Investment Rating - Maintains a "Buy" rating with a 6-month outlook [5] Core Views - The company is in a critical year of its fifth five-year plan (2022-2027), with a strong track record of exceeding performance targets annually [1] - The company operates 40 self-owned schools with a capacity for 180,000 students, currently serving 90,000, indicating significant growth potential [1] - The managed school business is expanding, with over 100 school segments in the pipeline and an additional 30 segments expected by September [1] - The company's diversified business segments, including study tours and educational technology, are thriving, with strong market positioning and potential for external expansion [2] - The company's competition training system has produced over 60 provincial-level award winners and multiple national team members, with successful external commercialization of its competition courses [3] - The company's AI-driven educational products have demonstrated significant effectiveness, with a 36-point average score improvement and an 86% improvement rate among students in a pilot program [2] Financial Projections - Expected revenues for FY25-27 are RMB 4.6 billion, RMB 6.4 billion, and RMB 8.8 billion, respectively [5] - Adjusted net profits for FY25-27 are projected to be RMB 800 million, RMB 1.1 billion, and RMB 1.4 billion, respectively [5] - EPS for FY25-27 is forecasted to be RMB 0.38, RMB 0.51, and RMB 0.67, respectively [5] Business Segments - The company's study tour business integrates knowledge learning with practical experiences, covering various fields such as history, natural sciences, technology, and arts, attracting top private schools for collaboration [2] - The educational technology platform, "Cloud Platform," has successfully implemented AI in classrooms and study rooms, with a notable pilot program showing a 97% university admission rate among participants [2] - The competition training system has been standardized and successfully exported, with a recent contract signed with a school in Fujian for competition course services [3] Market Performance - The company's stock price has shown significant growth, with a 34% increase over the past year, outperforming the Hang Seng Index [7]
天立国际控股：一干多支加码成长