深耕科学教育，期待乐博运营改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [9][10]. Core Viewpoints - The company has been deeply involved in the education sector and has made significant investments in technology education, which is expected to become a second growth curve for the company [3][18]. - The company has turned profitable since Q3 2023 and is expected to see further improvements in 2024, with a recovery to previous performance levels and sustainable growth potential [3][9]. - The company is actively optimizing its store operations and has improved compliance, which has positively impacted its financial performance [3][21]. Financial Data and Valuation - Revenue is projected to grow from 2,470.26 million in 2023E to 3,367.43 million in 2025E, reflecting a growth rate of 10.34% in 2023E and 18.25% in 2025E [8][25]. - The company's net profit attributable to the parent company is expected to increase significantly from 30.73 million in 2023E to 122.17 million in 2025E, with a remarkable growth rate of 535.58% in 2024E [8][11]. - The earnings per share (EPS) is forecasted to rise from 0.06 in 2023E to 0.23 in 2025E, indicating a positive trend in profitability [11][25]. - The price-to-earnings (P/E) ratio is expected to decrease from 125.78 in 2023E to 31.64 in 2025E, suggesting improved valuation metrics as profitability increases [8][11]. Business Operations - The company has optimized its store count, with 137 direct-operated stores and approximately 550 franchise stores as of February 2024, focusing on enhancing store quality and profitability [21]. - The average number of students per store is currently between 240-250, with a capacity for further growth, indicating a healthy demand for its services [21]. - The company has established partnerships with institutions like the China Children's Center to expand its course offerings, which is expected to drive future growth [20].