KINGSWOOD EDUCATION(SZ:300192) KAIYUAN SECURITIES·2024-10-28 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business areas, particularly in vocational education and ink production, with a revenue of 578 million yuan in Q3 2024, representing a year-on-year increase of 3.15% [1] - The net profit attributable to the parent company for the first three quarters of 2024 reached 105 million yuan, up 18.36% year-on-year, with Q3 net profit at 42.98 million yuan, reflecting a 20.85% increase year-on-year [1] - The company maintains its profit forecast for 2024-2026, expecting net profits of 161 million, 192 million, and 225 million yuan, respectively, with year-on-year growth rates of 15.9%, 19.8%, and 16.7% [1] Financial Summary - Revenue for 2024 is projected at 820 million yuan, with a year-on-year growth of 6.4% [3] - The gross profit margin for Q3 2024 was 60.4%, an increase of 1.26 percentage points year-on-year [1] - The company’s earnings per share (EPS) for 2024 is estimated at 0.49 yuan, with a price-to-earnings (P/E) ratio of 34 [3][6] Business Development - The company is focusing on the integration of vocational and general education, with significant potential in the vocational education sector, as highlighted by the national education conference [1] - The introduction of strategic investors, including state-owned enterprises and Alibaba, into its subsidiary, Zhonghao Xinying, has strengthened its financial position, with a total of approximately 600 million yuan raised in recent funding rounds [2]