Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2] Core Viewpoints - The company is a leading education service provider in South China, focusing on compliance transformation post "Double Reduction" policy, and aims to build a business system of "Quality Education + Full-time Review + Vocational Education" [5][13] - The K12 student population in Guangdong continues to rise, with strong demand for non-subject training and high school repeaters, indicating potential for accelerated expansion in quality education services [5][37] Summary by Sections Company Overview - Established in October 1997, the company has developed a strong reputation in South China, achieving a revenue of 506 million yuan in 2023 [4][52] - The company has been recognized as a leading education service provider in the region, focusing on diverse educational products and services [4][52] Business Transformation - Following the "Double Reduction" policy, the company has shifted its focus to compliance and quality education, establishing a strategic framework that includes full-time review and vocational education [5][13][56] - The company has successfully launched nine quality education products that have passed non-subject product certification by educational authorities [13][75] Market Potential - The K12 education market in Guangdong is expected to benefit from a growing student population, with the number of K12 students reaching 17.49 million in 2022, a year-on-year increase of 2.37% [37][40] - The "Double Reduction" policy has led to a significant reduction in the number of training institutions, creating opportunities for compliant and established providers like the company [40][72] Financial Projections - The company forecasts net profits of 122 million yuan, 161 million yuan, and 200 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22x, 17x, and 14x [5][85] - Revenue is projected to grow from 489 million yuan in 2023 to 627 million yuan in 2024, reflecting a growth rate of 28.17% [14][129] Competitive Landscape - The company is positioned as the largest K12 extracurricular education service provider in South China, with a market share of approximately 7% in the full-time review business [68][71] - The competitive environment is expected to intensify as more institutions transition to non-subject training, which may impact the company's performance [114][133]

董事會於購股權授出時全權酌情釐定有關購股權的行使價格（並會列入載有授出購股權要約的函件內），惟其認 購價格無論如何不得低於以下各項的最高者：(a)於授出日期（當日必須為營業日）在聯交所日報表上所載的股份 收市價；(b)於授出日期前五(5)個營業日在聯交所日報表上所載的股份平均收市價；及(c)一股股份面值。 於報告期間，本公司並無根據購股權計劃授出、行使、取消或撤銷任何購股權，且於2023年12月31日及截至本 年報日期，購股權計劃項下並無任何未行使購股權。 購股權計劃條款概要載於招股章程附錄四「D.股份獎勵計劃 — 2.購股權計劃」一節。 卓越教育集團 2023年報 36 董事會報告 董事及行政總裁於證券的權益 於2023年12月31日，本公司董事及行政總裁於本公司及其相聯法團（定義見證券及期貨條例第XV部）股份、相關 股份及債權證中擁有(a)根據證券及期貨條例第XV部第7及第8分部須知會本公司及聯交所（包括根據證券及期貨 條例的有關條文被當作或視為擁有的權益及淡倉）；或(b)根據證券及期貨條例第352條須記入該條所指的登記冊 中；或(c)根據標準守則須知會本公司及聯交所的權益或淡倉如下： 於普通股的好倉 | ...

智通财经APP获悉，卓越教育集团(03978)盘中涨超6%，截至发稿，涨5.02%，报2.93港元，成交额530.75万港元。 方正证券指出，政策影响下K12行业有多个变化。校外培训合规化趋势不变，K9学科培训监管稳步收紧，高中/非学科业务政策有所放宽，管理界限更加清晰；中高考改革如火如荼，选科成为关注重点。K12教培市场规模在政策冲击下大幅下降，学科/兴趣培训的需求仍然强劲，非学科类市场的潜力逐渐显现。学科教培供给出清，机构业务转型，线下网点缩减，区域性机构在本土市场份额可观。 该行指出，公司在华南地区声誉良好，品牌、教研、渠道优势积累，近年来转移业务重心至“全日制复习＋素质教育+职业教育”，推进全日制学校快速发展，全方位布局素质教育，积极开展与职业院校合作。公司人才培养体系完善，教师留任率远超行业平均；疫情期间迅速转至线上教学，展现高效运营能力。目前公司加速推进全日制、素质教育板块，在广东省内开拓新校区，看好未来发展潜力。 ...

| --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|----------------------------------------------------| | 卓越教育集团（ 03978 ） | | 证券研究报告 \n2024 年 04 月 01 日 | | | 投资评级 | | | 业绩高增，启动成长 | 行业 非必需性消费 | / 支援服 务 | | 发布 23 年财报，业绩高增 | 6 | 个月评级 买入（维持评级） | | | 当前价格 | 3.01 港元 | | 公司 2023 年收入 4.8 ...

China Beststudy Education Group 卓 越 教 育 集 團 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3978） 於本公告內，「我們」指本公司（定義見下文）及倘文義另有指明則指本集團（定 義見下文）。 * 僅供識別 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|-------|--------------------------------------|-------------------------------| | | 附註 | 截至 12 月 31 \n2023 年 人民幣千元 | 日止年度 \n2022 年 人民幣千元 | | 收益 銷售成本 | 4 & 5 | 489,314 (259,456) | 491,134 (318,073) | | | | | | | 毛利 | | 229,858 | 173,061 | | 其他收入 | | 29,39 ...

