Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.85 [4][9]. Core Insights - The company reported a robust performance with a 13.8% year-on-year increase in revenue to RMB 1.31 billion for the first half of FY2024, driven primarily by tuition fee growth [2]. - The gross profit margin remained stable at 39.8%, reflecting a slight increase of 0.5 percentage points year-on-year, supported by an optimized cost structure [2][3]. - The company has strengthened its educational offerings by adding new undergraduate programs and enhancing partnerships with over 1,156 well-known enterprises [2]. Financial Performance Summary - Revenue for FY2024 is projected to reach RMB 2.366 billion, representing a growth rate of 11.6% [5]. - Net profit is expected to increase by 16.6% to RMB 819 million, with a net profit margin of 34.6% [4][5]. - The company has effectively controlled operational costs, with selling expenses at RMB 22 million and administrative expenses rising to RMB 53 million due to external consultancy fees [3]. Valuation Metrics - The current valuation stands at approximately 3.7x and 3.3x FY24E and FY25E P/E ratios, respectively, with a dividend yield of around 15.0% [4]. - The report highlights a projected dividend payout ratio of 50%, despite a change in the dividend policy to only pay a final dividend [4]. Future Outlook - The company is expected to continue its growth trajectory with a focus on improving educational quality and employment rates for graduates, while maintaining stable revenue streams [4]. - The financial forecasts indicate a steady increase in earnings per share, projected to reach RMB 0.526 in FY2024, with continued growth in subsequent years [5].
业绩稳健，股息率吸引