丨证券研究报告丨 公司研究丨点评报告丨学大教育（000526.SZ） [Table_Title] 2025 中报业绩点评：降本增效业绩高增，老 师产能持续扩张 报告要点 [Table_Summary] 2025 上半年：营业收入 19.16 亿元，同比+18.27%，归母净利润 2.30 亿元，同比+42.18%（业 绩预告区间 41.14%-60.02%），扣非后归母净利润 2.11 亿元，同比+39.05%（业绩预告区间 38.09%-60.12%）。单二季度：营业收入 10.52 亿元，同比+15.04%，归母净利润 1.56 亿元， 同比+40.01%，扣非后归母净利润 1.53 亿元，同比+43.88%。预计 2025-2027 年归母净利润 3.05、3.78、4.74 亿元，对应 PE 分别为 19.59、15.79、12.58X，维持"买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579 ...

Group 1: Electronic Materials Industry - In the first half of 2025, China's copper-clad laminate imports amounted to 19,788 tons, a decrease of 0.36% compared to the first half of 2024, with an average import price of $34.01 per kilogram, up 28.44% year-on-year. Exports were 44,283 tons, down 12.18%, with an average export price of $7.56 per kilogram, up 20.21% year-on-year. The price increases for imports and exports in the first half of 2025 exceeded those during the pandemic period from 2019 to 2022, indicating a high level of prosperity in the copper-clad laminate and PCB industries. The demand for AI is rapidly increasing across various sectors, and the performance iteration of AI servers is advancing quickly, leading to a positive outlook for the PCB and copper-clad laminate industries [1] Group 2: Smartphone Market - In Q2 2025, China's smartphone shipments totaled 67.8 million units, reflecting a year-on-year decline of approximately 4%. Huawei's shipments reached 12.2 million units, up 15%, while Xiaomi shipped 10.4 million units, a 3% increase. Apple benefited from significant price reductions, selling 10.1 million units, a 4% increase. Other brands generally experienced negative growth. The first half of the year focused on inventory digestion, but with a notable year-on-year increase in smartphone production in July, new model releases, and ongoing consumer subsidies, the market is expected to maintain positive growth in the latter half of the year. Imaging technology remains a key highlight for smartphone upgrades, supporting optimism for related sub-industries [2] Group 3: Advanced Manufacturing - A recent program by Dongche Di and CCTV tested 36 vehicle models, with Tesla's Model 3 and Model X achieving first and second place, respectively. Tesla's performance in China was noted to be exceptional despite the lack of local training data. On July 26, Tesla showcased its intelligent driving plans at the World Artificial Intelligence Conference, indicating further developments in China. This testing underscores Tesla's leading position in intelligent driving technology, suggesting that top software and algorithms can surpass hardware capabilities. This trend may force other automakers to invest more in data, model training, and software optimization, accelerating industry consolidation and marginalizing companies lacking core software capabilities [5][6] Group 4: Automotive Market - In June 2025, China accounted for 36% of the global automotive market, an increase of 4 percentage points year-on-year. Global automotive sales reached 8.06 million units, a 3% year-on-year increase and a 2% increase from May. Chinese brands like BYD, Geely, and Chery ranked 6th, 9th, and 10th globally, respectively. The era of fuel vehicles defined by Europe, America, and Japan is ending, giving way to a new era led by China in the fields of new energy and intelligence, which will significantly reshape the fate of automakers and impact global economic, technological, and trade dynamics [6] Group 5: Education Sector - Xueda Education reported an expected net profit of 228 to 259 million yuan for the first half of 2025, representing a year-on-year growth of 41% to 60%, with a median growth rate of 51%. The revenue growth was driven by both increased enrollment and price hikes. The company plans to expand its network from over 240 to more than 300 locations, covering over 100 cities, with a teaching staff exceeding 4,000. The second quarter typically sees a peak in course consumption, and combined with increased average transaction prices, this has led to significant revenue growth. The implementation of a new cash subsidy policy for families with children under three years old is expected to further support the education sector [9][10]