证券研究报告 行业深度 商贸零售&社会服务 高性价比国产大模型应用落地加速，探索 AI+消费投资机会 AI+消费专题报告 2025 年 05 月 13 日 评级 同步大市 维持 | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | | | 小商品城 | 0.56 | 28.81 | 0.72 | 22.35 | 0.92 | 17.63 | 增持 | | 学大教育 | 1.47 | 36.54 | 2.07 | 25.97 | 2.66 | 20.27 | 增持 | 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 商贸零售行业事件点评：离境退税政策优化升 级，释放入境消费新动能 2025-04-14 此报告 考 请务必阅读正文之后的免责条款部分 资料来源： iFinD ，财信证券 行业涨跌幅比较 % 1M 3M ...

Core Viewpoint - The company has initiated a share repurchase program, with the aim of using the repurchased shares for equity incentives and/or cancellation, having already repurchased 1.07% of its total share capital as of May 13, 2025 [2][3][4] Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan on January 17, 2025, allowing for the repurchase of shares using self-owned and/or self-raised funds, with a total fund amount between RMB 110 million and RMB 150 million [2] - The maximum repurchase price is set at RMB 66.80 per share, with a repurchase period not exceeding 12 months from the approval date [2] Progress of Share Repurchase - As of May 13, 2025, the company has repurchased a total of 1,298,300 shares, representing 1.07% of the total share capital, with a total expenditure of approximately RMB 64.71 million [2][3] - The highest transaction price recorded was RMB 52.74 per share, while the lowest was RMB 48.50 per share [2] Use of Repurchased Shares - The repurchased shares will primarily be used for cancellation, with an initial cancellation amount of RMB 60 million planned [3] - The company has completed the cancellation of the repurchased shares as of March 26, 2025, and will proceed with necessary registration changes [3] Future Plans - The company intends to continue the share repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by relevant laws and regulations [4]

证券代码：000526 证券简称：学大教育 公告编号：2025-040 学大（厦门）教育科技集团股份有限公司 关于回购公司股份比例达到 1%的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）于2024年12 月30日召开第十届董事会第二十次会议、第十届监事会第十六次会议，于2025年1 月17日召开的2025年第一次临时股东会，审议通过了《关于回购公司股份方案的 议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易的方式回购公司股 份，用于股权激励和/或注销，回购股份的种类为公司发行的人民币普通股（A股）。 本次回购股份的资金总额不低于人民币11,000万元（含）且不超过人民币15,000万 元（含），本次回购股份的价格为不超过人民币66.80元/股（含），回购期限为自 公司股东会审议通过回购方案之日起不超过12个月。具体内容详见公司于2025年1 月2日在《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）披露的 《关于回购公司股份方案的公告》（公告编号：2024- ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - In 2024, the company achieved an operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to the parent company of 180 million yuan, up 16.84% year-on-year. After excluding the impact of stock incentive expenses, the net profit and the net profit after deducting non-recurring gains and losses increased by 34.04% and 34.88% respectively [2][6] - For Q1 2025, the company reported an operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to the parent company of 73.77 million yuan, up 47.00% year-on-year. Excluding stock incentive expenses, the net profit and the net profit after deducting non-recurring gains and losses increased by 49.67% and 33.75% respectively [2][6] - The company is expected to achieve net profits attributable to the parent company of 260 million, 340 million, and 430 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 25, 20, and 15 times [2][6] Summary by Sections Revenue Growth - The company focuses on the East China region as its main target market, steadily expanding its network and recruiting teachers, leading to robust business growth. The number of personalized learning centers increased from over 240 to more than 300, with a year-on-year growth rate of over 25%, covering over 100 cities [13] - Revenue by region for 2024 shows East China contributing 1.667 billion yuan (up 31.39%), Central China 268 million yuan (up 27.66%), and West China 850 million yuan (up 15.92%), with respective shares of 59.84%, 9.63%, and 30.53% [13] Profitability - The company opened many new stores, which initially increased rental and labor costs, impacting gross margin. The overall gross margin for 2024 was 34.56%, a decrease of 1.95 percentage points year-on-year. However, cost optimization in various expense categories helped mitigate some of the gross margin pressure [13] - In Q1 2025, the gross margin was 32.02%, slightly down by 0.40 percentage points year-on-year, while the net profit margin increased to 8.51%, up 1.31 percentage points year-on-year due to increased investment income [13] Future Outlook - The company is positioned as a leader in personalized education, benefiting from a supply-demand imbalance in the market. The expansion of new outlets is expected to enhance market share and operational efficiency, leading to significant growth in performance as these outlets mature [13] - The company is also accelerating its layout in technology-enabled education, aiming to build core competitiveness and integrate resources to foster innovation in its business segments, ensuring sustainable growth in the future [13]

