科德教育（300192）：控股权变更，国资入主

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is undergoing a change in control, with state-owned assets taking over, which may lead to a focus on its education business while potentially divesting its ink business [6] - The company is expected to benefit from the resource integration and capital operation capabilities of the Shiyan State-owned Assets Supervision and Administration Commission [6] - Profit forecasts for 2025, 2026, and 2027 are projected at 1.61 billion, 1.85 billion, and 2.10 billion CNY respectively, maintaining a "Buy" rating [6] Financial Performance Summary - Total revenue is projected to grow from 771 million CNY in 2023 to 999 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 9.5% [5] - Net profit attributable to the parent company is expected to increase from 139 million CNY in 2023 to 210 million CNY in 2027, reflecting a CAGR of about 13.5% [5] - The gross margin is forecasted to improve slightly from 33.3% in 2023 to 34.8% in 2027 [5] - The return on equity (ROE) is anticipated to rise from 15.6% in 2023 to 17.3% in 2027 [5] - Earnings per share (EPS) is projected to grow from 0.42 CNY in 2023 to 0.64 CNY in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 38.40 in 2023 to 25.30 in 2027, indicating a more attractive valuation over time [5]