Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong educational capabilities and potential for growth in its for-profit high school business [4][7] Core Views - The company's FY24 revenue reached 3.32 billion yuan, a 44% year-over-year increase, with net profit attributable to shareholders of 560 million yuan, up 66% year-over-year [2] - The company's student enrollment grew by 30% year-over-year to 130,000 students, with high school students accounting for 41.5% of the total, up 46% year-over-year [2] - The company's educational business revenue increased by 43% year-over-year to 1.74 billion yuan, driven by tuition fees and growth in study tours and quality education services [2] - The company's product sales revenue surged by 66% year-over-year to 920 million yuan, benefiting from optimized supply chain layout [2] - The company's for-profit high school business shows strong growth potential, with a 55% first-tier university admission rate in mature schools, significantly higher than the Sichuan provincial average [2] - The company's light-asset transformation is progressing smoothly, with ROE increasing by 8.5 percentage points to 24.3% in FY24 [3] Financial Projections - The company's revenue is projected to grow to 4.00 billion yuan in FY25, 4.74 billion yuan in FY26, and 5.46 billion yuan in FY27, with growth rates of 21%, 19%, and 15% respectively [5] - Net profit attributable to shareholders is expected to reach 735 million yuan in FY25, 949 million yuan in FY26, and 1.14 billion yuan in FY27, with growth rates of 28%, 29%, and 21% respectively [5] - The company's diluted EPS is forecasted to be 0.35 yuan in FY25, 0.45 yuan in FY26, and 0.54 yuan in FY27 [5] - The company's PE ratio is expected to decrease from 15.74 in FY24 to 12.20 in FY25, 9.45 in FY26, and 7.84 in FY27 [5] Market Data - The company's stock price on November 26, 2024, was 4.09 HKD, with a total market capitalization of 8.7 billion HKD [7] - The company's total shares outstanding are 2.116 billion, with all shares being tradable [7]
天立国际控股：公司信息更新：业绩略超预期，增长动能充足