Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tianli International Holdings (01773), citing the ongoing high school population dividend, the company's outstanding educational quality, and continuous share buybacks and shareholder increases to enhance investor confidence [1][2] Financial Projections - Revenue forecasts for FY2026-FY2028 are set at 3.915 billion, 4.225 billion, and 4.499 billion yuan, reflecting growth rates of 9.1%, 7.9%, and 6.5% respectively [1] - Adjusted net profit projections for FY2026-FY2028 are 741 million, 821 million, and 901 million yuan, with corresponding growth rates of 11.5%, 10.9%, and 9.7% [1] - The latest market capitalization corresponds to a FY2026 PE ratio of 7x [1] Strategic Developments - The company is strategically expanding its enrollment of transfer students, having completed the enrollment of 3,603 transfer students as of January 25, 2026, with an annual target of 7,000 students, which is expected to increase the total number of students served by approximately 14% year-on-year [3] - The effectiveness of AI education products continues to be validated, accelerating revenue conversion, with the AI sprint camp covering 1,934 students as of January 26, 2026, and an expectation to exceed 4,000 students for the year [3] - The company signed two new external schools for the AI sprint camp in January 2026, with projected revenues from this business for FY2026-FY2028 estimated at 88 million, 154 million, and 231 million yuan respectively [3] Share Buyback Announcement - On January 28, 2026, the company announced an intention to repurchase shares, with a maximum of 200 million HKD allocated for buybacks in the open market, with the repurchase price not exceeding 5% of the average closing price over the preceding five trading days [2]