凯文教育(002659)：基本面持续向好 看好全年扭亏为盈

Core Viewpoint - The company reported a solid revenue growth of 25.92% year-on-year for 2024, with a revenue of 320 million yuan, and a significant improvement in net profit, indicating a positive trend in operational efficiency and potential for profitability in 2025 [1][4]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was a loss of 37 million yuan, reducing losses by 25.66% [1]. - For Q1 2025, the company reported a revenue of 90.67 million yuan, representing a year-on-year growth of 17.68%, and a net profit of 468,400 yuan, marking a return to profitability [1]. Group 2: Business Segments - The K12 school operations showed robust growth, with education service revenue reaching 260 million yuan, a year-on-year increase of 41.86%, while vocational education is expanding through partnerships with major companies like Huawei and Baidu [2]. - The decline in training service revenue by 16.90% to 5.5 million yuan is attributed to weather impacts on ski resort operations, but the long-term outlook for training services remains positive as the company expands its offerings [2]. Group 3: Operational Efficiency - The company has optimized its operational efficiency, with sales, management, and financial expenses decreasing by 18%, 4%, and 14% respectively, primarily due to savings in advertising and interest expenses [3]. - The gross profit margin has shown an upward trend, with quarterly margins ranging from 27% to 33% over the past year, indicating improved profitability [3]. Group 4: Shareholder Changes and Future Outlook - Haiguotou has become the largest shareholder after acquiring 14.84% of the shares, which is expected to streamline decision-making and enhance resource allocation for the company's long-term development [3]. - The company forecasts net profits of 25.16 million yuan, 46.65 million yuan, and 56.32 million yuan for 2025, 2026, and 2027 respectively, reflecting a significant upward revision in profit expectations [4].