扎根粤港澳，推进合规化 52周内股价走势图 请务必阅读正文之后的免责条款部分 | --- | --- | |-----------------------------------------------------------|------------------------------------------------------------------| | | | | 图 1 ：卓越教育集团发展沿革一览 | ...................................................... | | 图 2 ：公司 23H1 营收为 1.89 亿元 | /-30%.............................................. | | 图 3 ：公司 23H1 毛利润为 0.7 亿元，毛利率 | 37%............................... | | 图 4 ：公司 23H1 全日制复习占比 | 55%................................................ | | 图 5 ：各项目业务增 ...

智通财经APP获悉，卓越教育集团(03978)再涨超18%，1月24日至今累计涨幅超2倍。截至发稿，涨10.57%，报2.93港元，成交额3082.97万港元。 消息面上，2月8日，教育部发布《校外培训管理条例（征求意见稿）》。方正证券指出，K12方面，双减期间供给大幅收缩，且新供给进入门槛较双减前更高，旺盛需求下龙头有望充分受益，中长期看市占率有望超双减前。 天风教育则指出，卓越教育集团为华南地区最大及全国第五大K12课外教育服务提供商。双减后积极响应政策号召，全面推进素质教育课程，伴随业务逐步调整、运营成熟，网点逐步扩张，市场份额有望提升。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a relative return of over 20% within the next six months [19][33][47]. Core Insights - The company is positioned as the largest extracurricular education service provider in South China and the fifth largest nationwide, focusing on K12 personalized education services. It aims to diversify its business layout and actively respond to policy changes by promoting quality education courses [29][40][75]. - The report anticipates revenue growth for the company, projecting revenues of 4.72 billion, 6.84 billion, and 9.92 billion RMB for the years 2023 to 2025, with corresponding net profits of 0.5 billion, 1.2 billion, and 2.3 billion RMB [19][33]. - The personalized education sector is expected to have significant growth potential, driven by strong future demand and a favorable policy environment [3][31][32]. Summary by Sections Revenue and Profitability - In the first half of 2023, the company reported a net profit of 0.17 billion RMB, a year-on-year increase of 4730.7%, with a net profit margin of 10.55% and a gross profit margin of 36.95% [30][63]. - The revenue from tutoring services in 2022 was 2.45 billion RMB, with a decline of 55.6% in the first half of 2023 compared to the previous year [2][43]. Market Trends - The education market in China is steadily expanding, with the K12 education sector accounting for a significant portion of the overall market. The market size for quality education is projected to exceed 4.787 trillion RMB in 2023 [44][67]. - The report highlights a shift in the education landscape due to the exit of smaller, less qualified institutions, which creates opportunities for leading companies to increase their market share [32][44]. Business Strategy - The company is actively exploring new business avenues, including full-time education, vocational training, and quality education, while leveraging technology to enhance its educational offerings [45][29]. - The establishment of an "Innovation Division" aims to foster the development of new business lines and improve operational efficiency [16][45]. Future Outlook - The report projects a recovery in profitability and a gradual adjustment of business operations, with expectations for market share to continue increasing as the company expands its network [19][33]. - The anticipated earnings per share (EPS) for 2023, 2024, and 2025 are 0.06, 0.14, and 0.27 RMB, respectively, with price-to-earnings (PE) ratios of 41, 17, and 9 times [19][33].

簡明綜合財務報表附註 35 公司資料 | --- | --- | |-----------------------------------------|-----------------------------------------------| | | | | | | | | | | 董事會 | 核數師 | | 執行董事 | 德勤 • 關黃陳方會計師行 | | 唐俊京先生（董事會主席） | | | 唐俊膺先生 | 法律顧問 | | 周貴先生 | 泰和泰（北京）律師事務所 | | 關瑋瑩女士 | 天元律師事務所有限法律責任合夥 | | 非執行董事 | 主要往來銀行 | | 徐文輝先生 | 中信銀行廣州黄埔支行 | | 吳煒先生（於 2023 年 3 月 28 日獲委任） | 廣發銀行廣州天河支行 中國工商銀行廣州南方分行 | | 獨立非執行董事 | | | 隆雨女士 | 註冊辦事處 | | 林才合先生 | Harneys Fiduciary (Cayman) Limited | | 甘軍先生 | 4th Floor, Harbour Place | | | 103 South Church Street | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 | --- | --- | --- | --- | |------------------------|----------------------|----------------------|---------| | | | | | | 財務及主要營運數據摘要 | | | | | | | | | | | 截至 | 6 月 30 日止六個月 | | | | 2023 年 人民幣千元 | 2022 年 人民幣千元 | 變動 % | | | （未經審核） | （未經審核） | | | | | | | | 收益 | 188,860 | 268,445 | (29.6%) | | 毛利 | 69,780 | 121,671 | (42.6%) | | 純利 | 20,152 | 5,547 | 263.3% | | 經調整純利 | 20,234 | 6,766 | 199.1% | – 1 – 卓越教育集團（ ...