Jiangsu Chuanzhiboke Education Technology (003032) 天风证券·2024-09-23 11:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [2]. Core Views - The company plans to acquire 51% of FIS Holdings Pte. Ltd. (Furen International School) for approximately 83.65 million RMB, enhancing its international education business [2]. - The acquisition aligns with the company's strategy to expand its footprint in the education sector and leverage existing resources for synergistic benefits [3]. - The acquisition is expected to improve the company's asset quality and profitability, positively impacting future financial performance [4]. Financial Summary - Revenue for 2022 was 802.82 million RMB, with a projected decline to 427.57 million RMB in 2024E, followed by a recovery to 642.92 million RMB in 2026E [5]. - The net profit for 2022 was 180.79 million RMB, which is expected to drop to -12.92 million RMB in 2024E, before recovering to 69.06 million RMB in 2026E [5]. - The company's earnings per share (EPS) is projected to be -0.03 RMB in 2024E, improving to 0.17 RMB in 2026E [5]. - The price-to-earnings (P/E) ratio is expected to be -260.71 in 2024E, improving to 48.77 in 2026E [5]. Business Operations - The company has a total share capital of 402.45 million shares, with a market capitalization of approximately 3.37 billion RMB [1]. - The asset-liability ratio stands at 19.47%, indicating a relatively low level of debt [1]. - The company aims to enhance its international education offerings, responding to national strategies for educational globalization [2][3].