凯文教育（002659）：25Q1业绩扭亏，运营拐点显现

Investment Rating - The report maintains a "Hold" rating for the company [6] Core Insights - The company has shown a turnaround in performance with a revenue increase of 17.7% year-on-year in Q1 2025, reaching 0.91 billion, and a net profit attributable to shareholders of 470 thousand, up 113% [1] - The K12 school operations are expanding, with notable achievements in student admissions to prestigious universities, including a 96% acceptance rate to Top 50 universities in the US [3] - The company is enhancing its educational service capabilities through the establishment of high-standard schools and the expansion of its K12 curriculum offerings, including AP courses and domestic examination-focused classes [4][5] Financial Data Summary - The company expects revenue of 3.2 billion in 2024, representing a 26% increase, but anticipates a net loss of 0.37 billion [1] - The projected net profit for 2025 is 0.23 billion, with earnings per share (EPS) expected to be 0.04 [11] - The total market capitalization is approximately 2.82 billion, with a price-to-earnings (P/E) ratio projected at 124x for 2025 [7][11]