学大教育：盈利能力快速提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [2][4]. Core Views - The company has shown rapid improvement in profitability, with Q2 2024 revenue reaching 910 million RMB, a 25% year-on-year increase, and net profit of 110 million RMB, up 33% year-on-year [2]. - For the first half of 2024, the company reported revenue of 1.62 billion RMB, a 29% increase, and net profit of 162 million RMB, an 82% increase year-on-year [2]. - The company is actively repaying debts, having repaid 220 million RMB in principal during the first half of 2024 [2]. - The company is expanding its business by acquiring a 90% stake in Yueyang Modern Service Vocational College for 214 million RMB, which will enhance its vocational education offerings [3]. Financial Performance Summary - The company reported a revenue of 1.8 billion RMB in 2022, which is expected to grow to 2.88 billion RMB in 2024, reflecting a growth rate of 30.16% [5]. - The net profit for 2022 was 10.89 million RMB, projected to increase to 260.26 million RMB by 2024, showing a growth rate of 69.24% [5]. - The company's gross margin for the first half of 2024 was 36%, an increase of 1 percentage point year-on-year [2]. Business Segmentation - The revenue from personalized education (traditional campuses) in the first half of 2024 was 1.32 billion RMB, a 29.3% increase [2]. - Full-time education revenue reached 230 million RMB, up 23.7%, while vocational education revenue was 20.83 million RMB, a 48.97% increase [2]. - The company operates over 240 personalized learning centers across 100 cities, leveraging a hybrid online-offline teaching model [4]. Financial Projections - The company forecasts net profits of 260 million RMB, 350 million RMB, and 460 million RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26X, 19X, and 15X [4]. - The total assets are projected to grow from 3.18 billion RMB in 2022 to 4.26 billion RMB by 2026 [6]. Cash Flow Analysis - The operating cash flow for 2023 was reported at 607.39 million RMB, with a projected increase to 444.60 million RMB in 2024 [7]. - The company has shown a significant improvement in cash flow management, with a net cash increase projected for the coming years [7].