Kaiwen Education(SZ:002659) Tai Ping Yang·2024-09-27 00:21Investment Rating - The report assigns a "Buy" rating for Kevin Education (002659) with a target price based on the last closing price of 4.41 [1][8]. Core Views - The restructuring of the equity structure is expected to benefit the company's long-term development [1][3]. - The transfer of shares from Baidaochu Holdings to Haiguotou is aimed at enhancing the support for the company, as Haiguotou will hold 16% of the equity and 30% of the voting rights after the transfer [2][3]. - The company is expected to benefit from Haiguotou's clear goals for state-owned enterprise reform, which includes significant revenue and asset injection targets [3][5]. - Kevin Education is expanding its student base through its international schools and is also venturing into domestic high school education, which is anticipated to improve its operational performance [3][5]. Financial Summary - Revenue projections for Kevin Education are as follows: - 2024: 319.42 million - 2025: 389.82 million - 2026: 463.99 million - Growth rates are expected to be 25.81%, 22.04%, and 19.03% respectively [5][6]. - Net profit forecasts are: - 2024: 6.31 million - 2025: 27.41 million - 2026: 51.02 million - Growth rates are projected at 112.69%, 334.22%, and 86.13% respectively [5][6]. - Earnings per share (EPS) are expected to be: - 2024: 0.01 - 2025: 0.05 - 2026: 0.09 [5][6].