Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 1.35, maintaining the rating for the next six months [1]. Core Viewpoints - The company reported a revenue of HKD 1.693 billion for FY24, representing a year-on-year increase of 11.6%, while the adjusted net profit attributable to shareholders was HKD 830 million, up 5.1% [1]. - The company maintains a stable dividend payout ratio, planning to distribute a final dividend of HKD 0.06 per share and an interim dividend of HKD 0.07 per share, which is approximately 28% of the adjusted net profit [1]. - The total number of full-time students reached 76,000 as of August 2024, with undergraduate students accounting for about 90% of the total [1]. - The company has established partnerships with over 3,000 enterprises, providing more than 10,000 student internship positions annually [1]. Revenue Breakdown - The revenue sources include tuition fees, accommodation fees, and other educational service fees, with tuition fees accounting for 93.8% of total revenue as of August 31, 2024 [1]. - The breakdown of revenue includes tuition fees of HKD 1.587 billion, accommodation fees of HKD 97 million, and other educational service fees of HKD 8 million, with year-on-year growth rates of +12.4%, +5.1%, and -34.2% respectively [1]. Future Outlook - The company aims to continue its high-quality development path, deepen the integration of industry and education, and increase investment in education to cultivate skilled talents [1]. - The company has introduced new majors in artificial intelligence, intelligent manufacturing engineering, and robotics engineering to serve emerging national strategic industries [1].
中国科培：学生规模稳步增长