Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1] Core Views - In the first half of 2024, the company achieved revenue of 317 million RMB, representing a year-on-year growth of 68.1%, and a net profit attributable to shareholders of 55 million RMB, up 160.7% year-on-year [1] - The company has made significant progress in its transformation towards quality education, with contract liabilities increasing by 116.5% year-on-year to 458 million RMB, indicating strong revenue conversion potential for the full year [1] - The company is enhancing organizational efficiency through AI investments, resulting in a management expense ratio of 12.9%, a decrease of 2.26 percentage points year-on-year [1] - A stock incentive plan was implemented, granting 58 million restricted shares to 552 employees, which is expected to boost employee engagement and long-term company growth [1] - Revenue forecasts for 2024-2026 are projected at 1.01 billion RMB, 1.80 billion RMB, and 2.50 billion RMB, with net profits of 176 million RMB, 278 million RMB, and 374 million RMB respectively, indicating a strong growth trajectory [1] Financial Summary - For 2024E, total revenue is expected to reach 1,015 million RMB, with a growth rate of 107.4% compared to 2023A [4] - The net profit attributable to shareholders is projected to be 176 million RMB in 2024E, reflecting a growth rate of 92.5% [4] - The company's total assets are forecasted to increase from 1,046 million RMB in 2023A to 1,259 million RMB in 2024E [5]
卓越教育集团：加速素质教育转型，合约负债高增业绩大幅增长