研报掘金丨国海证券：学大教育盈利能力提升，维持“买入”评级

Core Viewpoint - Guohai Securities report indicates that Xueda Education achieved revenue of 1.916 billion yuan in the first half of the year, representing a year-on-year increase of 18.27% [1] Financial Performance - Education training service revenue reached 1.848 billion yuan, accounting for 96.47% of total revenue [1] - Net profit attributable to shareholders was 230 million yuan, with a net profit margin of 11.99%, reflecting a year-on-year increase of 2.02 percentage points [1] - The company's profitability improved significantly due to concentrated revenue delivery before the college entrance examination, with Q2 being a traditional peak for revenue and profit margins [1] Business Strategy and Outlook - The company is recognized as one of the few established education firms in A-shares, founded in 2001, and has consistently adhered to a personalized education core philosophy [1] - The positive outlook for the company is attributed to revenue growth and profit margin improvement driven by enhanced operational efficiency and an improved external business environment [1] - The company has expanded its traditional training business into full-time, vocational education, cultural reading, and medical-education integration, contributing to revenue and profit [1] - The rating is maintained at "Buy" [1]