Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price of 6 HKD, indicating an expected return of over 20% within the next six months [1][6]. Core Viewpoints - The report highlights the recent signing of management contracts for two schools in Quzhou and Yunfu, which is expected to enhance the company's educational resources and capabilities, leading to a multi-win situation for the government, students, parents, and institutions [1]. - The company has a strong track record with over 60 schools established across 18 provinces and more than 100,000 students enrolled, showcasing its robust educational management and teaching quality [1]. - The introduction of international high school programs and the successful admission rates of its first graduating class to top universities are seen as significant growth drivers for the company [1]. Summary by Relevant Sections Investment Rating - Current Price: 4.41 HKD - Target Price: 6 HKD - Rating: Buy (maintained) [1]. Basic Data - Total Shares Outstanding: 2,115.65 million shares - Total Market Capitalization: 9,478.13 million HKD - Net Asset Value per Share: 1.16 HKD - Debt-to-Asset Ratio: 74.25% [1]. Financial Projections - Adjusted revenue forecasts for FY24-26 are 3.2 billion RMB, 4.6 billion RMB, and 6.2 billion RMB respectively - Adjusted net profit forecasts for FY24-26 are 590 million RMB, 800 million RMB, and 1.1 billion RMB respectively - Adjusted EPS for FY24-26 are 0.28 RMB, 0.38 RMB, and 0.52 RMB respectively, with corresponding PE ratios of 14X, 11X, and 8X [2].
天立国际控股：托管新拓两校，天立国高首届毕业生靓丽