XUEDA(000526) 中国银河·2024-07-08 02:30Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company, Xueda Education, is expected to achieve significant growth driven by resilient demand and continuous advancement in new business layouts. The focus on personalized education services is anticipated to enhance profitability, supported by favorable policies for high school education [1][12]. - The company has signed a partnership with Yueyang Modern Service Vocational College, indicating ongoing progress in vocational education transformation. This aligns with the company's strategy to focus on specialized and urgently needed talent development [12]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 2212.64 million - 2024E: 2729.00 million - 2025E: 3287.39 million - 2026E: 3958.81 million - Revenue growth rates are projected at: - 2024E: 23.09% - 2025E: 23.34% - 2026E: 20.46% [2] - Net profit attributable to shareholders is forecasted as: - 2023A: 153.78 million - 2024E: 264.84 million - 2025E: 334.79 million - 2026E: 420.86 million - Profit growth rates are projected at: - 2024E: 1035.24% - 2025E: 72.21% - 2026E: 26.41% [2] - The diluted EPS is expected to be: - 2024E: 2.15 - 2025E: 2.72 - 2026E: 3.42 - Corresponding PE ratios are projected at: - 2024E: 27.42 - 2025E: 21.69 - 2026E: 17.25 [2] - The gross profit margin is expected to improve slightly from 36.50% in 2023A to 37.81% in 2026E [2].