XUEDA(000526) 中国银河·2024-10-29 14:57Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has entered an expansion phase, with a focus on the upcoming peak season's performance. The revenue for the first three quarters reached 2.25 billion, a year-on-year increase of 25.3%, while the net profit attributable to shareholders was 176 million, up 50.2% year-on-year [1]. - In Q3, the company achieved revenue of 630 million, a year-on-year increase of 15.7%, but the net profit attributable to shareholders decreased by 49.7% to 14 million, primarily due to operational expansion and stock incentive expenses [1]. - The company is accelerating its capacity expansion, with right-of-use assets increasing by 50% compared to the beginning of the year [1]. - The ongoing transformation towards vocational education is expected to gradually contribute to incremental growth, with the company completing an investment in a vocational college [2]. - The growth logic of the company is clear, benefiting from strong trends in personalized education and the dual demand for further education and employment [2]. Financial Summary - The company forecasts revenue of 2.94 billion for 2024, with a growth rate of 32.82%, and net profit of 215 million, reflecting a profit growth rate of 39.99% [4]. - The projected diluted EPS for 2024 is 1.75, with a PE ratio of 27.74 [4].