业务多元化布局，盈利有望复苏

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][93]. Core Insights - The company is primarily focused on K12 international education, with a diversified approach in quality education and modern vocational education [4][15]. - There is strong policy support for the company's business development, indicating a potential release of market opportunities [2][4]. - The company has diversified its business layout, leading to a gradual recovery in profitability [3][25]. Summary by Sections 1. K12 International Education as the Core, Quality Education and Vocational Education as Wings - The company has developed into a diversified education group integrating K12 education, quality education, and vocational education, aiming to be a key player in vocational education [15][35]. - The company provides operational support services primarily to Beijing Haidian Kevin School and Beijing Chaoyang Kevin School, expanding quality education services beyond the classroom [35][23]. 2. Policy Support for Business Development, Market Potential Expected to be Released - National policies emphasize the expansion of quality education resources, with signs of recovery in education and training sectors [4][72]. - The potential market size for quality education in China is expected to exceed 478.7 billion yuan in 2023 [4][52]. 3. K12 Business Dual-Track Operation, Quality Education and Vocational Education Progressing Together - Haidian Kevin School has demonstrated excellent academic performance, with students receiving offers from top universities [24][82]. - The company is actively expanding its vocational education business, having established multiple industry-academy integration projects [26][89]. 4. Financial Forecast and Valuation - Revenue is projected to reach 3.61 billion yuan in 2024, with a growth rate of 42.08% [92][93]. - The company expects to achieve profitability with a net profit of 0.11 billion yuan in 2024, increasing to 0.87 billion yuan by 2026 [93][92].