凯文教育：期待海国投资源整合

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][11]. Core Viewpoints - The company is expected to benefit from the transfer of shares from the shareholder, which will enhance resource integration and promote the strategic restructuring of state-owned enterprises [1]. - The company is positioned as the only education-related listed company under the Haidian District State-owned Assets Supervision and Administration Commission, leveraging quality educational resources to expand its business into vocational education [1]. - The financial forecasts predict a gradual recovery in profitability, with net profits expected to reach 0.06 billion, 0.31 billion, and 0.71 billion yuan from 2024 to 2026, respectively [2][6]. Financial Data Summary - The total revenue is projected to grow from 171.80 million yuan in 2022 to 601.22 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 27.29% [6]. - The company's net profit is expected to turn positive by 2024, with a forecasted net profit of 6.10 million yuan, increasing to 70.96 million yuan by 2026 [6][7]. - The earnings per share (EPS) are projected to improve from -0.16 yuan in 2022 to 0.12 yuan in 2026, indicating a significant turnaround in profitability [6][7]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from -24.28 in 2022 to 33.05 in 2026, suggesting an improvement in the company's valuation as profitability increases [6][7]. - The price-to-book (P/B) ratio is projected to remain stable around 1.02 to 1.07 over the forecast period, indicating a consistent valuation relative to the company's book value [6][7]. Market Position - The company operates two Kevin schools, focusing on maintaining educational quality while expanding its service offerings in international education [2]. - The strategic partnership with Haiguotou is expected to enhance the company's operational capabilities and market presence, particularly in vocational education [1].