Investment Rating - The investment rating for the company is "Hold" with a target price of 3.48 HKD, maintaining the current rating [1]. Core Views - The company aims to cultivate high-quality skilled talents and has reported a revenue of 6.58 billion RMB for FY24, representing a year-on-year increase of 17.1%, with adjusted net profit of 1.97 billion RMB, up 3.3% [1]. - The company maintains a stable dividend payout ratio, distributing a final dividend of 0.1028 RMB per share, which is approximately 40% of the adjusted net profit [1]. - The domestic revenue reached 6.34 billion RMB, growing by 17.4%, driven by an increase in the number of enrolled students and per-student income [1]. - The total number of full-time enrolled students reached approximately 270,000, a year-on-year increase of about 9%, with vocational education students numbering around 224,000, up 12.5% [1]. - The company has expanded its partnerships with enterprises to 3,980 and has established 61 industry colleges, enhancing the quality of employment for graduates [1]. Summary by Sections Financial Performance - For FY25, the revenue is projected to be 6.78 billion RMB (down from the previous estimate of 7.5 billion RMB), with adjusted net profit expected at 2.05 billion RMB (previously 2.42 billion RMB) [2]. - FY26 and FY27 revenues are forecasted at 6.99 billion RMB and 7.21 billion RMB, with adjusted net profits of 2.16 billion RMB and 2.29 billion RMB, respectively [2]. Market Expansion and Development - The company is deepening its focus on key regions and international development, with successful expansions in Shandong and Guangdong, increasing student capacity by nearly 40,000 [1]. - The international education program has seen new student enrollment increase by over 100%, with collaborations with more than 200 renowned global institutions [1]. - The launch of the "Smart Campus" project aims to integrate digital technology into teaching, research, and management, enhancing educational efficiency and student experience [1].
中教控股：致力于培养高素质技能型人才