Investment Rating - The report maintains an "Accumulate" rating for the company [2][9]. Core Views - The company's performance in H1 2024 met prior forecasts, with core results exceeding expectations driven by operational improvements, including increased store count, higher average transaction value, and enhanced employee productivity [2]. - The non-academic quality business segment significantly contributed to revenue growth, accounting for 92% of total revenue, with a 58% year-on-year increase [2]. - The company is projected to achieve adjusted net profits of 178 million, 249 million, and 330 million yuan for 2024, 2025, and 2026 respectively, with EPS estimates of 0.32, 0.44, and 0.58 yuan [2]. Financial Summary - For H1 2024, the company reported revenue of 399 million yuan, a 59% increase year-on-year, and a gross profit of 177 million yuan, reflecting a 70% increase [2]. - The gross margin improved to 44%, up 3 percentage points, while the adjusted net profit margin reached 23.44%, an increase of 4.93 percentage points [2]. - The number of students served increased by 57% to 169,700, with total class hours rising by 57% to 4.2029 million [2]. - The company’s employee count grew by 48% to 2,603, with revenue per employee increasing by 7% to 150,000 yuan [2][5].
思考乐教育24H1业绩点评：门店数高增、客单提升、人效增强