Investment Rating - The report maintains a "Buy" rating for 21st Century Education (01598.HK) [2] Core Views - The company reported a 25.6% year-on-year increase in revenue for the first half of 2024, reaching 241 million yuan, while net profit attributable to shareholders decreased by 7.8% to 31 million yuan [1] - The vocational education segment showed strong growth with a revenue increase of 38.8% year-on-year, while the kindergarten segment faced challenges [1] - The company is expected to continue its growth trajectory with the new campus in Gaoyi expected to contribute positively to performance as student enrollment increases [1] Financial Performance Summary - For the vocational education segment, revenue was 173 million yuan with a student count of 20,252, reflecting a 5.7% increase year-on-year, and average revenue per student increased by 32.3% to 6,302 yuan [1] - The non-vocational education segment generated 69 million yuan in revenue, with high school revenue per student increasing by 7.6% to 9,830 yuan, while kindergarten revenue per student decreased by 4.3% to 10,168 yuan [1] - Gross margin improved by 3.1 percentage points to 42.8%, driven by increased revenue from Shijiazhuang Institute of Technology [1] Future Projections - Revenue projections for 2024-2026 are 531 million yuan, 604 million yuan, and 656 million yuan respectively, with net profits expected to be 46 million yuan, 67 million yuan, and 83 million yuan [1][4] - Earnings per share (EPS) are projected to be 0.04 yuan, 0.06 yuan, and 0.07 yuan for the years 2024, 2025, and 2026 respectively [1][4]
21世纪教育：量价催化，职教板块持续放量