Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is in line with expectations, with a projected revenue of 6.47 billion, 7.43 billion, and 8.52 billion for the fiscal years 2024-2026, and net profit of 2.11 billion, 2.32 billion, and 2.55 billion respectively [4] - The target price is set at 8.98 HKD, based on a 10x PE valuation for the fiscal year 2024 [4] Financial Performance Summary - For the first half of the fiscal year 2023/24, the company achieved a revenue of 3.28 billion, representing a year-on-year increase of 18.3%, with a gross profit of 1.84 billion, up 15.4% year-on-year [4] - Adjusted net profit for the same period was 1.22 billion, reflecting a year-on-year growth of 10.2% [4] - The gross margin decreased by 1.41 percentage points to 56.00%, while the sales expense ratio decreased by 0.43 percentage points to 2.71% [4] Growth Drivers - The company is experiencing steady organic growth, driven by an increase in both student numbers and per-student revenue, with a 9% increase in student enrollment and a 9% rise in revenue per student [4] - The domestic market segment generated revenue of 3.18 billion, a year-on-year increase of 19.2%, while the international market segment saw a slight decline [4] - The company has a strong cash reserve of 4.53 billion, which supports its expansion plans [4]
中教控股2024财年中期业绩点评：业绩符合预期，分红比例提升回馈股东