HUATU CENDES(SZ:300492) Tianfeng Securities·2024-03-09 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 [16][27]. Core Views - The company is expected to see significant revenue growth, with projected revenues of 239.35 million yuan in 2023, a 124% increase from the previous year [10]. - The company is transitioning its business model to focus on non-degree vocational training, which is anticipated to enhance profitability due to improved operational efficiency and market demand [12][15]. - Strategic partnerships with state-owned enterprises are expected to facilitate high-quality employment opportunities, enhancing the company's role in bridging the gap between graduates and employers [24]. Financial Summary - Revenue (in million yuan): - 2021: 110.01 - 2022: 106.85 - 2023E: 239.35 - 2024E: 97.42 - 2025E: 112.34 - Net Profit (in million yuan): - 2021: 12.78 - 2022: 10.93 - 2023E: (78.94) - 2024E: 7.41 - 2025E: 12.56 - EBITDA (in million yuan): - 2021: 28.73 - 2022: 25.53 - 2023E: (77.08) - 2024E: 21.07 - 2025E: 27.67 [10][16]. Business Developments - The company has signed a lease for a new office space to support its operational needs, indicating ongoing business expansion [23]. - The company has ceased operations in certain competitive sectors to focus on its core public service training business, which is expected to drive future growth [12][15].