Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company is expected to achieve a revenue of approximately 6.469 billion RMB in the fiscal year 2024, with a downward adjustment for the fiscal years 2025 and 2026 to 7.188 billion RMB and 7.967 billion RMB respectively [4]. - The adjusted net profit for fiscal year 2024 is projected to be around 2.105 billion RMB, with slight downward adjustments for the following years [4]. - The report highlights that the company has experienced a significant decline in net profit expectations for fiscal year 2024, primarily due to anticipated decreases in tuition fees and potential policy changes affecting international students in Australia [4]. Financial Summary - Revenue growth rates are projected to be 37.00% for 2020, 37.50% for 2021, 29.15% for 2022, and gradually decreasing to 10.83% by 2026 [1]. - The adjusted net profit growth rates are expected to be 28.73% for 2020, 57.13% for 2021, and tapering to 8.95% by 2026 [1]. - The price-to-earnings (PE) ratio is forecasted to decrease from 27.47 in 2020 to 4.77 by 2026, indicating a potential increase in valuation attractiveness over time [1].
中教控股2024财年财务表现更新点评：减值影响表观利润，不改整体稳健增长