Group 1 - The company reported a revenue of 2.79 billion yuan for 2024, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1] - In Q4 2024, the company achieved a revenue of 539 million yuan, a year-on-year increase of 28.6%, but the net profit attributable to shareholders fell to 3.96 million yuan, a decline of 89% year-on-year due to a significant drop in gross margin by 13 percentage points and credit impairment provisions [1] - For Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year, with a non-recurring profit of 14.95 million yuan compared to 4.2 million yuan in the same period last year [1] Group 2 - The number of personalized learning centers increased to approximately 300 by the end of 2024, up by around 60 centers from the end of 2023, with the number of teachers growing from 3,215 to 4,394, a year-on-year increase of 37% [2] - The company maintains a stable development in traditional high school training business, with a focus on the progress of new center openings, while actively expanding into vocational education, having completed initial layouts in secondary vocational schools [2] - Profit forecasts for the company are projected at 250 million yuan, 310 million yuan, and 370 million yuan for the years 2025 to 2027, maintaining a "recommended" rating [2]

公司公布2024 年报业绩：收入27.86 亿元（华泰预期26.8 亿元），同比25.9%；调整后归母净利润2.25 亿元（华泰预期2.45 亿元），同比34%。 1QFY25 收入8.64 亿元，同比22.46%；调整后归母净利润8771 万元，同比49.67%。公司24 年收入好于 我们预期，利润略低于预期，主要反映新增产能对收入和利润短期影响的差异。综合来看，行业需求稳 健，25Q1 收入和利润保持较高增速，多元化发展下长期空间可期，维持"买入"评级收入利润延续增 长，AI 会话紧跟时代变化 学大教育 2024 年营业收入达 27.86 亿元（yoy+25.90%），加回全年0.45亿股权激励费用，调整后归母 净利润为2.25 亿（yoy+34.04%）。逐季度来看24Q3/24Q4/25Q1 收入增速分别为15.7%/28.5%/22.5%，现 金收款增速为 16.6%/14.6%/12.6%，呈现自然放缓。盈利能力在人员和网点扩展下保持高位，FY24 调 整后营业利润为12%（yoy-0.36pct），展现良好的成本费用控制能力。星图 AI 会话系统研发完成，该 工具可根据学习情况和兴趣爱好，提供个 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's education business is solidifying, with high growth expected to continue. In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase 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 operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 74 million yuan, up 47.00% year-on-year, primarily due to recovered impaired equity investments [1][2]. Summary by Sections Financial Performance - In 2024, the training revenue grew by 25.64% to 2.697 billion yuan, with the core high school personalized education business peaking before the college entrance examination [2]. - As of Q1 2025, cash receipts from sales and services reached 1.085 billion yuan, a year-on-year increase of 12.60%, indicating strong revenue growth certainty [2]. Operational Efficiency - The gross margin for 2024 and Q1 2025 was 34.56% and 32.02%, respectively, reflecting a slight decline due to increased teacher costs from network expansion [3]. - The company has repaid all principal loans to Unisplendour, reducing financial burdens and potentially accelerating performance [3]. Business Expansion - The company has expanded its personalized tutoring model, with over 300 learning centers and five full-time schools by the end of 2024, supporting high-quality development in the education sector [4]. - The vocational education business is also deepening, with over 15 vocational schools and integration bases, benefiting from government policies promoting vocational education [4]. Investment Outlook - Short-term performance may be impacted by store expansion and increased teaching staff, but long-term profitability is expected to improve as the business matures [5]. - The company is projected to achieve net profits of 250 million, 320 million, and 420 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 41.5%, 27.5%, and 28.6% [5].

