Investment Rating - The report assigns an "Accumulate" rating to the company [3][9]. Core Views - Revenue growth is in line with expectations, while profit margins have exceeded expectations, indicating potential for further upward adjustments in profit margins as the company accelerates its store expansion in advantageous locations [2][3]. - The company has released a positive earnings forecast, projecting a significant increase in revenue and adjusted net profit for 2024 and 2025, with adjusted net profit estimates of 1.78 billion (+19%) for 2024 and 2.49 billion (+13%) for 2025 [3]. - The company achieved a revenue of 3.8 billion in 2024H1, representing a 51.2% increase year-on-year, and a net profit of 0.8 billion, up 86.31%, with a profit margin of 21.05%, which is an increase of 3.97 percentage points [3]. Financial Summary - The company’s financial projections for 2024E, 2025E, and 2026E include revenues of 8.32 billion, 11.32 billion, and 14.99 billion respectively, with year-on-year growth rates of 44%, 38%, and 32% [6]. - The adjusted net profit for 2024E is projected at 1.78 billion, with a year-on-year growth of 65%, and for 2025E and 2026E, the adjusted net profits are expected to be 2.49 billion and 3.30 billion, reflecting growth rates of 40% and 32% respectively [6]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 93 in 2024E to 7 in 2026E, indicating an improving valuation over time [6].
思考乐教育24H1业绩预告点评：利润率超预期，关注旺季客单及利润率调整