Core Viewpoint - CICC's research report indicates that China Education Group's revenue for the fiscal year 2025 is expected to grow by 11.9% year-on-year, aligning with the firm's expectations, while adjusted EBITDA is projected to increase by 10.5%, surpassing expectations due to effective cost control. The company did not declare any dividends during the period [1] Revenue and EBITDA Forecasts - The firm has revised its revenue and adjusted EBITDA forecasts for the fiscal year 2026 down by 4% and 1% respectively, to RMB 7.77 billion and RMB 4.19 billion, considering more cautious expectations regarding student enrollment and tuition fee growth [1] - For the fiscal year 2027, the revenue and adjusted EBITDA forecasts are set at RMB 8.16 billion and RMB 4.42 billion respectively [1] Target Price Adjustment - Due to a decline in the average industry valuation, CICC has lowered the target price for China Education Group to HKD 3.5 while maintaining an "outperforming the industry" rating [1]
研报掘金丨中金：下调中教控股目标价至3.5港元 维持“跑赢行业”评级