Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong organic growth with a revenue increase of 18.3% year-on-year in FY2024H1, achieving a total revenue of 3.284 billion RMB [3] - The domestic market shows robust growth, with a 19.2% year-on-year increase in main revenue from the domestic segment [3] - The overall gross margin slightly declined to 56%, down 1.41 percentage points year-on-year, primarily due to increased student numbers and educational investments [3] - The company is a leading player in the domestic higher education sector, showcasing strong acquisition integration and management capabilities [3] - Significant capital investment is being made in new campus construction, expected to increase student capacity by 52,000 [3] Financial Summary - Revenue projections for FY2024E are set at 6.501 billion RMB, with a year-on-year growth rate of 11.24% [2] - Adjusted net profit for FY2024E is forecasted at 2.101 billion RMB, reflecting a substantial year-on-year increase of 52.22% [2] - The latest closing price corresponds to a P/E ratio of 4.89 for FY2024E [4] - The company plans to distribute an interim dividend of 0.1877 RMB per share, representing approximately 45% of the adjusted net profit [3]
FY2024H1点评：业绩稳健增长，分红率达到约45%