XUEDA(000526) 信达证券·2025-04-26 10:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [2] - In Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year [2] - The company is entering a rapid expansion phase, with the number of personalized learning centers increasing from over 240 to over 300 in the second half of 2024, marking a 25% expansion [3] - The company’s net profit forecast for 2025-2027 has been adjusted to 252 million yuan, 304 million yuan, and 363 million yuan respectively, with current valuations at 26x, 22x, and 18x [3] Financial Performance Summary - Total revenue is projected to grow from 2.21 billion yuan in 2023 to 4.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 154 million yuan in 2023 to 363 million yuan in 2027, reflecting a growth rate of 19.5% [4] - The gross margin is projected to decline from 36.5% in 2023 to 32.1% in 2027, indicating a potential impact from the expansion phase [4] Financial Ratios - The return on equity (ROE) is expected to decrease from 25.5% in 2023 to 21.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 1.26 yuan in 2023 to 2.98 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 42.95 in 2023 to 18.19 in 2027, indicating a potential increase in valuation attractiveness over time [4]