KINGSWOOD EDUCATION(300192) 开源证券·2024-08-31 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from stable growth in its education and ink businesses while capitalizing on the pace of domestic AI chip replacement [1] - The company's revenue for H1 2024 was 370 million yuan, a year-on-year increase of 3.82%, while Q2 2024 revenue was 183 million yuan, a decrease of 2.22% year-on-year [4] - The company reported a net profit attributable to shareholders of 62.81 million yuan for H1 2024, an increase of 8.88% year-on-year, with a net profit margin of 16.97% [4] - The company holds a 7.8% stake in the AI chip company Zhonghao Xinying, which is expected to contribute positively to revenue in the second half of the year [5] Financial Summary - The total market capitalization of the company is 3.805 billion yuan, with a circulating market capitalization of 2.430 billion yuan [2] - The company's projected net profits for 2024-2026 are 161 million, 192 million, and 225 million yuan respectively, with year-on-year growth rates of 15.9%, 19.8%, and 16.7% [4] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.49, 0.58, and 0.68 yuan, respectively [4] - The current price-to-earnings (P/E) ratios are 23.7, 19.8, and 16.9 for the years 2024, 2025, and 2026 respectively [4] Business Segments - The education business generated revenue of 172 million yuan in H1 2024, a year-on-year increase of 5.23%, with a gross margin of 42.01% [4] - The ink business reported revenue of 173 million yuan, a year-on-year decrease of 8.75%, but maintained a high gross margin of 23.51% [4] - The company is focusing on vocational education, aligning with national policies aimed at enhancing service consumption and vocational training [5]