Kaiwen Education(SZ:002659) ZHONGTAI SECURITIES·2024-09-23 01:00Investment Rating - The report maintains an "Accumulate" rating for Kevin Education (002659.SZ) with a market price of 3.88 CNY [1]. Core Views - The report highlights the restructuring of voting rights and shareholding relationships, with Haiguo Investment becoming the largest shareholder of Kevin Education, which is expected to facilitate the company's future development [1][2]. - The new national policies are anticipated to provide institutional incentives, prompting attention to the subsequent changes in Kevin Education [1][2]. - The report maintains its profit forecast, projecting a net profit attributable to the parent company of 0.10 billion CNY in 2024, 0.58 billion CNY in 2025, and 1.09 billion CNY in 2026, corresponding to P/E ratios of 235.1, 39.9, and 21.2 respectively [1][2]. Financial Summary - Revenue Forecast: - 2022: 172 million CNY - 2023: 254 million CNY - 2024E: 307 million CNY - 2025E: 385 million CNY - 2026E: 492 million CNY - Year-on-Year Growth: 2023: 48%, 2024E: 21%, 2025E: 26%, 2026E: 28% [1][2]. - Net Profit Forecast: - 2022: -97 million CNY - 2023: -50 million CNY - 2024E: 10 million CNY - 2025E: 58 million CNY - 2026E: 109 million CNY - Year-on-Year Growth: 2023: 49%, 2024E: 120%, 2025E: 489%, 2026E: 88% [1][2]. - Earnings Per Share (EPS): - 2024E: -0.16 CNY - 2025E: -0.08 CNY - 2026E: 0.02 CNY, 0.10 CNY, 0.18 CNY [1][2]. - Cash Flow: - Operating cash flow for 2024E is projected at 57 million CNY, increasing to 166 million CNY by 2026E [2]. - Valuation Ratios: - P/E ratios are projected to improve from -24.0 in 2023 to 21.2 in 2026 [1][2]. Shareholding Changes - The report notes that Haiguo Investment has become the largest shareholder of Kevin Education following the transfer of shares from Baidaochu Holdings, which has reduced its holding to 16% [1][2]. Industry Context - The report emphasizes the potential for Kevin Education to leverage resources from Haiguo Investment for stable business development and the preservation and appreciation of state assets [1][2].