XUEDA(SZ:000526) Tianfeng Securities·2024-02-06 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Views - The company is actively consolidating its personalized education business and expanding its full-time (training) and (secondary education) degree programs, which is seen as a positive move to enhance business content and development paths [14][34]. - The acquisition of a 70% stake in Zhuhai Longda is expected to strengthen the company's educational assets and improve its operational capabilities [11][33]. - The company is well-positioned to meet current policy directions and student demands, particularly in vocational education, which aligns with national educational trends [12][21]. Financial Summary - The company's revenue is projected to grow from 2,518.46 million yuan in 2023E to 3,730.05 million yuan in 2025E, reflecting a growth rate of 40.10% in 2023E and 21.50% in 2025E [26]. - The net profit attributable to the parent company is expected to increase significantly from 145.17 million yuan in 2023E to 289.65 million yuan in 2025E, with a remarkable growth rate of 1,233.16% in 2023E [26]. - Earnings per share (EPS) are forecasted to rise from 1.19 yuan in 2023E to 2.37 yuan in 2025E, indicating a strong improvement in profitability [23][26]. Strategic Developments - The company is enhancing its core business capabilities by integrating vocational education and personalized education services, which is expected to solidify its competitive advantage [20][34]. - The establishment of a self-operated rehabilitation hospital and partnerships with local hospitals for personalized rehabilitation solutions demonstrates the company's commitment to addressing specific educational and health needs [20]. - The company is closely monitoring educational policies and market demands to optimize its business structure and campus layout, ensuring sustained growth in its traditional personalized education sector while expanding into vocational education and digital services [23].