佳发教育:高考防作弊重要性升级,或显著带动公司业务发展
（以下内容从天风国际证券《佳发教育:高考防作弊重要性升级,或显著带动公司业务发展》研报附件原文摘录）
Chengdu Jiafaantai Education Technology (300559 CH) 高考防作弊重要性升级，或显著带动公司业务发展 China’s crackdown on Gaokao cheating adds impetus to Jiafaantai’s business growth prospects BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 教育部表态把作弊作为今年高考安全重中之重 5月9日，教育部召开2023年全国普通高校招生考试安全工作视频会。教育部部长怀进鹏强调，要扛起政治责任，全力以赴实现“平安高考”目标任务。 一要强化底线思维，全力保障试题试卷安全，严格考务规范操作，统筹做好考试防疫等工作，进一步织密考试组织的“防护网”。二要强化综合治理，把防范手机作弊作为今年高考安全的重中之重，让手机“带不进”、“用不了”、“传不出”，进一步守住考场安全的“主阵地”。三要强化统筹协调，深化高考综合改革，深化考试内容改革，统筹推进相关专项改革，进一步打好高考改革的“攻坚战”。四要强化应急处突，敢于担当作为，完善应急预案，加强数字化指挥，进 Education Ministry: cheating is top security concern at 2023 college entry exams China’s Ministry of Education hosted a video conference on 9 May 2023 detailing security practices for the country-wide 2023 National College Entrance Examination (NCEE, aka Gaokao). Education Minister Huai Jinpeng stressed the need to take collective political responsibility to secure fairness for NCEE takers. Dr Huai laid out four key points: 1)Collective effort: “first, as a starting point, let us anchor our mindset by sparing no effort to ensure the security of exam questions and papers, adhering strictly to exam procedures and coordinating duties in carrying out preventive measures and tightening the ringfence around the exam system. 2)Cell phones are out: “second, our utmost priority for the security of this year’s NCEE is to integrate the management and prevention of mobile phone cheating by securing examination sites, which are the key battlegrounds, enforcing cell phone prohibitions, including their entry, their use and their transmission. 3)Content reforms: “third, let us work together to uphold our national agenda of comprehensive NCEE reforms, including reinforcing exam content, while making a coordinated push for special cases. This moves us closer to a decisive win in the uphill battle of driving through NCEE reforms. 4)Digital defense: “fourth, we should boost our emergency response system: dare to take the initiative to improve emergency presets, to strengthen digital directives and firm up firewalls against risks.” 招生考试改革的深入实施，考试公平公正受到更多的重视，标准化考场覆盖的考试类型及产品类型需求越来越多。 标准化考点建设是确保国家招生及教育考试安全公平、招生考试改革平稳顺利实施的重要举措。除高考、研究生考试外，中考、高中学业水平考试、人社考试也开始要求在标准化考场中进行，使更多的学校需要建设标准化考点。近年来，随着通信技术快速发展，在高考等高利害考试中利用手机等通信设备实施考试作弊的事件时有发生，严重干扰和破坏考试秩序，影响国家教育考试的公平性和权威性。受此影响，将进一步推动作弊防控系统、安检门等防作弊设备的建设需求。未来，标准化考场在系统增配、应用场景延伸方面都将获得进一步提升。 Protect the impartiality of exams by driving exam reforms; rising demand for standardized examination halls as exam and product categories increase Standardized test centers: we believe that it is crucial to set up standardized test centers to ensure exam security and fairness, as well as smoothly drive through NCEE reforms. In addition to college entrance and graduate exams, others like high school and senior school entrance exams and service industry exams have begun to require standardized test centers, prompting more schools to build such sites. The recent rapid rise of communications technologies has turned cell phones and other communication devices into exam cheating tools, and high-stakes exams such as NCEE has seen its share of such incidents from time to time. As well as disrupting the order of the exam, they are a threat to fairness as well as to the authority of the NCEE. The imperative is for a prevention and control system to stop cheating behavior, using security gates and other preventive equipment. We expect standardized exam halls in the future will be reinforced with system additions that cover extended application scenarios. 佳发教育在标考信息化特别是防作弊领域具有较强产业话语权 公司深耕教育信息化行业20载，是国内最早从事智慧考试业务企业，是唯一有国家标准化考点各子系统全部核心产品的供应商；承建国家考试业务平台，省级考试业务平台市占率第一，在细分领域市占率第一。公司参与了《国家教育考试网上巡查系统视频标准技术规范》2007版、2017版等多个教育信息化行业标准制定，并积极参与到新考场、素质教育信息化建设相关规范的制定。 在完成平台的建设之后，公司在继续建设大量的到学校端的业务时，可更好实现数据有效对接，从而取得一定入口优势。 公司拥有成熟销售体系、高质的渠道资源，与基础教育、职业院校、高校等各级学校及各级教育主管部门建立长期合作关系。行业客户也倾向于选择有长期合作关系、产品质量稳定和服务及时的供应商。在教育数字化进程中，公司可依托雄厚的用户基础，快速拓展教育市场。 