Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Insights - The company achieved a revenue of 4.1 billion yuan in 2024, a year-on-year increase of 3.5%, with a gross profit of 2.1 billion yuan, up 10.8%, and an adjusted net profit of 525 million yuan, reflecting a significant year-on-year growth of 86.6%, exceeding expectations [1] - The company is expected to see a continued improvement in profit margins due to effective cost control and an increase in student enrollment, particularly from high school and university graduates [3] Summary by Sections Financial Performance - In 2024, the company reported a total of 14.8 billion yuan in short-term and long-term contract liabilities, an increase of 10.4% year-on-year [1] - The revenue breakdown for 2024 shows that cooking, automotive services, IT, Western cuisine, and beauty industries contributed 47%, 22%, 19%, 8.3%, and 2.6% respectively, with significant growth in the beauty sector at 125% [1] Profitability Metrics - The gross margin for 2024 is projected at 51%, an increase of 3.4 percentage points year-on-year, with an adjusted net margin of 13%, up 5.7 percentage points [2] - The company plans to distribute a dividend of 0.22 HKD per share in 2024, with a payout ratio of 86% [1] Enrollment Trends - The number of new training participants and registered customers in 2024 is expected to be 143,400, a decrease of 6.2% year-on-year, with notable declines in cooking, Western cuisine, and automotive services, while the beauty sector shows an 80% increase [3] - The student demographic is shifting towards high school and university graduates, which is anticipated to open new growth avenues for the company [3]
中国东方教育：24年经调净利5.25亿超预期，多维改善利润率大幅优化