Investment Rating - The report maintains a Buy rating for Tianli International Holdings (01773) with a 6-month target price [1] Core Views - Tianli achieved FY24 revenue of RMB 3.3 billion, up 44% YoY, with adjusted net profit of RMB 580 million, up 56% YoY [1] - The company's comprehensive education service revenue reached RMB 1.74 billion, up 43% YoY, while product sales grew 66% to RMB 920 million [1] - Tianli's school network covers 18 provinces and cities, serving 130,000 students across 58 schools as of November 2024 [1] Financial Performance - FY24 comprehensive education service revenue: RMB 1.74 billion (+43% YoY) [1] - Product sales: RMB 920 million (+66% YoY) [1] - Comprehensive logistics services: RMB 600 million (+23% YoY) [1] - Management and franchise fees: RMB 60 million (+53% YoY) [1] - Cash and equivalents: RMB 1.358 billion [1] - Operating cash inflow: RMB 827 million [1] - Capital expenditure: RMB 410 million (-32% YoY) [1] Educational Achievements - 272 students admitted to global top 50 universities in 2024, up 114% from 2023 [1] - 9 students admitted to QS top 10 universities, including Cambridge and Imperial College London [1] - Average first-tier university admission rate in mature Sichuan campuses: 55% [1] - Average undergraduate admission rate: 90%, significantly exceeding Sichuan's average [1] Operational Developments - Tianli successfully separated 7 high schools with independent operating licenses from integrated schools by FY24 [1] - High school student enrollment reached 53,900 in autumn 2024, up 46.8% from 36,708 in 2023 [1] - Lixing Study Tour company served over 110,000 students in 2024, including 15,000 from external schools [2] Technology Integration - AI Smart Classroom pilot launched in over 10 schools in 2024 [3] - 36 students in Yibin Tianli School's college entrance exam training camp improved scores by an average of 36 points [3] - Collaboration with Beijing No. 4 High School Hohhot Branch established for AI-assisted exam preparation [3] Future Outlook - FY25-27 revenue forecasts: RMB 4.6 billion, RMB 6.4 billion, RMB 8.8 billion [4] - Adjusted net profit forecasts: RMB 800 million, RMB 1.1 billion, RMB 1.4 billion [4] - EPS forecasts: RMB 0.37, RMB 0.5, RMB 0.66 [4] - PE ratios: 11X, 8X, 6X [4]
天立国际控股：坚持高质量多元发展