Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a 6-month target price [1] Core Views - FY24 revenue is expected to reach approximately RMB 3.3 billion, a 43% YoY increase, while adjusted net profit is projected at RMB 577 million, up 56% YoY [1] - Financial performance improvement is driven by steady growth in the number of customers for comprehensive education services and a significant increase in product sales revenue through online campus mall operations and supply chain integration [1] Business Expansion - Tianli has signed a new high school hosting project in Nanjing, covering an area of approximately 100 mu, with operations expected to commence on September 1, 2026 [1] - The company has entered into a service agreement with a middle school in Quanzhou, Fujian, to provide subject competition course training services [1] - KID STAR, a wholly-owned brand of Tianli, successfully won the bid for the first public-private partnership inclusive childcare project in Huangpu District, Guangzhou [1] Financial Forecasts - FY24-26 revenue forecasts are adjusted to RMB 3.3 billion, RMB 4.6 billion, and RMB 6.2 billion respectively [1] - Adjusted net profit for FY24-26 is projected at RMB 580 million, RMB 800 million, and RMB 1.1 billion respectively [1] - FY24-26 EPS is expected to be RMB 0.27, RMB 0.38, and RMB 0.5 per share, with corresponding P/E ratios of 14X, 11X, and 8X [1]
天立国际控股：FY24业绩高速增长