Group 1 - The Ministry of Human Resources and Social Security, the Ministry of Education, and the Ministry of Finance jointly issued a notification to promote employment and entrepreneurship for college graduates and youth, proposing 17 policy measures, including the implementation of a "Double Thousand" plan to enhance vocational skills by offering 1,000 "micro-specialties" and 1,000 vocational training courses in universities [1] - Beijing announced a recruitment plan for high-end technical and skilled talent, targeting 1,035 students with a minimum admission score of 380 for the 2025 academic year [2] Group 2 - Beijing's six districts released the 2025 enrollment policy for compulsory education, emphasizing a mixed approach of registration-based admission and school zoning to ensure fair and orderly enrollment [3] - Tongzhou District established six new education groups led by high schools, increasing the total number of high school education groups to 11 [4] Group 3 - Xueda Education reported a 22.46% year-on-year increase in total revenue for Q1 2025, reaching 864 million yuan, with a net profit of 73.77 million yuan, up 47% year-on-year [5] - Zhonggong Education disclosed a 24.69% year-on-year decline in total revenue for Q1 2025, amounting to 57.5 million yuan, with a net profit of 39.99 million yuan, down 51.69% year-on-year [6] Group 4 - Yuanfudao responded to the incident of an employee's sudden death in Wuhan, clarifying that the employee was on a rest day and no overtime was scheduled for the team on that day [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, with a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [5] - The company is expanding its personalized education services and accelerating acquisitions in vocational education, with the number of personalized learning centers increasing from over 240 to more than 300 [6] - The company has repaid a significant loan, improving its financial structure and reducing financial costs, which is expected to support future growth [9] Financial Performance - In Q4 2024, the company reported a revenue of 540 million yuan, a year-on-year increase of 28.6%, but a net profit of 3.96 million yuan, down 89.2% year-on-year [5] - For Q1 2025, the company achieved a revenue of 860 million yuan, up 22.5% year-on-year, with a net profit of 70 million yuan, an increase of 47% year-on-year [5][8] - The company's gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the rapid expansion of personalized learning centers [7] Growth Strategy - The company is actively expanding its non-academic education business, which is showing good growth momentum [9] - The company plans to repurchase shares worth 110 to 150 million yuan, reflecting confidence in its long-term development [8] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025 and 2026 to 255 million yuan and 311 million yuan, respectively, reflecting a decrease of 8% and 13% [10] - The company is projected to maintain a strong position in the high school one-on-one training sector, with continued demand in the industry [10]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [8][19]. Core Views - The company has shown significant growth in Q1 2025, with a year-over-year increase in net profit attributable to shareholders of 47% and a 28% increase in net profit excluding non-recurring items [1][2]. - The company is expected to benefit from operational leverage as it continues to expand its network of learning centers, which increased from over 240 to over 300 in 2024, covering more than 100 cities [4][5]. - The education sector remains in a growth phase, particularly for high school education, with a projected growth period of about ten years due to the stable population of high school-age students [5][6]. Financial Performance Summary - For the full year 2024, the company anticipates revenue of 2.8 billion yuan, a 26% year-over-year increase, and a net profit of 180 million yuan, a 17% increase [1]. - The gross margin for 2024 is projected to be 35%, slightly down by 1.9 percentage points year-over-year, primarily due to the costs associated with network expansion and an increase in teaching staff [1]. - The company has a target net profit of 261.35 million yuan for 2025, reflecting a 45.45% increase compared to 2024 [7][14]. Shareholder Returns - The company announced a share buyback plan of 110 to 150 million yuan, with a maximum price of 66.8 yuan per share, aimed at equity incentives and potential cancellation of shares [3][6]. Industry Context - The company is focusing its resources on educational training and vocational education, having terminated a project related to higher vocational education to enhance operational efficiency [6]. - The competitive landscape favors leading national brands in the education sector, which are expected to benefit from their established brand strength during the recovery phase of the industry [5][6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has maintained high revenue growth, with a projected total