XUEDA(SZ:000526) Soochow Securities·2024-10-29 02:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company's net profit attributable to shareholders was 14.19 million yuan, significantly impacted by share-based payment expenses, with revenue of 630 million yuan, a year-on-year increase of 15.7%, and a net profit decrease of 50% [2] - For the first three quarters of 2024, the company reported revenue of 2.25 billion yuan, a year-on-year increase of 25.3%, and a net profit of 176 million yuan, a year-on-year increase of 50% [2] - The company's contract liabilities reached 980 million yuan by the end of September 2024, reflecting a year-on-year growth of 37% [2] - The gross margin slightly declined to 32.24%, with a notable increase in management expenses due to share-based payment allocations [3] - The education and training policy environment has stabilized, leading to improved competitive dynamics in the industry, with the company benefiting from its national presence [3] - The company's net profit forecasts for 2024-2026 have been adjusted downwards due to anticipated share-based payment expenses, with corresponding P/E ratios of 27, 21, and 16 times for 2024-2026 [3] Financial Summary - Total revenue for 2022 was 1.798 billion yuan, with a projected increase to 2.755 billion yuan in 2024, reflecting a year-on-year growth of 24.52% [1] - The net profit attributable to shareholders for 2022 was 13.55 million yuan, expected to rise to 218.1 million yuan in 2024, indicating a year-on-year growth of 41.82% [1] - The latest diluted EPS is projected to be 1.77 yuan per share in 2024, with a P/E ratio of 27.38 based on the current price [1]