Investment Rating - The report assigns an "Accumulate" rating to the company [2][9][10]. Core Views - The company has successfully transformed into a profitable high school service provider, leveraging its reputation and superior teaching resources to attract students, while extending its asset-light model [2][3]. - The company is expected to achieve significant revenue growth, with projected revenues of CNY 32.63 billion, CNY 44.93 billion, and CNY 57.35 billion for FY2024, FY2025, and FY2026 respectively, reflecting year-on-year growth rates of 42%, 38%, and 28% [9][10][41]. Summary by Sections Investment Recommendations and Profit Forecast - The company is expected to achieve net profits of CNY 5.47 billion, CNY 7.09 billion, and CNY 8.88 billion for FY2024, FY2025, and FY2026, corresponding to PE ratios of 16, 12, and 10 times respectively [3][10][19]. Company Overview: Successful Transformation of a Private Education Leader - The company was a leading K12 private school group that transitioned to focus on profitable high school services after regulatory changes in 2021 [2][3]. - In FY24H1, the company reported revenue of CNY 16.45 billion, a 74% increase year-on-year, and a net profit of CNY 2.86 billion, up 66% year-on-year [19][41]. Industry Analysis: Demand Remains Rigid, Policies Gradually Clarified, High School Segment Expanding - The high school education sector is expected to benefit from an 8-9 year demographic dividend, with strong demand for education continuing [24][41]. - The private high school market is projected to grow from CNY 1,434 billion in 2024 to CNY 3,608 billion by 2032, with a CAGR of 12.23% [41][42]. Competitive Advantages: Leading Reputation and Teaching Resources, Asset-Light Model Extending Boundaries - The company boasts a higher-than-average admission rate and strong teaching capabilities, supported by a well-established educational system and diverse training paths [43][44]. - The company currently operates over 50 schools, with more than 33 high school campuses, indicating significant room for capacity utilization improvement [48][49].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [Table_Report] [Table_Industry] ——易普力公司首次覆盖 公 司 首 次 覆 盖 民爆行业龙头，爆破服务排头兵 易普力(002096) | --- | --- | --- | --- | --- | --- | |----------------|--------------------------|-------------------|-------|----------------------------|-------| | | | | | | | | [table_Authors | 钟浩 ] ( 分析师 ) | 钱伟伦 ( 分析师 ) | | | | | | 021-38038445 | 021-38038878 | | | | | | zhonghao027638@gtjas.com | | | qianweilun027712@gtjas.com | | | 登记编号 | S0880522120008 | S0880523040003 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [27][43]. Core Insights - The company is positioned as a leader in the power distribution network sector, benefiting from accelerated investment in the power grid. Revenue projections for 2024-2026 are estimated at 80.94 billion, 98.74 billion, and 118.71 billion yuan, with growth rates of 24.9%, 22.0%, and 20.2% respectively. Net profit forecasts for the same period are 6.96 billion, 8.67 billion, and 10.57 billion yuan, with growth rates of 28.5%, 24.6%, and 22.0% respectively [28][43]. - The company has a diversified and systematic business layout across the entire power system industry chain, integrating traditional businesses in power grid, IoT, and energy conservation [38][43]. - The digital transformation of the power grid is a key trend, with the company actively participating in the development of smart distribution networks, which are expected to enhance operational efficiency and safety [23][43]. Summary by Sections Financial Forecasts - The company’s revenue is projected to grow significantly, with estimates of 6,478 million yuan in 2023, 8,094 million yuan in 2024, and continuing to rise to 11,871 million yuan by 2026. The corresponding net profits are expected to be 541 million yuan in 2023, 696 million yuan in 2024, and reaching 1,057 million yuan by 2026 [28][35]. - The earnings per share (EPS) are forecasted to be 0.40 yuan in 2023, 0.52 yuan in 2024, and 0.79 yuan in 2026 [28][35]. Business Segments - The company’s revenue from the power transmission and transformation automation business is expected to grow at rates of 15%, 10%, and 5% from 2024 to 2026, respectively [2]. - The comprehensive energy and virtual power plant business is projected to grow at approximately 16% annually, while the new energy and storage business is expected to see explosive growth, with rates of 162.36%, 100%, and 50% from 2024 to 2026 [3][36]. Market Position and Strategy - The company has established a robust presence in the smart grid and energy management sectors, supported by government initiatives and a strong management team [40][41]. - The digital transformation strategy, termed "Digital Oriental," aims to enhance the integration of various energy resources and improve service quality, thereby creating greater value for stakeholders [38][43].

股 票 研 究 需求继续小幅回升 | [table_Authors] | 李鹏飞 ( 分析师 ) | 魏雨迪 ( 分析师 ) | 王宏玉 ( 分析师 ) | |-------------------|-------------------------|-----------------------|----------------------| | | 010-83939783 | 021-38674763 | 021-38038343 | | | lipengfei@gtjas.com | weiyudi@gtjas.com | wanghongyu@gtjas.com | | 登记编号 | S0880519080003 | S0880520010002 | S0880523060005 | 本报告导读: 短期淡季需求呈小幅震荡态势。我们对全年需求不悲观,分领域看,地产对钢铁的负 向拖拽将下降;此外基建、制造业维持稳步增长态势,有望对冲地产端下行。 投资要点: [Table_ 需求小幅边际回升。 Summary] 上周五大品种钢材社库、厂库 1272.70、501.20 万吨, 环比升 1.15、升 11. ...

