XUEDA(SZ:000526) Haitong Securities·2024-09-24 02:11Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 1.62 billion yuan for the first half of 2024, representing a year-on-year growth of 29.4%, with a net profit attributable to shareholders of 162 million yuan, up 81.8% year-on-year [6] - The company is focusing on enhancing its personalized education business while expanding into vocational education, cultural reading, and medical education integration [6] - The company plans to gradually acquire a 90% stake in Yueyang Modern Service Vocational College, aiming to strengthen its vocational education segment [7] - The revenue forecast for 2024-2026 is projected at 2.96 billion yuan, 3.67 billion yuan, and 4.48 billion yuan, with corresponding net profits of 283 million yuan, 352 million yuan, and 450 million yuan, indicating significant growth [7] Financial Performance - In the first half of 2024, the company achieved a gross margin of 36.0% and a net profit margin of 11.0%, reflecting an improvement of 3.9 percentage points year-on-year [6] - The company’s total revenue for 2023 was 2.21 billion yuan, with a projected increase to 2.96 billion yuan in 2024, representing a year-on-year growth of 33.8% [8] - The company’s net profit for 2023 was 154 million yuan, with an expected increase to 283 million yuan in 2024, showing a growth rate of 84.1% [8] Valuation and Estimates - The company is valued at a price-to-earnings (PE) ratio of 25-30 times for 2024, with a reasonable price range of 57.44 to 68.93 yuan per share [7] - The estimated earnings per share (EPS) for 2024 is projected to be 2.30 yuan, increasing to 3.65 yuan by 2026 [10] - The company’s return on equity (ROE) is expected to be 30.9% in 2024, slightly decreasing to 26.2% by 2026 [10]