HUATU CENDES(SZ:300492) Tianfeng Securities·2025-02-03 01:27Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 69 yuan [7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 60-90 million yuan for the year 2024, with a non-deducted net profit of 30-45 million yuan, marking a turnaround from losses in 2023 [1]. - The company is actively expanding its non-degree training business through its wholly-owned subsidiary, Huatu Education Technology, amidst challenges in the architectural design sector due to a declining real estate market [1][3]. - The company has developed strong standardized chain management capabilities, enhancing operational efficiency and reducing costs, which has led to improved profitability across its branches [3]. - The company is focusing on expanding its university terminal channels, with a dedicated team engaging in career planning and exam preparation activities across nearly 1,000 universities, reaching 1.5 million users [4]. Financial Data and Forecast - The company’s revenue is projected to grow significantly from 247.12 million yuan in 2023 to 2.81 billion yuan in 2024, reflecting a growth rate of 1037.28% [6]. - The expected earnings per share (EPS) for 2024 is 0.60 yuan, with projections of 1.44 yuan and 1.91 yuan for 2025 and 2026, respectively [5]. - The company’s operating income is forecasted to increase from 194.09 million yuan in 2023 to 1.26 billion yuan in 2024, with a gross margin expected to rise to 55% [12][14].