Investment Rating - The report assigns an "Accumulate" rating to the company [3][9]. Core Views - The revenue met expectations while profits exceeded expectations, with an improved competitive landscape benefiting the leading players. The rapid growth of contract liabilities provides assurance for the performance in the second half of 2024, with a focus on the realization of peak season performance [2]. Summary by Sections Financial Performance - For the first half of 2024 (2024H1), the company achieved revenue of 317 million yuan, representing a 68% increase. Gross profit reached 143 million yuan, up 105%, with a gross margin of 44.96%, an increase of 8 percentage points. Adjusted net profit attributable to shareholders was 55 million yuan, a 161% increase, with a margin of 17.18%, up 6.1 percentage points [3][6]. Business Segmentation - The company's full-time review business generated 124 million yuan (+20%), tutoring projects brought in 76 million yuan (+32%), and quality education surged to 118 million yuan (+321%) in 2024H1. The growth was primarily driven by natural increases in core business segments [3]. Contract Liabilities - Contract liabilities grew significantly to 458 million yuan (+184%) in 2024H1, compared to 160 million yuan in 2023H1 and 212 million yuan at the end of the 2023 fiscal year. This growth is attributed to orders for summer and autumn classes, which will contribute to revenue in the second half of the year [3].
卓越教育集团24H1业绩点评：利润端超预期，关注旺季数据兑现