Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company focuses on new vocational education as its main development line, emphasizing diversified comprehensive services with both internal growth and external expansion [13] - The new campus in Gaoyi is expected to contribute to revenue growth as it gradually fills with students, with projected revenues of 5.31 billion, 6.04 billion, and 6.56 billion for 2024-2026 [13] - The company reported a total revenue of 420 million in 2023, a year-on-year increase of 34.66%, with net profit attributable to shareholders reaching 39.91 million, up 46.19% year-on-year [8][12] Financial Performance - The vocational education segment generated revenue of 270 million, a year-on-year increase of 20.90%, while the non-vocational education segment achieved 150 million, up 69.56% year-on-year [9] - The average tuition fee per student increased to 9,151, a 9.0% year-on-year rise, while the average accommodation fee reached 1,240, up 17.3% year-on-year [9] - The gross profit margin decreased by 7.7 percentage points to 39.3%, primarily due to increased operational costs from the new campus, but is expected to recover as the campus reaches full capacity [17] Future Projections - Expected revenues for 2024, 2025, and 2026 are projected at 531 million, 604 million, and 656 million respectively, with net profits of 53 million, 79 million, and 97 million [19] - Earnings per share (EPS) are forecasted to be 0.05, 0.07, and 0.08 yuan per share for the years 2024, 2025, and 2026 [19] Market Position - The company is positioned as a leading player in the regional vocational education sector, benefiting from the integration of new campuses and the consolidation of revenue from the Yuying High School [12][13]
新校区落地+育英收入并表，业绩稳步释放