XUEDA(000526) 华金证券·2024-12-18 08:28Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.99 RMB as of December 17, 2024 [4] Core Views - The company has achieved stable growth in its business scale, with rapid development in the vocational education sector [1] - The company has diversified its business into four core sectors: personalized education, vocational education, cultural reading, and medical-education integration [1] - By December 2024, the company's operations cover over 100 cities, with more than 4,000 full-time teachers and over 2 million cumulative students [1] - The company has expanded its vocational education sector through acquisitions and partnerships, including the acquisition of Shenyang International Business School and investment in Yueyang Modern Service Vocational School [2] - The company expects the Yueyang Modern Service Vocational School to reach a student capacity of 10,000 by the fall of 2025 [2] Financial Performance and Valuation - The company's revenue is projected to grow from 1,798 million RMB in 2022 to 4,075 million RMB in 2026, with a CAGR of 22.5% [3] - Net profit attributable to the parent company is expected to increase from 11 million RMB in 2022 to 464 million RMB in 2026, with a CAGR of 43.7% [3] - The company's EPS is forecasted to rise from 0.09 RMB in 2022 to 3.77 RMB in 2026 [3] - The P/E ratio is expected to decrease from 520.4x in 2022 to 12.2x in 2026, indicating improving valuation metrics [3] Business Expansion and Strategy - The company has established over 30 personalized education learning bases, more than 15 vocational schools and industry-education integration bases, and over 300 personalized education learning centers [1] - In the cultural reading sector, the company has developed "Juxiang Bookstore," which operates in 7 cities with 13 stores, offering a comprehensive cultural reading space [1] - The company has also established 5 full-time bilingual schools and over 7 self-operated hospitals and clinics [1] - The company is actively building modern industry colleges in collaboration with institutions such as Jiangxi Mechanical and Electrical Vocational College and Chongqing University [2] Market Performance - The company's stock price as of December 17, 2024, is 45.99 RMB, with a total market capitalization of 5,667.10 million RMB [4] - The stock has experienced a 12-month price range between 64.99 RMB and 40.95 RMB [4] - Over the past 12 months, the stock has shown a relative return of -32.19% and an absolute return of -14.82% [6]