Influential player in exam standardization IT market focusing on cheat prevention Comprehensive supplier: Jiafaantai Education, a veteran player in the education informatization industry for 20 years, was China’s first enterprise to specialize in exam intelligentization. It is the only Chinese company that supplies all of the key products required in each system segment for national standardized examination centers. Exam industry pioneer: it took on the task of setting up China’s national examination business platform, which gives it the biggest market share in the provincial examination business platform and the biggest market share in each of the niche categories. Jiafaantai took part in setting multiple education informatization industry standards, including the 2007 and 2017 editions of National Educational Examination Online Inspection System Video Standard Technical Specifications. It also had a hand in setting specifications for the construction of new examination centers and quality education informatization. After building the platform, Jiafaantai leveraged its data connections to develop many businesses that service schools, utilizing its first-mover advantage. Mature channels: Jiafaantai’s mature sales system and quality channel resources comprise long-term ties with education authorities and schools of all levels, ranging from basic education, vocational colleges and universities. As industry customers prefer suppliers with long-term relationships, stable product quality and timely services, its strong user base in education informatization enables it to expand the market quickly. 佳发智慧考试系列产品面向教育、人事两大考试业务，覆盖考前、考中、考后全生命周期管理，从考试环境、考试安全、考试管理到考试模式，四维一体层层把控，保障考试公平公正 通过网上巡查、身份验证、作弊防控、智能安检门等业务系统，对考试实施过程中所涉及到的考点、考场等物理场所、网络环境、关键人员、关键环节组成的综合体进行整体监管；其中： 智能安检门在考生入场时会自动对考生进行精准检测，在违禁品的检测基础上，增加对手机等电子产品的重点检测，做到检得准、检得全，同时安检门系统通过外置摄像头可以进行全流程监控，覆盖面积达到整个安检门入口，考生通过速度快、效率高。通过安检门的所有考生信息也汇总到综合考务系统上，在整个数据面板上进行集中呈现，实现可视化、数智化、即时化，所有监控信息都定时归档，组成视频集，提供溯源查证。 Solutions: smart exam series caters to education and personnel segments ·Full exam cycle coverage: pre-test, test-taking and post-test management ·Four-pronged sweep: environment, security, management and exam mode Through online inspections, identity verifications, cheating prevention and control, smart security gates and other systems, total supervision of the key exam matrix covers physical spaces such as test centers and exam halls, as well as the network environment, and also key personnel and key processes. Smart gates: for instance, the smart security gate automatically performs accurate detection of candidates when they enter the venue. To detect any contraband, it levels up the detection of electronic products like mobile phones to achieve accurate and complete inspections. The security gate system also monitor all of these via external cameras that span the entire security gate entrance; thus, candidates can pass through quickly and efficiently. Data on all candidates passing through the security gate are aggregated into the comprehensive examination system and presented on the entire centralized data panel to provide real-time visualization and digital intelligence. All of the monitoring data are archived regularly into a set of videos for traceability and verification. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司主营业务为研发、生产、销售、实施具有自主知识产权和自主品牌的教育数智化产品并为用户提供相关服务，产品的主要终端用户为各级教育管理机构和学校，产品主要涵盖智慧考试、智慧教育两大系列。公司产品，依托 AI 人工智能、机器视觉、大数据分析等先进技术 ，从教、学、管、练、评、考、研等多个方面有效提高学校教学和教学管理质量和效率。我们预计公司23-25年EPS分别为0.37、0.50、0.69元/股，对应当前PE为52、39、28x。 Valuation and risks Jiafaantai’s business covers the R&D, production, sales and operation of educational digital intelligence solutions. It holds IP rights and proprietary brands, and supplies solutions and services to its users. Its main end users are educational management institutions and schools at all levels and its two main product series cover smart exams and smart education. Its solutions utilize advanced technologies such as AI, machine vision and big data analysis, to improve the quality and efficiency of school teaching and teaching management in terms of instruction, learning, management, training, evaluation, examination and research. We forecast Jiafaantai’s EPS at RMB0.37/0.50/ 0.69 in 2023/24/25E, corresponding to current PE of 52/39/28x. We maintain our BUY rating on the stock. 风险提示：宏观经济景气度下行风险；行业竞争加剧风险；疫情反复影响项目交付；政策施行不及预期；毛利率随业务结构波动等风险。 Risks include: downside risks of a macroeconomic boom; intensifying competition; persistent pandemic impact on project deliveries; worse-than-expected policy implementation; and gross margin fluctuations related to the business structure. 