公司深度报告：“升学”为核发力中职赛道，经验复用整合效果明显

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company leverages over 20 years of experience in middle and high school tutoring and K12 extracurricular education to expand vocational schools focused on further education, with plans to add new campuses in 2024 [2] - The company has adjusted its profit forecasts for 2023-2025, expecting net profits of 140 million, 185 million, and 230 million yuan respectively, with corresponding EPS of 0.43, 0.56, and 0.70 yuan, leading to a PE ratio of 16.4, 12.5, and 10.0 times [2] - The company is expected to benefit from the performance growth of new campuses in the next two to three years, with long-term growth potential through mergers and acquisitions [2] Company Overview - The company has shifted its focus to vocational education, having divested its K12 business, and is expanding its educational offerings across multiple campuses and business models [5][31] - The company has established two vocational training companies, Zhichain Jiahui and Xinchuan Qifu, to serve the high-tech and flexible employment markets [34][31] Financial Analysis - The company has seen a recovery in its vocational and full-time education segments, with a 31.3% year-on-year revenue growth in the first half of 2023, compensating for the loss of K12 revenue [35][39] - The overall gross margin for the company was 31.34% in the first half of 2023, with vocational and full-time education segments achieving a gross margin of 46.55% [17][35] - The company reported a net profit of 57.68 million yuan in the first half of 2023, a 117% increase year-on-year, with a net profit margin of 16.18% [59] Industry Overview - The demand for vocational education is increasing due to rising employment pressures, with approximately 65% of vocational school graduates choosing to pursue further education [49] - The number of vocational schools has decreased significantly, from 14,700 in 2003 to 7,201 in 2022, while the proportion of private vocational schools has increased [63] - The government is encouraging private capital participation in vocational education, promoting a balanced approach between employment and further education [70]