Investment Rating - The investment rating for the company is "Hold" with a target price of 5.08 HKD, maintaining the current rating [1]. Core Views - The company reported a revenue increase of 18.3% year-on-year for FY24H1, reaching 3.28 billion HKD, while the adjusted net profit attributable to shareholders grew by 4.5% to 1.09 billion HKD. The dividend payout ratio was 45%, an increase from 40% in the same period last year [1]. - The domestic market revenue was 3.18 billion HKD, up 19.2%, driven by an increase in student numbers and per-student income. However, international market revenue decreased by 1.9% to 105 million HKD [1]. - The company is increasing its investment in education, expanding existing campuses, and has a gross profit margin of 56%, which is a decrease of 1.4 percentage points year-on-year [1]. - The adjusted net profit margin for FY24H1 was 33.3%, down 4.4 percentage points year-on-year. Capital expenditures rose by 66.6% to 2.03 billion HKD, primarily for campus expansion [1]. - The company has adjusted its revenue forecasts for FY24-25 to 6.6 billion and 7.5 billion HKD, respectively, with adjusted net profits of 2.15 billion and 2.42 billion HKD, reflecting an increase in student enrollment expectations [1]. Summary by Sections Financial Performance - FY24H1 revenue was 3.28 billion HKD, up 18.3% year-on-year; adjusted net profit was 1.09 billion HKD, up 4.5% [1]. - The dividend per share was 0.1877 RMB, with a payout ratio of 45% [1]. Market Segmentation - Domestic market revenue was 3.18 billion HKD, up 19.2%; international market revenue was 105 million HKD, down 1.9% [1]. Cost Structure - Gross profit margin was 56%, down 1.4 percentage points; selling expenses accounted for 2.7% of revenue, down 0.4 percentage points; administrative expenses accounted for 14.5%, up 0.5 percentage points [1]. Capital Expenditure - Capital expenditures were 2.03 billion HKD, up 66.6%, mainly for campus expansion [1]. Future Outlook - Revenue forecasts for FY24-25 are adjusted to 6.6 billion and 7.5 billion HKD, with adjusted net profits of 2.15 billion and 2.42 billion HKD [1].
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