证券代码：000526 证券简称：学大教育 公告编号：2025-039 学大（厦门）教育科技集团股份有限公司 本次回购股份资金来源为公司自有资金和/或自筹资金，回购价格未超过回 购方案中拟定的价格上限人民币66.80元/股（含）。本次回购符合相关法律法规 及公司既定回购股份方案的要求。 二、已回购公司股份的安排及风险提示 根据公司本次回购股份方案，回购的股份将用于股权激励和/或注销，回购 股份优先用于注销，注销股份金额为6,000万元（具体金额为根据深圳证券交易 所股票交易系统集中竞价交易情况，使用资金达到6,000万元前一手），股权激 励具体方案另行制订。公司如未能在股份回购完成之后36个月内将回购股份用于 上述用途，未使用部分将履行相关程序予以注销。 其中，公司回购优先用于注销部分的股份已回购完成。经中国证券登记结算 有限责任公司深圳分公司确认，公司已于2025年3月26日办理完成公司已回购股 份的注销手续，具体内容详见公司于2025年3月28日刊登于巨潮资讯网的《关于 部分回购股份注销完成暨股份变动的公告》（公告编号：2025-016）。公司后续 将依照相关规定办理工商变更登记等相关事宜。 截至本公告披 ...

为进一步加强与投资者的互动交流，学大（厦门）教育科技集团股份有限公 司（以下简称"公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景 网络有限公司联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者 网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP, 参与本次互动交流，活动时间为2025年5月15日（周四）15:40-17:00。届时公司 董事长兼总经理金鑫先生、独立董事ZHANG YUN先生、财务负责人李玉玲女士、 董事会秘书崔志勇先生将在线就公司2024年度业绩、公司治理、发展战略、经营 状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 特此公告。 证券代码：000526 证券简称：学大教育 公告编号：2025-038 学大（厦门）教育科技集团股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会 暨投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported a revenue of 2.786 billion yuan for 2024, representing a year-on-year growth of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [1]. - The first quarter of 2025 saw a revenue of 864 million yuan, a 22.46% increase year-on-year, with a net profit of 73.77 million yuan, reflecting a 47.00% growth year-on-year [1]. - The company is expanding its personalized education business, increasing the number of learning centers from over 240 to more than 300, and enhancing its offline network [7]. - The financial condition has improved significantly, with contract liabilities reaching 932 million yuan, a 29.76% increase year-on-year, and the company actively repaying loans [7]. - The company has initiated a share repurchase plan of 110 to 150 million yuan, demonstrating confidence in its future development [7]. Financial Data and Valuation - The total revenue for 2023 was 2.213 billion yuan, with projected revenues of 2.786 billion yuan for 2024 and 3.482 billion yuan for 2025, indicating a growth rate of 23% and 26% respectively [2][10]. - The net profit attributable to shareholders is projected to grow from 180 million yuan in 2024 to 234 million yuan in 2025, with corresponding PE ratios of 35.9 and 27.6 [8][11]. - The company’s total assets are expected to reach 3.568 billion yuan by 2025, with a significant improvement in the asset-liability ratio from 81.3% in 2023 to 71.1% in 2025 [9][11]. Performance Metrics - The company’s return on equity (ROE) is projected to be 25.1% in 2024 and 24.8% in 2025, indicating strong profitability [11]. - The gross margin is expected to stabilize around 34% over the next few years, while the net margin is projected to improve from 6.5% in 2024 to 7.6% in 2027 [11]. - The company’s earnings per share (EPS) is forecasted to increase from 1.47 yuan in 2024 to 1.92 yuan in 2025 [8][11].

