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粉筆: AI賦能效果逐步顯現

天风国际  · 公众号  ·  · 2024-06-24 17:50

正文

Fenbi

(2469 HK)


AI賦能效果逐步顯現


AI synergy gains traction among students and enhances business profitability potential


BUY (maintain)


投資要點/Investment Thesis

投資要点/Investment Thesis

粉筆推出自研AI智能老師及智能課時脈絡兩大AI學習工具

本輪升級中,粉筆率先將AI成果賦能國/省考筆試系統班產品,新增“AI智能老師”與“課時脈絡”兩大亮點功能,以爲學員提供全程個性化高效解惑,提高學員的學習體驗,真正實現千人千面的個性化學習。


Fenbi launches 2 proprietary AI tools: AI Smart Teacher and Smart Course Context

In Fenbi’s latest round of upgrades, the educational service company led the way in incorporating artificial intelligence functionalities into national and provincial written exam products. It launched two proprietary AI tools, AI Smart Teacher and Smart Course Context, which provide students with personalized and efficient solutions throughout the courses. Both AI tools work in tandem to enhance the educational experience and bring customized learning to life for thousands of individuals at a time.


AI技術加持,科技助力高效學習

教育領域是人工智能浪潮中實現應用最爲直接且邏輯最爲清晰的領域之一。將人工智能技術與教育相結合,是大模型的重要實踐方向。基於在大語言模型(LLM)領域的深厚積累,粉筆自主研發了首個專注於公考行業的垂直大模型。在此基礎上,得益於在教研方面的長期積累,整合RAG(檢索增強生成)、意圖識別和向量數據庫技術,粉筆推出了“AI智能老師”,提供可靠、準確且有針對性的輔導服務。


AI智能老師具備個性化學習規劃及指導、學習成果檢測及輔導、題目答疑及其他做題輔導、考情答疑及報考指導、督學提醒和解壓疏導共7大功能,在學員學習全流程給予指導和陪伴。同時,AI智能老師還是學員學習過程中的同行夥伴,督促學習進度並提供7*24小時的在線陪伴。另一方面,考慮到學員課後回顧複習的需要,粉筆利用先進的AI技術自動生成課程知識脈絡圖譜,根據直播授課內容智能生成關鍵節點,歸總提取核心知識點,課程結構一目瞭然。


Exam-centric educational LLM: with AI readily and directly applicable to educational services, education-based large language models (LLM) are the next logical step in business development. Putting its massive data resources to use, Fenbi developed the industry’s first vertical LLM that is focused on the public exam preparation business.


AI Smart Teacher leverages the company’s deep teaching and research resources to provide targeted, accurate and reliable tutoring services by integrating technologies such as retrieval augmented generation, intent recognition and vector database. AI Smart Teacher has seven key functionalities:

1)Personalized learning plan and guidance

2)Revision tests and coaching

3)Q&A and problem-solving coaching

4)Exam prep Q&A and application guidance

5)Supervision and reminders

6)Stress relief

7)24/7 partner: AI Smart Teacher is a virtual partner for students throughout their entire learning journey, supervising their learning progress and providing 24/7 companionship.


Smart Course Context is the other AI tool that uses advanced tech to fulfill students’ after-class review needs. It automatically:

•Maps out course facts

•Generates key points in the content of live lectures

•Extracts key nodes to provide summaries

•Shows the course structure in one glance.


持續提升研發投入,賦能效果顯著

自成立之初,自帶互聯網基因的粉筆就始終致力於讓科技成果與全體學員共享,持續加碼科技投入,2023年研發投入2.51億元,同比增加近30%。在此基礎上,粉筆技術團隊積極探索大模型助力提升學員備考與教師教學的質量與效率,推出一系列包括AI智能點評、AI出題和解析等在內的落地應用。


粉筆AI智能點評在面試場景已被學員廣泛接受,同期使用量是人工點評的20多倍。在教師側,大模型在智能點評、出題和解析等多個場景中可用率達到80%以上,部分場景可用率超90%,極大提升教師工作效率,賦能日常工作流程,老師平均回覆時間從20分鐘下降到5分鐘。


Heavy R&D spending helps build effective and popular AI functionalities

Content tools: since its inception, Fenbi’s online business DNA has driven its commitment to share the power of technology with all students, to which end it has continued to plow in investments. It spent RMB251m on R&D in 2023, nearly 30% more than in 2022. Fenbi’s tech team looked into LLMs to improve the quality and efficiency of its exam prep courses and tutoring services. It rolled out practical applications like smart commentaries, and smart question setting and analysis.


AI use surpasses human interface: the AI-driven smart commentaries are vastly popular among students, particularly the interview mode, being used 20x more than actual human commentaries. As for teachers, their LLM usage ratio surpassed 80% in applications such as smart commentaries, question setting and analysis, while breaching 90% in some other applications. AI has greatly improved their work efficiency and empowered daily processes, such as reducing teachers’ average response time to 5 minutes from 20 minutes.



投資建議/Investment Ideas


維持盈利預測,維持“買入”評級

在人工智能的浪潮中,教育行業亦引入AI應用。公司通過深度應用AI技術,不斷迭代及升級產品與服務,開發多款AI賦能的在線學習工具及創新平臺功能,爲學員的學習提供便利,幫助學員最大化學習成果。我們認爲,AI賦能或將進一步鞏固粉筆在中國職業考試培訓行業的地位,爲學員帶來實質裨益,最終推動公司業務增長。我們預計公司24-26年收入分別爲40.8億人民幣、49.2億人民幣、58.9人民幣;調後淨利分別爲6億人民幣、7.2億人民幣、8.6億人民幣;EPS分別爲0.26元人民幣、0.31元人民幣、0.38元人民幣;對應PE分別爲15、13、11X。


Valuation and risks

Summary: Amid the broad embrace of AI technologies by the educational service industry, Fenbi has deepened AI iteration and upgrades of its products and services. It developed a number of AI-based online learning tools and platform functionalities to maximize learning effectiveness. We believe AI empowerment will entrench Fenbi’s positioning in the Chinese market for vocational exam prep. AI not only benefits its students substantially, but will also ultimately drive the company’s growth, in our view.


Valuation: We maintain our earnings forecast and expect revenue to arrive at RMB4.08bn/4.92bn/5.89bn in 2024/25/26E; with adjusted net profit at RMB600m/ 720m/860m. This implies EPS of RMB0.26/0.31/0.38 and PE of 15x/13x/11x. We maintain our BUY rating on the stock.


風險提示: 政策不確定性;市場競爭加劇;AI應用推廣不及預期;課程開發及產品服務優化不及預期等風險。


Risks include: policy uncertainties; intensifying competition; AI applications falling short of expectations; worse-than-expected curriculum development; and weaker-than-expected product service optimization.



Email: [email protected]

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