学大教育：期待明年表现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][5]. Core Insights - The company reported Q3 2024 revenue of 600 million, a year-on-year increase of 16%, while net profit attributable to shareholders decreased by 50% to 14 million [1]. - For the first three quarters of 2024, the company achieved a revenue of 2.2 billion, up 25% year-on-year, and a net profit of 176 million, an increase of 50% [1]. - The gross margin for the first three quarters of 2024 was 35%, an increase of 0.6 percentage points, while the net profit margin was 7.8%, up approximately 1.3 percentage points [1]. - The company has adjusted its earnings forecast for 2024-2026, projecting revenues of 2.9 billion, 3.6 billion, and 4.3 billion respectively, with EPS estimates of 1.7, 2.3, and 2.8 [2][5]. Financial Performance Summary - Q3 2024 revenue was 600 million, with a net profit of 14 million, and a non-GAAP net profit of 10 million, reflecting a decrease of 50% and 46% respectively [1]. - For the first three quarters of 2024, the company reported a gross profit margin of 35% and a net profit margin of 7.8% [1]. - The company’s total revenue for 2022 was 1.8 billion, which is expected to grow to 2.9 billion in 2024, representing a growth rate of 30.16% [8][11]. Strategic Developments - The company is expanding its educational services by acquiring a 90% stake in Yueyang Yusheng Education Investment Co., which will enhance its vocational education offerings in Hunan [4]. - The company is also focusing on building a network of bookstores to promote reading culture, with plans to open over 100 stores in more than 20 cities within five years [2][3].