研报掘金丨中邮证券：维持学大教育“买入”评级，职教布局持续深化，教培业务稳健增长

Group 1 - The core viewpoint of the article highlights the continuous deepening of Xue Da Education's vocational education layout and the steady growth of its training business [1] - During the "14th Five-Year Plan" period, vocational education contributed over 70% of the newly added high-quality and high-skilled talent in modern industries, making it a crucial support in China's talent supply system [1] - The national emphasis on vocational education is increasing, supported by the comprehensive implementation of the "Education Strong Nation Construction Plan" and the continuous expansion of the national vocational education special fund [1] Group 2 - The company currently focuses on personalized education services for middle and high school students, which is expected to maintain growth due to both customer scale and demand intensity [1] - The company is actively deepening its personalized education business while extending into new areas such as vocational education [1] - With the policy support from the education strong nation strategy and the growth potential of the core middle and high school customer base, the company is likely to continue its growth trend [1] Group 3 - Based on the closing price on December 19, the company is valued at 19/16/13 times PE [1] - The report maintains a "Buy" rating for the company [1]