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Chengdu Jiafaantai Education Technology (300559 CH) 高考防作弊重要性升级，或显著带动公司业务发展 China’s crackdown on Gaokao cheating adds impetus to Jiafaantai’s business growth prospects BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 教育部表态把作弊作为今年高考安全重中之重 5月9日，教育部召开2023年全国普通高校招生考试安全工作视频会。教育部部长怀进鹏强调，要扛起政治责任，全力以赴实现“平安高考”目标任务。 一要强化底线思维，全力保障试题试卷安全，严格考务规范操作，统筹做好考试防疫等工作，进一步织密考试组织的“防护网”。二要强化综合治理，把防范手机作弊作为今年高考安全的重中之重，让手机“带不进”、“用不了”、“传不出”，进一步守住考场安全的“主阵地”。三要强化统筹协调，深化高考综合改革，深化考试内容改革，统筹推进相关专项改革，进一步打好高考改革的“攻坚战”。四要强化应急处突，敢于担当作为，完善应急预案，加强数字化指挥，进 Education Ministry: cheating is top security concern at 2023 college entry exams China’s Ministry of Education hosted a video conference on 9 May 2023 detailing security practices for the country-wide 2023 National College Entrance Examination (NCEE, aka Gaokao). Education Minister Huai Jinpeng stressed the need to take collective political responsibility to secure fairness for NCEE takers. Dr Huai laid out four key points: 1)Collective effort: “first, as a starting point, let us anchor our mindset by sparing no effort to ensure the security of exam questions and papers, adhering strictly to exam procedures and coordinating duties in carrying out preventive measures and tightening the ringfence around the exam system. 2)Cell phones are out: “second, our utmost priority for the security of this year’s NCEE is to integrate the management and prevention of mobile phone cheating by securing examination sites, which are the key battlegrounds, enforcing cell phone prohibitions, including their entry, their use and their transmission. 3)Content reforms: “third, let us work together to uphold our national agenda of comprehensive NCEE reforms, including reinforcing exam content, while making a coordinated push for special cases. This moves us closer to a decisive win in the uphill battle of driving through NCEE reforms. 4)Digital defense: “fourth, we should boost our emergency response system: dare to take the initiative to improve emergency presets, to strengthen digital directives and firm up firewalls against risks.” 招生考试改革的深入实施，考试公平公正受到更多的重视，标准化考场覆盖的考试类型及产品类型需求越来越多。 标准化考点建设是确保国家招生及教育考试安全公平、招生考试改革平稳顺利实施的重要举措。除高考、研究生考试外，中考、高中学业水平考试、人社考试也开始要求在标准化考场中进行，使更多的学校需要建设标准化考点。近年来，随着通信技术快速发展，在高考等高利害考试中利用手机等通信设备实施考试作弊的事件时有发生，严重干扰和破坏考试秩序，影响国家教育考试的公平性和权威性。受此影响，将进一步推动作弊防控系统、安检门等防作弊设备的建设需求。未来，标准化考场在系统增配、应用场景延伸方面都将获得进一步提升。 Protect the impartiality of exams by driving exam reforms; rising demand for standardized examination halls as exam and product categories increase Standardized test centers: we believe that it is crucial to set up standardized test centers to ensure exam security and fairness, as well as smoothly drive through NCEE reforms. In addition to college entrance and graduate exams, others like high school and senior school entrance exams and service industry exams have begun to require standardized test centers, prompting more schools to build such sites. The recent rapid rise of communications technologies has turned cell phones and other communication devices into exam cheating tools, and high-stakes exams such as NCEE has seen its share of such incidents from time to time. As well as disrupting the order of the exam, they are a threat to fairness as well as to the authority of the NCEE. The imperative is for a prevention and control system to stop cheating behavior, using security gates and other preventive equipment. We expect standardized exam halls in the future will be reinforced with system additions that cover extended application scenarios. 佳发教育在标考信息化特别是防作弊领域具有较强产业话语权 公司深耕教育信息化行业20载，是国内最早从事智慧考试业务企业，是唯一有国家标准化考点各子系统全部核心产品的供应商；承建国家考试业务平台，省级考试业务平台市占率第一，在细分领域市占率第一。公司参与了《国家教育考试网上巡查系统视频标准技术规范》2007版、2017版等多个教育信息化行业标准制定，并积极参与到新考场、素质教育信息化建设相关规范的制定。 在完成平台的建设之后，公司在继续建设大量的到学校端的业务时，可更好实现数据有效对接，从而取得一定入口优势。 公司拥有成熟销售体系、高质的渠道资源，与基础教育、职业院校、高校等各级学校及各级教育主管部门建立长期合作关系。行业客户也倾向于选择有长期合作关系、产品质量稳定和服务及时的供应商。在教育数字化进程中，公司可依托雄厚的用户基础，快速拓展教育市场。 