通信设备及服务 2024.06.29 评级: 增持 上次评级: 增持 | 细分行业评级 | | |--------------------------|--------------------| | 相关报告 | | | 通信设备及服务《推理提升 | 需求,硅光 | | 平台加速落地》 | | | | 2024.06.23 | | | | | 景气周期》 | | | | 2024.06.23 | | 通信设备及服务《 | 与低空经济融合快速 | | 推进》 | | | | 2024.06.10 | | | | 布局数万卡超大集群》 2024.06.03 通信设备及服务《Nvidia 落子以太网,大规 模组网趋势显现》 2024.06.03 股 票 研 究 电信业务稳健增长,千帆星网即将首次发射 ——2024 年第 26 周周报 | [table_Authors | 王彦龙 ] ( 分析师 ) | 黎明聪 ( 分析师 ) | 苏哲西 ( 研究助理 ) | |------------------|---------------------------|-----------------------|------- ...

政策手段多管齐下,推进科学仪器国产化 | [table_Authors | 徐强 ] ( 分析师 ) | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | |------------------|-------------------------|---------------------|-----------------------| | | 010-83939805 | 0755-23976520 | 021-38038345 | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | 登记编号 | S0880517040002 | S0880517070004 | S0880523050005 | 本报告导读: 上周 CEA 周成交 233 万吨,周成交均价 91 元/吨。地方碳配额周成交 63 万吨,周成 交均价 46 元/吨。全国 CCER 周成交 12 万吨。 投资要点: [Table环保板块上周涨跌幅。 _Summary] 1)上周环保、燃气、水务、电力(申万指数) 分别上涨 0.48%、1.36%、0.5 ...

股 票 研 究 淡季需求承压 矿端延续挺价 有色金属 2024.06.29 评级: 增持 上次评级: 增持 细分行业评级 | | | | | |----------------|---------------------|-------------------------|----| | [table_Authors | 于嘉懿 ] ( 分析师 ) | 兰洋 ( 研究助理 ) | | | | 021-38038404 | 021-38031027 | | | | yujiayi@gtjas.com | lanyang028684@gtjas.com | | | 登记编号 | S0880522080001 | S0880123070158 | | 本报告导读: 国内金属终端淡季延续,铜铝等主要品种加工开工率延续走低,叠加海外需求边际走 弱,对价格上方形成压力。但部分品种供给端约束尚未缓解,另外由于美国 5 月核心 PCE 符合预期,金融属性有所修复,或共同对价格形成支撑。 投资要点: [Table周期研判: _Summary]本周美国公布的 5 月核心 PCE 同比+2.6%,环比+0.1%, 复合预期,且低于 ...

[Table_Industry] 可选消费品 公 司 事 件 点 评 证 券 研 究 报 告 盾安环境(002011)[Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 20.37 上次预测: 20.37 [当前价格： Table_CurPrice] 9.83 收购上海大创，进一步赋能汽零业务 [Table_Date] 2024.07.01 公司拟现金收购上海大创 62.95%股权，本次交易能够快速补齐公司新能源汽车热管 理水路阀件产品线、提升公司产品的单车价值量，提升汽零业务竞争力。 [Table_Summary 投资建议：维持盈利预测，维持"增持"评级。 ] 由于收购事件尚未落 地，我们维持公司 24-26 年的盈利预测。预计公司 24-26 年归母净利 润为 9.36/11.20/13.01 亿元，对应 EPS 分别为 0.88 元、1.05 元、1.22 元，同比+27%/20%/16%。 事件：公司拟现金收购上海大创汽车技术有限公司 62.95%股权，交易 作价 2.15 亿元，并向上海大创增资 3,000 万元。本次交易完成后，上 市公司持有上海 ...

股 票 研 究 中报龙头预期平稳,水泥预期或淡季占优 建材 2024.06.30 评级: 增持 上次评级: 增持 细分行业评级 | [table_Authors | 鲍雁辛 ] ( 分析师 ) | 花健祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | |------------------|---------------------------|-----------------------|---------------------------| | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 广西水泥复价传导广东,板块淡季盈利预期有望保持稳健;消费建材龙头 Q2 高基数 下预期相对平稳,保持长期布局思维。 投资要点: [Table水泥: _Summary] 本周全国 ...

| | | | | | 基础化工 | |-----------------------------------|----------------------------|-----------------------------|--------------|------------|------------| | 2024.06.30 | | | 评级: | | 增持 | | | | | | 上次评级 : | 增持 | | 线 | | | 细分行业评级 | | | | | | ——基础化工行业周报 | | | | | [table_Authors] 钟浩 ( 分析师 ) | 钱伟伦 ( 分析师 ) | 王瑞健 ( 研究助理 ) | | | | | 021-38038445 | 021-38038878 | 021-38031022 | | | | | zhonghao027638@gtjas.com | qianweilun027712@gtjas.com | wangruijian028700@gtjas.com | | | | | 登记编号 S0880522120008 | S0880523040003 ...