凯文教育：股东背景优势赋能成长

Investment Rating - The investment rating for the company is "Hold" with a lowered rating [6] Core Views - The company reported a revenue of 0.7 million in Q3 2024, representing a year-on-year increase of 16%, while the net profit attributable to the parent company was -0.12 million, a decrease of 125% [2] - The company has strengthened its capabilities in teacher team building, policy interpretation, property management, catering and logistics services, and cooperation both inside and outside the school, which supports its growth in vocational education and light asset output business [2][4] - The company has established multiple industrial colleges in vocational education, and its operational management experience will provide a guarantee for future business expansion [2][4] - The company benefits from the support of local government due to its controlling shareholder being a state-owned asset management company in Haidian District, Beijing [2][5] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 2.3 million, an increase of 18% year-on-year, while the net profit attributable to the parent company was -0.22 million, an increase of 13% [2] - The gross profit margin for Q1-3 2024 was 29.60%, an increase of 5.16 percentage points, while the net profit margin was -9.14%, an increase of 4.12 percentage points [2] - The company adjusted its profit forecast, expecting net profits attributable to the parent company to be 1.47 million, 0.17 million, and 0.46 million for 2024-2026, with corresponding PE ratios of 1921X, 169X, and 62X [3] Financial Data and Valuation - The company's revenue is projected to grow from 171.80 million in 2022 to 475.25 million in 2026, with a compound annual growth rate of 26.10% [5] - The net profit attributable to the parent company is expected to turn positive in 2024, reaching 1.47 million, and further increasing to 45.74 million by 2026 [5] - The company’s current price is 4.72 yuan, with a total market capitalization of 2,823.88 million [6]