Influential player in exam standardization IT market focusing on cheat prevention Comprehensive supplier: Jiafaantai Education, a veteran player in the education informatization industry for 20 years, was China’s first enterprise to specialize in exam intelligentization. It is the only Chinese company that supplies all of the key products required in each system segment for national standardized examination centers. Exam industry pioneer: it took on the task of setting up China’s national examination business platform, which gives it the biggest market share in the provincial examination business platform and the biggest market share in each of the niche categories. Jiafaantai took part in setting multiple education informatization industry standards, including the 2007 and 2017 editions of National Educational Examination Online Inspection System Video Standard Technical Specifications. It also had a hand in setting specifications for the construction of new examination centers and quality education informatization. After building the platform, Jiafaantai leveraged its data connections to develop many businesses that service schools, utilizing its first-mover advantage. Mature channels: Jiafaantai’s mature sales system and quality channel resources comprise long-term ties with education authorities and schools of all levels, ranging from basic education, vocational colleges and universities. As industry customers prefer suppliers with long-term relationships, stable product quality and timely services, its strong user base in education informatization enables it to expand the market quickly. 佳发智慧考试系列产品面向教育、人事两大考试业务，覆盖考前、考中、考后全生命周期管理，从考试环境、考试安全、考试管理到考试模式，四维一体层层把控，保障考试公平公正 通过网上巡查、身份验证、作弊防控、智能安检门等业务系统，对考试实施过程中所涉及到的考点、考场等物理场所、网络环境、关键人员、关键环节组成的综合体进行整体监管；其中： 智能安检门在考生入场时会自动对考生进行精准检测，在违禁品的检测基础上，增加对手机等电子产品的重点检测，做到检得准、检得全，同时安检门系统通过外置摄像头可以进行全流程监控，覆盖面积达到整个安检门入口，考生通过速度快、效率高。通过安检门的所有考生信息也汇总到综合考务系统上，在整个数据面板上进行集中呈现，实现可视化、数智化、即时化，所有监控信息都定时归档，组成视频集，提供溯源查证。 Solutions: smart exam series caters to education and personnel segments ·Full exam cycle coverage: pre-test, test-taking and post-test management ·Four-pronged sweep: environment, security, management and exam mode Through online inspections, identity verifications, cheating prevention and control, smart security gates and other systems, total supervision of the key exam matrix covers physical spaces such as test centers and exam halls, as well as the network environment, and also key personnel and key processes. Smart gates: for instance, the smart security gate automatically performs accurate detection of candidates when they enter the venue. To detect any contraband, it levels up the detection of electronic products like mobile phones to achieve accurate and complete inspections. The security gate system also monitor all of these via external cameras that span the entire security gate entrance; thus, candidates can pass through quickly and efficiently. Data on all candidates passing through the security gate are aggregated into the comprehensive examination system and presented on the entire centralized data panel to provide real-time visualization and digital intelligence. All of the monitoring data are archived regularly into a set of videos for traceability and verification. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司主营业务为研发、生产、销售、实施具有自主知识产权和自主品牌的教育数智化产品并为用户提供相关服务，产品的主要终端用户为各级教育管理机构和学校，产品主要涵盖智慧考试、智慧教育两大系列。公司产品，依托 AI 人工智能、机器视觉、大数据分析等先进技术 ，从教、学、管、练、评、考、研等多个方面有效提高学校教学和教学管理质量和效率。我们预计公司23-25年EPS分别为0.37、0.50、0.69元/股，对应当前PE为52、39、28x。 Valuation and risks Jiafaantai’s business covers the R&D, production, sales and operation of educational digital intelligence solutions. It holds IP rights and proprietary brands, and supplies solutions and services to its users. Its main end users are educational management institutions and schools at all levels and its two main product series cover smart exams and smart education. Its solutions utilize advanced technologies such as AI, machine vision and big data analysis, to improve the quality and efficiency of school teaching and teaching management in terms of instruction, learning, management, training, evaluation, examination and research. We forecast Jiafaantai’s EPS at RMB0.37/0.50/ 0.69 in 2023/24/25E, corresponding to current PE of 52/39/28x. We maintain our BUY rating on the stock. 风险提示：宏观经济景气度下行风险；行业竞争加剧风险；疫情反复影响项目交付；政策施行不及预期；毛利率随业务结构波动等风险。 Risks include: downside risks of a macroeconomic boom; intensifying competition; persistent pandemic impact on project deliveries; worse-than-expected policy implementation; and gross margin fluctuations related to the business structure. 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