Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Insights - The company achieved a revenue of 810 million RMB in the first half of FY24, representing a year-on-year growth of 8.7%, primarily driven by tuition fee increases [2]. - The net profit for the first half of FY24 was 380 million RMB, reflecting a year-on-year increase of 16.0%, with a net profit margin of 47.2% [2]. - The company announced an interim dividend of 0.0907 RMB per share, with a payout ratio increased to 30%, exceeding expectations [2]. - The student enrollment for the 2023/24 academic year was 104,000, slightly below expectations, but is projected to rise to approximately 120,000 by the 2024/25 academic year, a 14.7% increase [3]. - The company plans to reduce its debt by replacing high-interest loans with lower-interest ones, expecting a 25.4% decrease in interest expenses for FY24E [3]. - The forecasted net profit for FY24E is 750 million RMB, a 10.0% increase year-on-year, with a projected compound annual growth rate (CAGR) of 20.7% for net profit from FY24E to FY26E [4]. Financial Summary - For FY24E, the company is expected to generate revenues of 1.597 billion RMB, with a growth rate of 6.6% [9]. - The net profit for FY24E is projected at 753 million RMB, with a growth rate of 10.0% [9]. - The diluted earnings per share for FY24E is estimated to be 0.612 RMB [9]. - The company’s valuation is currently at 7.1 times FY24E price-to-earnings ratio [4]. - The dividend per share is expected to increase to 0.202 RMB in FY24E, with a dividend yield of 4.2% [9]. Key Financial Ratios - The gross profit margin for FY24E is projected to be 60.3% [12]. - The operating profit margin is expected to be 53.5% for FY24E [12]. - The net profit margin is forecasted at 47.2% for FY24E [12]. - The company’s net debt-to-equity ratio is expected to decrease from 42.2% in FY23 to 28.6% in FY24E [3][12].
降本增效成效显著，派息率提升