Investment Rating - The report maintains an "Outperform" rating for Tianli International Holdings (01773 HK) [3][4] Core Views - Tianli International Holdings achieved a 56% YoY growth in adjusted net profit in FY2024, exceeding expectations [3] - The company's revenue increased by 44 2% YoY to RMB 3 321 billion, with net profit rising 66 3% to RMB 556 million [3] - Adjusted net profit reached RMB 577 million, a 56 4% increase, surpassing the previously disclosed guidance of 56% growth [3][8] - The company's ROE hit a new high of 24 3%, driven by a combination of heavy and light asset strategies [3] Business Segment Analysis - Integrated education business revenue grew 43% YoY, accounting for 53% of total revenue [3][11] - Product sales revenue increased 66% YoY, contributing 28% of total revenue [3][11] - Comprehensive logistics revenue rose 23% YoY, making up 18% of total revenue [3][11] - Hosting business revenue grew 53% YoY, representing 2% of total revenue [3][11] Financial Performance - Gross margin slightly decreased by 0 1pct to 33 7% due to higher contribution from lower-margin product sales [3][17] - Operating expense ratio decreased by 2 2pct to 12 5%, reflecting strong cost control [3][17] - Adjusted net profit margin improved by 1 4pct to 17 4% [3][17] - Capital expenditure decreased by 32 2% YoY to RMB 407 million [3][18] Future Outlook - The company is expected to achieve revenue of RMB 4 55/6 17/8 29 billion in 2025-2027, with net profit of RMB 780 million/1 06 billion/1 48 billion [3][25] - The PE ratio is projected at 10 5x/7 7x/5 5x for 2025-2027 [3][25] - The company plans to maintain a 30% dividend payout ratio [3][18] Strategic Initiatives - The company is focusing on a combination of heavy and light asset strategies, primarily using leasing for school expansion [3][18] - Multiple business lines, including diversified education and cloud platform services, are being actively developed and expanded to external schools [3][22][24] - The company has invested approximately HKD 140 million in share buybacks since July 2023 [3][18]
天立国际控股：2024年报点评：经调净利润增长56%，轻重结合转型推动ROE创下新高