Group 1 - The core viewpoint is that Morningstar has assigned a 5-star quantitative rating to China Spring (01969), indicating that the current stock price is attractive to investors, with a strong financial health rating [1] - The current stock price is at a 21% discount compared to Morningstar's estimated fair value of HKD 5.27 per share [1] - The net cash flow from operating activities for China Spring is projected to be CNY 1.034 billion from 2021 to 2024, indicating stable and substantial cash flow that supports ongoing development [1] Group 2 - For the six months ending February 28, 2025, the company reported revenue of CNY 891 million, a year-on-year increase of 9.4%, and an adjusted net profit of CNY 403 million with an adjusted net profit margin of 45.2% [1] - The number of enrolled students increased by 6.5% from 104,053 on February 29, 2024, to 110,861 on February 28, 2025, reflecting growth in the company's operational scale [1] - The company's profit margin of 16.9% ranks in the top 10% among global peers, showcasing its strong profitability [1] Group 3 - Morningstar highlights that the company's valuation metrics convey positive signals, with an 87.5% return on book value placing it in the top 40% among global peers [2] - The market price relative to the book value of equity is low, which supports Morningstar's favorable price/fair value ratio conclusion [2]
晨星：予中国春来(01969)5.27港元目标价 认为股价被低估