XUEDA(SZ:000526) Changjiang Securities·2025-09-02 09:45Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In the first half of 2025, the company achieved an operating revenue of 1.916 billion yuan, representing a year-on-year increase of 18.27%. The net profit attributable to the parent company was 230 million yuan, up 42.18% year-on-year [2][6] - The second quarter saw an operating revenue of 1.052 billion yuan, with a year-on-year growth of 15.04%. The net profit attributable to the parent company was 156 million yuan, reflecting a 40.01% increase year-on-year [2][6] - The company expects net profits attributable to the parent company for 2025-2027 to be 305 million, 378 million, and 474 million yuan, corresponding to PE ratios of 19.59, 15.79, and 12.58 respectively [2][12] Summary by Sections Financial Performance - The company reported a gross profit margin of 36.30%, a slight increase of 0.26 percentage points year-on-year. The net profit margin reached 11.98%, up 2.01 percentage points year-on-year [12] - The company has reduced its contract liabilities to 597 million yuan, a 3.73% increase compared to the previous year, but a 35.94% decrease from the beginning of the year [6] Business Expansion - The company continues to expand its personalized education centers, with over 300 centers now operating across more than 100 cities. The number of full-time teachers has increased by 30% to over 5,200 compared to the end of 2024 [12] - The company is focused on enhancing its operational efficiency through cost control and quality improvement, which has positively impacted its profitability [12] Future Outlook - The company is expected to benefit from the growing demand for personalized education, with a clear strategy for expanding its business and increasing enrollment [12] - The report anticipates that as the company increases its revenue and improves its cost structure, its profitability could gradually approach 10% in the medium to long term [12]