XUEDA(SZ:000526) Tianfeng Securities·2025-07-18 06:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company is expected to achieve a year-on-year increase in net profit attributable to the parent company of 41% to 60% for the first half of 2025, with a midpoint growth rate of 51% [1] - The company continues to develop its personalized "one-on-one" education tutoring model, enhancing its presence in the personalized education sector while also advancing vocational education and cultural reading initiatives [2] - The industry is currently in a recovery growth phase, with leading companies expected to benefit preferentially due to compliance qualifications and brand advantages [3] - The company has resumed its expansion of learning centers, increasing from over 240 to over 300 centers, covering more than 100 cities, which is expected to enhance operational leverage as market demand for personalized education rises [4] Financial Performance and Forecast - The projected net profit for the company for 2025 is estimated to be between 261.38 million and 330.25 million yuan, with corresponding P/E ratios of 24, 19, and 15 for the years 2025 to 2027 [5][10] - The company’s revenue is expected to grow from 2,212.64 million yuan in 2023 to 4,887.39 million yuan by 2027, reflecting a compound annual growth rate [5] - The EBITDA is projected to increase from 328.75 million yuan in 2023 to 578.87 million yuan in 2027, indicating strong operational performance [5] Market Position - The company is positioned as a stable performer in the A-share education sector, likely to enjoy valuation premiums due to its consistent performance [4]