学大教育（000526）：业绩拐点初显，职业教育打造第二增长曲线

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In the short term, the company shows initial signs of an earnings inflection point despite a decline in Q3 performance, with a significant increase in contract liabilities indicating strong future revenue recognition [1] - The company has improved its historical debt situation by fully repaying a substantial debt of 2.35 billion yuan, leading to a decrease in the debt-to-asset ratio from 86.7% in 2022 to 77.1% in Q3 2025 [1] - Long-term growth is expected to benefit from an optimized industry competitive landscape, with the company expanding its personalized education business and actively developing vocational education, cultural reading, and medical-education integration as new growth engines [2][3] Summary by Relevant Sections Financial Performance - For Q3 2025, the company achieved a revenue of 697 million yuan, a year-on-year increase of 11.19%, while the net profit attributable to shareholders was 1.43 million yuan, down 89.90% year-on-year due to increased teacher labor costs from expansion [1] - The company expects to achieve net profits of 250 million, 310 million, and 380 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 40.6%, 23.9%, and 22.7% [3] - Revenue projections for 2025 to 2027 are 3.31 billion, 3.92 billion, and 4.64 billion yuan, with growth rates of 18.8%, 18.5%, and 18.2% respectively [4] Business Expansion - The company has over 300 personalized learning centers and more than 5,200 dedicated teachers as of H1 2025, with a focus on high school entrance exam needs [2] - The full-time education segment has become a significant growth point, with over 30 full-time training bases established to serve high school repeat students and art exam candidates [2] - The company is actively acquiring and managing vocational schools, with a focus on emerging industries related to national strategies, indicating a broad market potential [2]