教育行业事件快评：明确有序放宽服务业准入限制，教育行业受催化

Investment Rating - The report assigns an "Overweight" rating to the education industry, consistent with the previous rating [1]. Core Insights - The recent release of the "Opinions on Improving Market Access System" indicates a clear and orderly relaxation of service industry access restrictions, which is expected to catalyze the education sector [2]. - Leading education companies are anticipated to benefit further, with competitive advantages leading to optimization of single-store models and expansion of scale [2]. - The report recommends specific companies such as New Oriental-S, Excellence Education Group, and Thinker Education, while also highlighting benefits for Xueda Education and TAL Education [2]. Summary by Sections Industry Overview - The report emphasizes the clarification of licensing and approval processes in the education sector, which is expected to enhance operational efficiency for educational institutions [2]. - The government aims to gradually eliminate unreasonable access restrictions in the education sector, particularly in areas not related to national security or social stability [2]. Market Dynamics - The approval process for qualifications is expected to accelerate, improving the pace of network operations and compliance [2]. - The report notes that the utilization rate of first-tier outlets remains high, with no price reductions observed during the summer, indicating potential for profit margin improvement [2]. Company Analysis - Profit forecasts and valuations for key companies are provided, with New Oriental-S projected to achieve a net profit of 3.81 billion in 2024, while Excellence Education Group and Thinker Education are expected to reach 1.79 billion and 1.78 billion respectively [4]. - The average PE ratios for 2024E are noted as 25 for New Oriental-S, 12 for Excellence Education Group, and 16 for Thinker Education [4].