班、AI會員等功能,則市場空間更大。隨着7月初版本迭代至3.0,效果優化有望加速口碑傳播,2025年有望實現購買人次超20萬人,貢獻收入規模保守預計8000萬元,隨着滲透率提升有望提升參培人次的同時進一步通過規模效應提升利潤率。浙商證券還稱,粉筆作爲招錄考試培訓龍頭,在當前的經濟環境及行業競爭中體現出強大的產品課程開發和技術研發優勢,AI刷題系統班的推出有望使公司通過更有質價比的產品擺脫行業競爭泥潭,迎來參培人次穩健增長、同時增厚利潤的奇點時刻。疊加AI+教育行情催化,上調至“買入”評級。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.