Q1延续高增长，全年业绩确定性较强

Investment Rating - The report maintains a "Buy" rating for the company [19] Core Views - The company reported a strong Q1 2024 with revenue growth of 28.11% year-on-year and net profit growth of 34.42% [11] - The company is in a mature phase with a target cash dividend ratio of no less than 80%, achieving a dividend rate of 96.85% in 2023 [11] - The company has a robust growth strategy focusing on large clients, with significant partnerships established, including a renewed multi-million cooperation agreement with Sichuan Langjiu [11] - The average price of courses has increased, contributing to revenue growth, with EMBA course prices rising by 30.3% [11] - The company expects to maintain high growth rates in net profit for 2024-2026, with projected figures of 2.8 billion, 3.4 billion, and 4.3 billion respectively [11] Financial Summary - Revenue (in million yuan) is projected to grow from 672 in 2023 to 1,274 in 2026, with a year-on-year growth rate of 49.1% in 2023 and 24.2% in 2026 [3] - Net profit (in million yuan) is expected to increase from 219 in 2023 to 427 in 2026, with a year-on-year growth rate of 98.0% in 2023 and 24.1% in 2026 [3] - The latest diluted EPS is projected to rise from 1.86 in 2023 to 3.61 in 2026 [3] - The company’s P/E ratio is expected to decrease from 29.8 in 2023 to 15.3 in 2026, indicating improving valuation [3] Performance Indicators - The company achieved a gross margin of 71.78% in Q1 2024, despite a slight decline due to changes in product mix [11] - The net profit margin reached a historical high of 17.03% in Q1 2024, reflecting continuous improvement in profitability [11] - The company’s cash collection in Q1 2024 was 1.6 billion yuan, up 31.74% year-on-year, indicating strong future revenue potential [11]