Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][17]. Core Views - The company's net profit attributable to shareholders is expected to decline by 70% in the fiscal year 2024 due to goodwill impairment [3][6]. - The company achieved revenue of 6.579 billion yuan in fiscal year 2024, representing a year-on-year increase of 17.2%, closely aligning with the previous forecast of 6.604 billion yuan [3][6]. - Adjusted net profit for fiscal year 2024 is projected at 1.971 billion yuan, reflecting a 3.3% increase [3][6]. - The company plans to maintain a cash dividend payout ratio of approximately 40% for fiscal year 2024 [3][16]. Financial Forecasts and Key Indicators - Revenue projections for the company from 2019 to 2027 are as follows: - 2019: 5.616 billion yuan - 2024: 6.579 billion yuan (+17.1%) - 2025E: 7.283 billion yuan (+10.7%) - 2026E: 7.997 billion yuan (+9.8%) - 2027E: 8.692 billion yuan (+8.7%) [1][21]. - Net profit attributable to shareholders is forecasted as: - 2019: 1.380 billion yuan - 2024: 0.418 billion yuan (-69.7%) - 2025E: 2.161 billion yuan (+417.0%) - 2026E: 2.345 billion yuan (+8.5%) - 2027E: 2.515 billion yuan (+7.2%) [1][21]. - Earnings per share (EPS) are projected to be: - 2019: 0.51 yuan - 2024: 0.15 yuan - 2025E: 0.80 yuan - 2026E: 0.86 yuan - 2027E: 0.93 yuan [1][21]. - The company's price-to-earnings (P/E) ratio is expected to be: - 2025E: 4.3 - 2026E: 4.0 - 2027E: 3.7 [1][21]. - The company’s cash and cash equivalents are projected to increase to 10.789 billion yuan by 2025E, with a significant capital expenditure of 48.57 billion yuan in fiscal year 2024, marking an 84.2% increase [1][16][21].
中教控股：商誉减值致归母净利下滑，2024财年现金分红比例40%