XUEDA(000526) 财通证券·2024-11-02 06:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 627 million yuan in Q3 2024, representing a year-on-year increase of 15.70%. However, the net profit attributable to shareholders was 14 million yuan, a decrease of 49.67% year-on-year. The net profit excluding non-recurring items was 9 million yuan, down 45.97% year-on-year [3] - For the first three quarters of 2024, the company achieved a total revenue of 2.247 billion yuan, up 25.29% year-on-year, and a net profit of 176 million yuan, an increase of 50.16% year-on-year [3] - The increase in management expenses due to stock incentive costs led to a rise in the management expense ratio. The gross profit margin for Q3 2024 was 32.24%, a decrease of 0.69 percentage points year-on-year [3] - The company plans to expand its personalized education services and has opened its first bookstore in Shanghai, aiming to establish over 100 bookstores in more than 20 cities within the next five years [4] Financial Summary - The company forecasts revenues of 2.769 billion yuan, 3.210 billion yuan, and 3.714 billion yuan for 2024, 2025, and 2026, respectively, with corresponding revenue growth rates of 25.17%, 15.92%, and 15.68% [5] - The projected net profits for 2024, 2025, and 2026 are 220 million yuan, 287 million yuan, and 365 million yuan, with net profit growth rates of 42.89%, 30.73%, and 27.11% [5] - The earnings per share (EPS) are expected to be 1.78 yuan, 2.33 yuan, and 2.96 yuan for the years 2024, 2025, and 2026, respectively [5]