revenue of 27.86 billion yuan for 2024, representing a year-on-year increase of 26% [8] - The core education business is experiencing steady growth, focusing on personalized education, with a significant increase in the number of learning centers and teachers [8] - The company is expanding into new business areas, including vocational education and health management, while continuing to strengthen its core personalized education services [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2,786 million yuan in 2024, 3,374 million yuan in 2025, 3,917 million yuan in 2026, and 4,491 million yuan in 2027, with respective year-on-year growth rates of 25.90%, 21.12%, 16.08%, and 14.66% [1][9] - The net profit attributable to the parent company is expected to reach 179.69 million yuan in 2024, 257.38 million yuan in 2025, 327.48 million yuan in 2026, and 395.99 million yuan in 2027, with year-on-year growth rates of 16.84%, 43.24%, 27.24%, and 20.92% respectively [1][9] - The earnings per share (EPS) are projected to be 1.47 yuan in 2024, 2.11 yuan in 2025, 2.69 yuan in 2026, and 3.25 yuan in 2027 [1][9] Business Expansion and Strategy - The company is focusing on personalized education, with over 300 learning centers and more than 4,000 dedicated teachers as of 2024 [8] - The company has made acquisitions in vocational education and is expanding its presence in cultural reading and health management sectors [8] - The company’s contract liabilities reached 11.39 billion yuan in 2025, reflecting a year-on-year increase of 14% [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is a leader in personalized education, focusing on services for high school entrance exams and actively developing vocational education, cultural reading, and medical education integration, leading to rapid revenue growth and performance release [1][4]. - The company is expected to achieve revenues of 3.22 billion yuan, 3.72 billion yuan, and 4.09 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.11 yuan, 2.54 yuan, and 2.93 yuan, indicating strong future growth potential [4][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% [1][6]. - For Q1 2025, the company reported operating revenue of 864 million yuan, a 22.46% increase year-on-year, and a net profit of 74 million yuan, reflecting a significant growth of 45.45% [1][6]. - The gross profit margins for 2024 and Q1 2025 were 34.56% and 32.02%, respectively, while net profit margins were 6.33% and 8.51% [2][6]. Debt and Cash Flow - The company's asset-liability ratio has decreased from 96.24% in 2020 to 79.04% in 2024, indicating improved financial health [3][6]. - The cash collection ratio for 2024 and Q1 2025 was 108.51% and 125.68%, respectively, demonstrating strong cash flow management [3][6]. Business Expansion - The number of personalized learning centers increased from over 240 to more than 300 by the end of 2024, covering over 100 cities and employing more than 4,000 teachers, which supports the company's expansion strategy [4][6]. - The company's contract liabilities grew significantly, with figures of 932 million yuan and 1.139 billion yuan for 2024 and Q1 2025, respectively, indicating strong growth potential [4][6].

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced significant growth in revenue and net profit in 2024, with revenue reaching 2.786 billion yuan, a year-on-year increase of 25.9% [2] - The first quarter of 2025 showed continued growth, with revenue of 864 million yuan, a year-on-year increase of 22.5% [2] - The company is focusing on expanding its personalized education and vocational training segments, with plans for further acquisitions and partnerships [4][8] Financial Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and non-deductible net profit were 2.786 billion yuan, 180 million yuan, and 164 million yuan respectively, showing year-on-year growth of 25.9%, 16.8%, and 16.25% [2] - The operating cash flow for 2024 was 667 million yuan, indicating strong cash generation capabilities [2] - The gross profit margin for 2024 was 34.6%, a decrease of 1.9 percentage points compared to the previous year, primarily due to increased teacher costs and capacity utilization issues [6] Business Segment Analysis - The education training segment generated 2.7 billion yuan in revenue, a year-on-year increase of 25.64% [4] - The company has expanded its personalized education centers to over 300, with a significant increase in teacher numbers [4] - The vocational education segment is expected to see growth through acquisitions and partnerships with various vocational institutions [4][8] Future Outlook - The company anticipates continued growth in its high-margin full-time repeat and art examination businesses [8] - Revenue forecasts for 2025 and 2026 have been adjusted upwards to 3.382 billion yuan and 4.035 billion yuan respectively, while net profit forecasts have been slightly lowered [8][10] - The company is expected to maintain a strong return on equity (ROE) of around 25% in the coming years [10]