XUEDA(000526) 海通证券·2024-11-14 03:49Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 2.2 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25%. The net profit attributable to the parent company was 180 million yuan, up 50% year-on-year [5] - In the third quarter of 2024, the company generated a revenue of 630 million yuan, a 16% increase year-on-year, but the net profit attributable to the parent company decreased by 50% to 14.19 million yuan [5] - The company is enhancing its operational efficiency and has plans to invest in vocational education and training, aiming to establish a comprehensive talent cultivation system [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 210 million yuan, with a net profit margin of 4.8% and a gross margin of 32.2% [5] - The management expense ratio slightly increased, with sales, management, and financial expense ratios at 6.9%, 20.1%, and 2.4% respectively [5] - The company expects revenues of 2.73 billion yuan, 3.31 billion yuan, and 3.98 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 212 million yuan, 270 million yuan, and 333 million yuan [7][10] Valuation and Forecast - The company is projected to have a price-to-earnings (P/E) ratio of 25-30 times for 2025, leading to a reasonable value range of 54.75 to 65.70 yuan per share [7] - The estimated revenue growth rates for 2024, 2025, and 2026 are 23.2%, 21.3%, and 20.4% respectively, with net profit growth rates of 37.9%, 27.4%, and 23.4% [8][10] Market Comparison - The company’s P/E ratio for 2025 is estimated at 28.59, compared to its peers such as New Oriental at 13.60 and Aonli Education at 24.02 [9]