Investment Rating - The report maintains an "Outperform" rating for the company [6][4]. Core Insights - The company expects a 17% year-on-year increase in net profit for the fiscal year 2025, driven by a growth in the number of clients for its comprehensive education services [1][9]. - Revenue is projected to reach 3.6 billion yuan, reflecting an 8% increase, while net profit is anticipated to be 650 million yuan [1][5]. - The profit growth rate is significantly higher than the revenue growth rate, attributed to a focus on core education services and improved utilization rates of schools [1][9]. Summary by Sections Financial Forecasts - For fiscal years 2023 to 2027, the company forecasts revenue growth from 2.3 billion yuan in 2023 to 4.2 billion yuan in 2027, with a compound annual growth rate of approximately 9.1% [5][18]. - Net profit is expected to grow from 334 million yuan in 2023 to 829 million yuan in 2027, indicating a strong upward trend [5][18]. Business Performance - The number of students served increased by 8% year-on-year for the fall semester of 2025, with high school student numbers growing by 11% [2][12]. - The company has maintained a high academic standard, with a college admission rate of approximately 90% and a first-tier university admission rate of about 58% [2][12]. AI Education Initiatives - The company has made significant progress in its AI education products, which include various programs that have shown positive results, such as an 81% improvement rate in exam scores among participating students [3][13]. - The AI product matrix is expected to enhance the learning experience and contribute to business growth [4][16]. Operational Developments - The company has expanded its management services to 18 schools, up from 10 in the previous fiscal year, indicating potential for further growth in this area [3][13]. - The introduction of historical theme study tours has also seen a 20% increase in external service participation [3][13].
天立国际控股（01773）：2025财年业绩预告净利润同增17%，主业稳健增长