XUEDA(SZ:000526)2024-04-28 12:32Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved revenue of 2.21 billion yuan in 2023, a year-on-year increase of 23%, and a net profit attributable to shareholders of 150 million yuan, reflecting a significant year-on-year growth of 1035% [5]. - The company's education service business generated revenue of 2.20 billion yuan, up 24% year-on-year, recovering to 73% of its peak despite a network recovery rate of less than 50% [5]. - The demand for personalized education remains strong, and the company has adapted to changes in educational policies and market demands, particularly in vocational education and digital education [5]. - In Q1 2024, the company reported revenue of 705 million yuan, a 36% year-on-year increase, and a net profit of 50 million yuan, reflecting an 886% year-on-year growth [5]. - The company's gross profit margin for its education business reached 36.4% in 2023, an increase of 9.2 percentage points year-on-year, indicating improved profitability [5]. Financial Summary - The company forecasts revenue growth from 2.73 billion yuan in 2024 to 3.96 billion yuan in 2026, with corresponding profit growth from 265 million yuan to 421 million yuan [8]. - The projected profit growth rates are 72.21% for 2024, 26.41% for 2025, and 25.71% for 2026 [8]. - The report indicates a projected EPS of 2.17 yuan in 2024, increasing to 3.45 yuan by 2026 [8]. - The company’s PE ratio is expected to decrease from 30.01 in 2024 to 18.88 in 2026, indicating a potentially attractive valuation [8].