业务多元化布局，盈利有望复苏

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [5]. Core Insights - The company is focusing on diversifying its business layout and gradually restoring profitability through various educational services, including K12 international education, quality education, and modern vocational education [2][19]. - The company has shown significant improvement in its operational cash flow and is expected to benefit from the growth in student enrollment and tuition fees, particularly with the opening of the Chaoyang Kevin School [18][50]. - The report anticipates revenue growth for the company, projecting revenues of 3.61 billion, 4.72 billion, and 6.01 billion RMB for the years 2024 to 2026, respectively [19][60]. Financial Data and Valuation - The company's revenue for 2022 was 1.72 billion RMB, with a projected growth rate of 42.08% for 2024 [6][61]. - The gross profit margin is expected to improve from 25.2% in 2023 to 38.5% by 2026, reflecting the company's efforts to enhance its service offerings [61]. - The net profit attributable to the parent company is projected to turn positive by 2024, with estimates of 0.11 billion, 0.46 billion, and 0.87 billion RMB for the years 2024 to 2026 [19][60]. Business Development - The company has established a strong reputation through its K12 international education services, with students achieving excellent admission results from top universities [3][70]. - The vocational education segment is expected to see significant growth, with a current enrollment of 4,000 students and plans for expansion [39][66]. - The company is actively pursuing partnerships with leading enterprises to enhance its vocational education offerings, focusing on integrating education with industry needs [38][66].