Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The education industry remains buoyant, with the company experiencing significant revenue growth in 2024 and further potential for growth in 2025 [3][8] - The company has shown a remarkable increase in contract liabilities, indicating strong pre-sales in its quality education segment [8] Financial Summary - Revenue for 2024 is projected at 11.02 billion RMB, representing a year-on-year increase of 125.2% [8] - Gross profit for 2024 is expected to be 5.10 billion RMB, up 121.9% year-on-year [8] - Net profit for 2024 is forecasted at 1.92 billion RMB, reflecting a 114% increase compared to the previous year [8] - The company’s gross margin for 2024 is estimated at 46.3%, slightly down by 0.6 percentage points year-on-year [8] - Contract liabilities reached 6.02 billion RMB, a significant increase of 184.27% year-on-year, primarily driven by prepayments in the quality education business [8] Business Segmentation - Revenue from quality education in 2024 is expected to be 7.13 billion RMB, a substantial increase of 411.75% year-on-year [8] - Full-time education revenue is projected at 2.07 billion RMB, with a modest growth of 0.98% year-on-year [8] - Tutoring project revenue is anticipated to be 1.81 billion RMB, reflecting a year-on-year increase of 25.20% [8] Market Position and Technology Integration - The company is expected to enhance its market share in the Guangzhou and Shenzhen markets, supported by AI applications that improve operational efficiency [8] - The integration of AI into the company's educational systems aims to provide personalized learning experiences and improve teaching effectiveness [8]
卓越教育集团（03978）：2024年报业绩点评：素质教育景气持续，合同负债高增长