Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price of HKD 4.39 [1] Core Views - Tianli International Holdings has recently signed project-based cooperative education agreements with three institutions: Panzhihua No. 15 Middle School, Luanzhou Haiyang Education Group, and Quzhou Intelligent Manufacturing New City Experimental School [1] - The company is expanding its educational model, focusing on innovative talent cultivation, teacher training, and curriculum resource sharing [1] - Tianli's educational network now spans 18 provincial-level regions in China, serving over 100,000 students across nearly 60 schools [1] - The company has a strong track record in academic excellence, with a cumulative undergraduate enrollment rate exceeding 93% and some schools achieving 100% undergraduate enrollment rates [1] Financial Projections - Revenue is projected to be RMB 3.2 billion in FY24, RMB 4.6 billion in FY25, and RMB 6.2 billion in FY26 [3] - Adjusted net profit attributable to the parent company is expected to be RMB 640 million in FY24, RMB 900 million in FY25, and RMB 1.25 billion in FY26 [3] - Earnings per share (EPS) are forecasted to be RMB 0.30 in FY24, RMB 0.42 in FY25, and RMB 0.58 in FY26 [3] - The corresponding price-to-earnings (PE) ratios are 14X for FY24, 10X for FY25, and 7X for FY26 [3] Educational Model and Achievements - Tianli emphasizes teaching quality and diversified college entrance pathways, having cultivated hundreds of students admitted to top universities like Peking University, Tsinghua University, and global top 50 institutions [1] - The company has developed a unique "Six Establishments and One Achievement" curriculum system, integrating national compulsory courses, specialized courses, and elective courses tailored to students' individual talents [1][2] - In 2023, nearly 50 Tianli students won provincial or higher-level awards in academic competitions, with two students selected for national training teams [1] Expansion and Partnerships - The company is actively forming partnerships with local governments and educational institutions to establish high-quality schools, such as the Quzhou Intelligent Manufacturing New City Experimental School, which is a public school with a total investment of RMB 350 million [1] - Tianli's management and teaching teams are being deployed to new schools to ensure high-quality operations and academic performance [1]
天立国际控股：托管再落三子，模式进阶进展提速