Kaiwen Education(002659)2025-05-30 11:38Investment Rating - The investment rating for the company is maintained as "Buy" [1][9][12] Core Views - The company is showing signs of operational improvement with a diversified layout that is expected to create a new growth curve [1] - The core K12 business is experiencing steady growth, with a significant increase in enrollment and optimized tuition structure contributing to revenue growth [6][8] - The company is expected to enter a new phase of profitability, with forecasts indicating a turnaround in net profit starting from 2025 [6][9] Financial Performance - In 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was -37 million yuan, an increase of 25.66% year-on-year [5][9] - The gross margin for 2024 was 27.45%, up 3.31 percentage points year-on-year, indicating improved profitability [6][9] - The company is projected to achieve revenues of 390.62 million yuan in 2025, with a significant expected increase in net profit to 25.11 million yuan [9][11] Business Segments - The K12 education service segment generated revenue of 260 million yuan in 2024, reflecting a year-on-year growth of 41.86% [8] - The vocational education segment is expanding, focusing on industry-education integration and training for government officials, with collaborations with major tech companies [7][8] - The company is enhancing its non-seasonal training offerings, which include new directions in AI and robotics, to counteract declines in traditional training revenue [7][8] Market Position - The company maintains a competitive edge in the K12 sector, with high admission rates to top universities, indicating strong academic performance [8] - The diversified educational offerings and strategic partnerships are expected to enhance market share and long-term growth potential [7][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 52.69 million yuan in 2026 and 77.17 million yuan in 2027, indicating a robust recovery [9][11] - The light asset model is anticipated to replicate success in new markets, further driving profitability [8][9]