学大教育：因材施教，由学而大

Investment Rating - The report maintains a "Buy" rating for XueDa Education (000526 SZ) with expected net profits of 280 million, 420 million, and 520 million RMB for 2024-2026, corresponding to P/E ratios of 25X, 16X, and 13X respectively [2][7] Core Business and Competitive Advantages - XueDa Education is a pioneer and leader in personalized education in China, with businesses spanning K12 tutoring, bilingual schools, and vocational education [2][3] - The company has strong competitive advantages in product offerings, nationwide channel coverage, brand reputation, and management experience [5] - XueDa operates over 200 learning centers across 100+ cities and has 30+ full-time training bases, along with 3 bilingual schools [24] Industry Analysis - The K12 tutoring industry has undergone significant changes, shifting from talent selection to talent classification, with reduced competition and resource waste [4] - Post-double reduction policy, the industry has seen a supply-side clearing, with 92% of offline and 87% of online institutions exiting the market [46] - The policy environment has become clearer, with non-academic training gaining recognition as a supplement to school education [59][60] Growth Prospects - XueDa will continue to focus on personalized education and explore vocational education opportunities [6] - The company plans to expand by increasing learning center density in existing cities, with a focus on high school tutoring [6] - Financial performance is expected to improve with revenue growth, cost control, and reduced interest expenses [6] Financial Performance - XueDa's revenue and profits returned to growth in 2023 after adjustments to the double reduction policy and pandemic impacts [36] - The company has been actively reducing its debt-to-asset ratio, with remaining debt of 399 million RMB as of May 2024 [42] - Operating cash flow has shown strong growth since the second half of 2023 [39] Market Position and Strategy - XueDa has maintained its leadership in personalized education while expanding into vocational education, cultural reading, and medical-education integration [23] - The company has developed a comprehensive personalized service process and product system, with mature teacher selection and training processes [65][66] - XueDa's brand recognition and consumer trust have been built over 22 years of operation, with over 2 million students served [71][72]