Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tianli International Holdings (01773), citing the ongoing demographic dividend in high school populations, the company's outstanding educational quality, and continuous share buybacks and shareholder increases to boost investor confidence [1] Group 1: 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] Group 2: 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 [2] - The effectiveness of AI educational products is being continuously validated, with 1,934 students covered by the AI sprint camp as of January 26, 2026, and an expectation to exceed 4,000 students for the year [2] - New contracts for the AI sprint camp were signed with two external schools in January 2026, with projected revenues for the AI sprint camp business of 88 million, 154 million, and 231 million yuan for FY2026-FY2028 [2] Group 3: Upcoming Events - On January 28, 2026, the company will hold its annual shareholder meeting and an AI-themed reverse roadshow, showcasing its educational enrollment situation and deep engagement in the "AI + education" sector [1] - The company announced a share buyback plan, intending to repurchase up to 200 million HKD in shares based on market conditions, with a buyback price not exceeding 5% of the average closing price over the previous five trading days [1]