Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.85 [6][9]. Core Insights - The company achieved a revenue of RMB 3.28 billion in the first half of FY2024, representing an 18.3% year-on-year increase, driven by a 9% rise in average tuition fees and a 9% increase in student enrollment [2]. - The net profit for the same period was RMB 1.07 billion, a 9.6% increase year-on-year, with an adjusted net profit of RMB 1.09 billion [2]. - The company plans to invest RMB 50 billion from 2023 to 2025 for campus expansion, aiming to increase the capacity of various institutions significantly [3]. - The company is also focusing on enhancing the proportion of international courses, which have an average tuition fee approximately 60% higher than regular courses [3]. - The forecast for FY2024 net profit is adjusted to RMB 1.99 billion, reflecting a 43.8% year-on-year growth [4]. Financial Summary - For FY2024, the company expects revenues to reach RMB 6.54 billion, with a growth rate of 16.4% [5]. - The gross profit margin is projected to decline to 55.1%, down 0.9 percentage points from previous estimates [4]. - The company has increased its dividend payout ratio to 45%, exceeding market expectations, with a current dividend yield of approximately 9% to 10% [4][5]. - The company holds approximately RMB 4.5 billion in cash, indicating a strong liquidity position to support future capital expenditures [4].
盈利稳健增长；派息超预期