Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its stock performance relative to the market [2][11]. Core Insights - The company has been included in the Hang Seng Composite Index, effective September 10, 2024, which is expected to enhance its visibility and trading volume [1]. - The company has shown robust operational performance, with a 30% year-on-year increase in student enrollment, reaching approximately 130,000 students [1]. - The company is expanding its management services for schools, having signed contracts for eight managed schools this year, which is anticipated to create a second growth avenue [1]. - Revenue and profit have experienced significant growth, with FY2024H1 revenue reaching 1.645 billion RMB, a 73.8% increase year-on-year, and adjusted net profit of 319 million RMB, up 70% [1]. - The company has initiated a share buyback program, repurchasing 3.847 million shares at HKD 3.35 per share, reflecting management's confidence in the company's long-term prospects [1]. Financial Projections and Valuation - Revenue projections for 2024-2026 are estimated at 3.315 billion RMB, 4.536 billion RMB, and 6.014 billion RMB, representing year-on-year growth rates of 43.97%, 36.8%, and 32.6% respectively [3][4]. - Adjusted net profit forecasts for the same period are 544 million RMB, 752 million RMB, and 1.029 billion RMB, with growth rates of 48.9%, 38.1%, and 36.8% respectively [3][4]. - The company’s price-to-earnings (PE) ratios for 2024-2026 are projected at 17X, 12X, and 9X, which are below the average PE ratios of comparable companies [1][3].
天立国际控股：重归港股通，稳健经营托管项目持续落地