Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][13] Core Insights - The company reported a revenue of 850 million RMB for 2024, representing a 49% year-on-year increase, and a net profit of 176 million RMB, which is a 63% increase [1] - The growth in revenue is attributed to an increase in tutoring hours and operational efficiency improvements [1] - The company is expanding its business in Guangzhou and has launched new initiatives such as educational tourism and international courses, aiming for diversified growth [2] Financial Performance - For 2024, the company generated 770 million RMB from non-academic quality courses, a 48% increase, with 350,000 student enrollments, up 46% [1] - The tutoring course revenue reached 86 million RMB, a 65% increase, with 37,000 students enrolled, marking a 62% increase [1] - The adjusted net profit forecast for 2025-2027 is 236 million RMB, 321 million RMB, and 433 million RMB respectively [3] Future Outlook - The company plans to leverage its brand influence and management experience to explore new opportunities and expand its revenue base [2] - It aims to maintain a strong cash flow and improve service quality through technology and AI [2]
思考乐教育（01769）：加快广州等地发展