XUEDA(SZ:000526) Guoxin Securities·2025-09-02 11:49Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company's core personalized education business benefits from the rigid demand in the high school stage and the clearing of supply-side issues in the industry, maintaining a high level of prosperity [3][21]. - The company achieved a net profit of 230 million yuan in the first half of 2025, representing a year-on-year growth of 42%, with total revenue of 1.92 billion yuan, up 18% [1][8]. - The company has accelerated its network expansion and teacher reserve since the second half of 2024, contributing to rapid growth in revenue and profit in the first half of 2025 [21][3]. Financial Performance - In the first half of 2025, the company's net profit margin reached 12.0%, an increase of 2.02 percentage points year-on-year, while the gross profit margin was 36.3%, up 0.26 percentage points [2][17]. - The company reported a cash collection from sales of 1.629 billion yuan, a year-on-year increase of 9.9%, with a contract liability balance of 597 million yuan, up 3.7% [13][1]. - The company has initiated a share repurchase plan in January 2025, intending to buy back shares at a price not exceeding 66.8 yuan per share, demonstrating management's confidence in the company's future development [21][2]. Earnings Forecast - The company forecasts net profits of 251 million yuan, 301 million yuan, and 363 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.04 yuan, 2.44 yuan, and 2.95 yuan [4][3]. - The projected revenue for 2025 is 3.409 billion yuan, reflecting a growth rate of 22.4% [4][3].