Core Insights - The article highlights the expanding landscape of reading culture in urban areas, with reading activities permeating various public spaces such as shopping malls, subway stations, communities, and tourist attractions [1] Group 1: Bookstore Business Expansion - Bookstores are diversifying their offerings beyond traditional book sales to include cultural products, coffee, and dining options, creating multi-functional spaces for readers [2] - The "Juxiang Bookstore" in Wuhan has attracted over 27,000 borrowing members and facilitated the borrowing of over 555,000 books, averaging 21 books per member [2] - The bookstore aims to create a "shared borrowing + reading services + culture" business model, planning to conduct over 600 cultural reading events in 2024, reaching nearly 20,000 participants [3] Group 2: Community Reading Spaces - The "Yangwa Youfang: Urban Family Reading Room" in Wuhan has transformed a 600-square-meter space into a multi-functional educational area, promoting family education and community engagement [5] - The community reading room serves as a harmonious link for community governance, organizing family education consultations and activities to resolve family conflicts [6] - A combination of professional cultural service organizations and volunteer teams enhances the reading room's management and service quality, providing a rich cultural experience for residents [6] Group 3: Cultural Events and Activities - The "City Wall Reading Club" in Wuhan has been launched to enhance cultural engagement, featuring themed reading sessions that attract both locals and tourists [7] - The subway system in Wuhan has been transformed into a vast reading space, with 169 self-service libraries established across subway stations, promoting reading through innovative activities [8] - The "Yangtze River Book Garden," set to open in May 2024, will be the first city library on a Yangtze River cruise ship, offering over 3,000 books for tourists to enjoy while experiencing the scenic beauty of the river [8]

Group 1: Financial Performance - In 2024, the company achieved a revenue of approximately 2.786 billion RMB, a year-on-year increase of 25.90% [3] - The net profit attributable to shareholders was about 180 million RMB, up 16.84% year-on-year; excluding stock payment expenses, the net profit would be 225 million RMB, reflecting a growth of 34.04% [3] - As of the end of the reporting period, total assets reached approximately 3.828 billion RMB, a growth of 21.45% compared to the previous year [3] - In Q1 2025, the company reported a revenue of 864 million RMB, a year-on-year increase of 22.46% [3] - The net profit attributable to shareholders for Q1 2025 was 73.77 million RMB, a 47% increase year-on-year; excluding stock payment expenses, the net profit would be 87.71 million RMB, reflecting a growth of 49.67% [3] Group 2: Business Development - The number of personalized learning centers increased from over 240 to more than 300, covering over 100 cities with more than 4,000 dedicated teachers [4] - The company has established over 30 full-time training bases across various provinces, focusing on providing a conducive learning environment for students [5] - The company is actively expanding its vocational education sector, including the acquisition of several vocational schools to enhance its core business [7] Group 3: Strategic Initiatives - The company is focusing on personalized education, vocational education, cultural reading, and medical-education integration to strengthen its core competitiveness [4][6][9][11] - The company has launched a health management brand, "Qianyi Health," to provide personalized education and health services for children and adolescents [11] - The company has established 13 cultural spaces aimed at promoting reading among all age groups, enhancing the reading experience [10] Group 4: Financial Management - In 2024, the company repaid a principal amount of 515 million RMB and interest of approximately 51.28 million RMB [12] - The company has completed the repayment of all remaining loans to Ziguang Zhuoyuan, with a principal amount of 0 RMB outstanding [13] - The company plans to repurchase shares at a price not exceeding 66.8 RMB per share, with a total repurchase amount between 110 million to 150 million RMB [13]