Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company's fundamentals remain robust, with a focus on expanding its educational network through new partnerships and capital expenditures [1][4]. - The company reported a revenue of 1.413 billion RMB for FY25H1, a year-on-year increase of 7.8%, and an adjusted net profit of 456 million RMB, up 7.0% year-on-year, slightly exceeding expectations [1]. - The company is actively enhancing its enrollment competitiveness and optimizing its student demographics, with significant improvements in school rankings and an increase in the proportion of undergraduate students [2]. Summary by Sections Financial Performance - For FY25H1, the company achieved a revenue of 1.413 billion RMB, accounting for 54% of the annual forecast, and an adjusted net profit of 456 million RMB, representing 57% of the annual forecast [1]. - The company’s capital expenditure for the first half of FY25 was approximately 393 million RMB, aligning with the annual guidance of 800-900 million RMB [1][3]. Enrollment and Competitive Position - The company has seen significant improvements in its school rankings, with notable advancements in various provinces, enhancing its enrollment appeal [2]. - The average tuition fee for enrolled students increased by 9.5%, contributing to an 8.1% year-on-year growth in tuition revenue for FY25H1 [2]. Expansion Plans - The company has signed a cooperation agreement to establish a higher education institution in Hainan, aiming to leverage diverse educational and research experiences to cultivate internationally-minded talent [4]. - The ongoing construction of new campuses and the application for master's degree programs are progressing well, with expectations to start enrollment in September 2025 [3]. Profit Forecast and Valuation - The report slightly raises the profit forecast for FY25-27, projecting net profits of 803 million RMB, 857 million RMB, and 917 million RMB respectively [5]. - The target price based on the Dividend Discount Model (DDM) is set at 2.71 HKD, reflecting adjustments for exchange rates and share count changes [5].
新高教集团（02001）：基本面依然稳健，关注新校拓展