学大教育（000526）：利润同比高增，注重股东回报

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported a revenue of 2.786 billion yuan for 2024, representing a year-on-year growth of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [1]. - The first quarter of 2025 saw a revenue of 864 million yuan, a 22.46% increase year-on-year, with a net profit of 73.77 million yuan, reflecting a 47.00% growth year-on-year [1]. - The company is expanding its personalized education business, increasing the number of learning centers from over 240 to more than 300, and enhancing its offline network [7]. - The financial condition has improved significantly, with contract liabilities reaching 932 million yuan, a 29.76% increase year-on-year, and the company actively repaying loans [7]. - The company has initiated a share repurchase plan of 110 to 150 million yuan, demonstrating confidence in its future development [7]. Financial Data and Valuation - The total revenue for 2023 was 2.213 billion yuan, with projected revenues of 2.786 billion yuan for 2024 and 3.482 billion yuan for 2025, indicating a growth rate of 23% and 26% respectively [2][10]. - The net profit attributable to shareholders is projected to grow from 180 million yuan in 2024 to 234 million yuan in 2025, with corresponding PE ratios of 35.9 and 27.6 [8][11]. - The company’s total assets are expected to reach 3.568 billion yuan by 2025, with a significant improvement in the asset-liability ratio from 81.3% in 2023 to 71.1% in 2025 [9][11]. Performance Metrics - The company’s return on equity (ROE) is projected to be 25.1% in 2024 and 24.8% in 2025, indicating strong profitability [11]. - The gross margin is expected to stabilize around 34% over the next few years, while the net margin is projected to improve from 6.5% in 2024 to 7.6% in 2027 [11]. - The company’s earnings per share (EPS) is forecasted to increase from 1.47 yuan in 2024 to 1.92 yuan in 2025 [8][11].