华图山鼎：就业需求利好公职类培训

Investment Rating - The investment rating for the company is "Buy" with a target price of 75.52 CNY, maintaining the current rating [1]. Core Views - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching 8 billion CNY compared to 0.2 billion CNY in the same period of 2023. The net profit attributable to the parent company was 0.5 billion CNY, a recovery from a loss of 0.01 billion CNY in 2023 [1]. - The non-degree training business is the main contributor to revenue growth, generating 1.49 billion CNY in the first half of 2024, with a gross margin of 57.3% [1]. - The company has established over 500 branches nationwide, serving more than 190,000 students, which supports its performance amid a busy examination schedule [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 14.9 billion CNY, with a net profit of 0.5 billion CNY. The revenue from non-degree training was 13.17 billion CNY after deducting related party transactions [1]. - The company’s gross margin was 57.3%, with a sales expense ratio of 29.8% and a management expense ratio of 16.2% [1]. - The company’s contract liabilities for non-degree training reached 756 million CNY, reflecting a growth of 227.89% compared to the end of 2023 [1]. Financial Forecast - The company is expected to achieve net profits of 4.2 billion CNY, 5.1 billion CNY, and 6.2 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25X, 21X, and 17X [2]. - Revenue projections for 2024, 2025, and 2026 are 2,810.42 million CNY, 3,524.26 million CNY, and 4,409.56 million CNY respectively, indicating substantial growth [3][4]. Operational Strengths - The company has a strong educational research and teaching capability, with a professional teaching staff and a rigorous feedback mechanism [1]. - The company has developed a standardized chain management system, covering over 1,000 learning points across more than 600 counties, enhancing its brand effect and scale advantage [1]. - The company is actively developing channels in universities, conducting career planning and exam preparation seminars, which aligns with the increasing number of graduates and government recruitment policies [1].