| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,833 | 3,328 | 4,160 | 4,784 | | 增长率（%） | 1046.3 | 17.5 | 25.0 | 15.0 | | 归属母公司股东净利润（百万元） | 53 | 309 | 380 | 520 | | 增长率（%） | 157.6 | 483.8 | 22.7 | 37.0 | | 每股收益（元） | 0.27 | 1.57 | 1.93 | 2.64 | | PE（X） | 319 | 50 | 41 | 30 | | PB（X） | 58.7 | 51.8 | 26.6 | 15.7 | | | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 28 日收盘价） | | | | 2026 年 01 月 28 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 85.92 元 | [Table_Author] 华图山鼎（300492.SZ）20 ...

华西证券研报指出，迎合考公培训市场返乡化、多科化趋势， 华图山鼎在基地班基础上推出打破考试 界限、依据学科类型的直通车班型、同时依托租金优势、规模效应优势盈利能力更强，预计截至26Q1 直通车基地班达到70多家，未来3年有望达到320家左右、对应利润10亿元左右。预计2025-2027年公司 营业总收入分别为33.13/39.4/46.76亿元，同比增长17%/19%/19%；归母净利润分别为3.24/4.0/5.96亿 元，同比增长512%/23%/49%，首次覆盖，给予"买入"评级。 ...

华西证券研报指出，迎合考公培训市场返乡化、多科化趋势，华图山鼎在基地班基础上推出打破考试界 限、依据学科类型的直通车班型、同时依托租金优势、规模效应优势盈利能力更强，预计截至26Q1直 通车基地班达到70多家，未来3年有望达到320家左右、对应利润10亿元左右。预计2025-2027年公司营 业总收入分别为33.13/39.4/46.76亿元，同比增长17%/19%/19%；归母净利润分别为3.24/4.0/5.96亿元， 同比增长512%/23%/49%，首次覆盖，给予"买入"评级。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Insights - The company is positioned to benefit from the trend of returning to hometowns and diversification in public examination training, launching a new class type that breaks exam boundaries based on subject types. The company is expected to achieve significant growth in the number of training centers and profitability over the next three years [1][3] - Revenue projections for 2025-2027 are estimated at 3.31 billion, 3.94 billion, and 4.68 billion yuan, respectively, with corresponding net profits of 324 million, 400 million, and 596 million yuan, indicating substantial growth rates [1][5] Summary by Sections Company Overview - The company is a leading player in China's public examination training sector, with over 330,000 students trained and more than 1,000 learning centers as of December 31, 2024. The education business has been continuously injected into the company since 2023 [2][12] - The company has undergone significant changes in ownership and structure, with a complete injection of its education business expected in 2024 [12][36] Industry Analysis - The public examination training market is projected to reach approximately 500 billion yuan by 2027, with a compound annual growth rate (CAGR) of 1.54% from 2025 to 2027. The company is expected to capture a significant share of this market [3][44] - Despite a decline in recruitment numbers for national examinations in 2026, the overall trend in registration numbers remains stable, with a 12% increase in national examination registrations in 2026 [3][47] Competitive Landscape - The company possesses strong research and development capabilities, a high-quality teaching staff, and a solid reputation for high pass rates, which contribute to its competitive advantage in the market [4][44] - The company has successfully integrated AI technology into its teaching methods, enhancing the effectiveness of its instructors [4] Growth Drivers - The introduction of new class types and the expansion of training centers are expected to drive revenue growth and improve profit margins over the coming years [1][4] - The company anticipates reaching over 320 training centers by the first quarter of 2026, with projected profits of around 1 billion yuan [1] Financial Projections - The company forecasts significant revenue growth, with total revenues expected to increase from 3.31 billion yuan in 2025 to 4.68 billion yuan in 2027, reflecting year-on-year growth rates of 17%, 19%, and 19% [1][5] - The earnings per share (EPS) is projected to rise from 1.65 yuan in 2025 to 3.03 yuan in 2027, indicating strong profitability potential [1][5]

格隆汇1月27日丨华图山鼎(300492.SZ)公布，预计2025年归属于上市公司股东的净利润28,000万元– 42,000万元，比上年同期增长428.38%-692.57%，扣除非经常性损益后的净利润25,800万元–38,700万 元，比上年同期增长955.37%-1483.06%。 报告期内，公司业绩大幅增长，主要受益于招录类考试培训行业的市场需求持续旺盛；同时，公司通过 推行区域运营改革，将产品交付下沉至地市；在地市建立"轻型基地"、优化产品供给，只做一个大单品 ——"考编直通车"，锁定长周期备考生源；简化招生、转化到交付的流程，提升用户体验与运营效率的 策略进一步巩固了行业领先地位。此外，公司加大前沿技术应用力度，通过技术工具实现招生质检、智 能排课、教学研发的智能化升级，并推出智能化面试、申论批改等多款产品，全面优化教学与运营全流 程，在保障交付质量的同时，有效降低了单位交付成本，共同推动了盈利能力的显著提升。 ...

公告显示，报告期内，华图山鼎业绩大幅增长，主要受益于招录类考试培训行业的市场需求持续旺盛； 同时，公司通过推行区域运营改革，将产品交付下沉至地市。 北京商报讯（记者 吴其芸）1月27日，华图山鼎发布2025年度业绩预告，报告期内，华图山鼎预计实现 归属于上市公司股东的净利润2.8亿—4.2亿元，同比增长428.38%—692.57%。 ...

中证智能财讯华图山鼎（300492）1月27日晚间披露2025年度业绩预告，预计2025年归母净利润2.8亿元至4.2亿元，同比增长428.38%-692.57%；扣非净利润 预计2.58亿元至3.87亿元，同比增长955.37%-1483.06%。以1月27日收盘价计算，华图山鼎目前市盈率（TTM）约为40.24倍-60.35倍，市净率（LF）约56.55 倍，市销率（TTM）约5.34倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） ← 公司 →〇一 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 93-97 91-48 80 72 89 72.6 70 6653 60 56.62 50 to o 43d01 40 30 20 10 0 2020-12-37 I 2021-06-30 ' 2027-12-37 ' 4-06-30 ' 2-12-37 2n- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 10,000 8978.24 8000 6,000 4,000 2,000 1173.08 1044 77 ...

新京报贝壳财经讯1月27日晚间，华图山鼎（300492）公告，预计2025年度净利润为2.8亿元–4.2亿元， 同比增长428.38%-692.57%。公司业绩大幅增长，主要受益于招录类考试培训行业的市场需求持续旺 盛；同时，公司通过推行区域运营改革，在地市建立"轻型基地"、优化产品供给，简化招生、转化到交 付的流程，提升用户体验与运营效率的策略进一步巩固了行业领先地位。此外，公司加大前沿技术应用 力度，通过技术工具实现招生质检、智能排课、教学研发的智能化升级，全面优化教学与运营全流程， 有效降低了单位交付成本，共同推动了盈利能力的显著提升。 ...

华图山鼎（300492）(300492.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润2.8亿 元至4.2亿元，同比增长428.38%-692.57%;扣除非经常性损益后的净利润2.58亿元至3.87亿元，同比增长 955.37%-1483.06%。 ...

智通财经APP讯，华图山鼎(300492.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 2.8亿元至4.2亿元，同比增长428.38%-692.57%;扣除非经常性损益后的净利润2.58亿元至3.87亿元，同比 增长955.37%-1483.06%。 ...