Core Viewpoint - The company reported its fiscal year 2025 performance, with revenue and adjusted net profit meeting market expectations, indicating stable growth in the education sector [1][2]. Revenue Growth - The company's main business revenue increased by 7.8% year-on-year to 2.6 billion yuan, aligning with market expectations [1]. - Tuition revenue reached 2.32 billion yuan, up 8.1% year-on-year, while accommodation revenue was 278 million yuan, growing by 5.2% [1]. - The number of enrolled students for the 2025/2026 academic year is approximately 133,000, with an increasing proportion of undergraduate students [1]. - The placement rate for the 2024 graduating class was 98.03%, and for the 2025 class, it was 98.22%, reflecting a year-on-year increase of 3.13 percentage points [1]. Profitability - The company's gross margin for fiscal year 2025 was 35.5%, a decrease of 0.8 percentage points, attributed to increased depreciation and personnel costs [2]. - The adjusted net profit margin was 31.2%, also down by 0.8 percentage points due to the decline in gross margin and rising management expenses [2]. - As of August 31, 2025, the company's interest-bearing debt ratio decreased from 31.8% to 24.3%, and the leverage ratio fell from 85.2% to 52.8% [2]. - Capital expenditures totaled 688 million yuan, a decline of 25.2%, primarily for school upgrades and construction [2]. Profit Forecast and Valuation - The revenue forecast for fiscal year 2026 has been revised down by 5.0% to 2.73 billion yuan, and the adjusted net profit forecast has been reduced by 7.5% to 813 million yuan [2]. - The revenue forecast for fiscal year 2027 is set at 2.85 billion yuan, with an adjusted net profit forecast of 825 million yuan [2]. - The company maintains an outperform rating with a target price of 1.1 HKD, corresponding to 2.4 times the estimated adjusted P/E for 2026, indicating a potential upside of 9% [2].
新高教集团(02001.HK)：收入增长稳健 本科生占比持续提升