格隆汇12月23日｜中邮证券研报指出，学大教育职教布局持续深化，教培业务稳健增长。"十四五"期 间，职业教育贡献了现代产业70%以上新增的高素质高技能人才，是我国人才供给体系中的重要支撑。 随着《教育强国建设规划纲要》全面落地、国家职业教育专项基金持续扩容，国家对于职业教育发展的 重视度持续提升。公司当前以初高中学生为核心客群的个性化教育业务，短期内在客群规模与需求强度 双重支撑下，仍具备一定增长基础。公司持续深耕个性化教育业务，并积极向职业教育等新领域延伸。 在教育强国战略规划的政策推动下，叠加初高中核心客群总量仍有增长空间，公司有望延续增长态势。 根据12月19日收盘价，分别对应19/16/13倍PE。维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a total revenue of 2.613 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 16.30%. The net profit attributable to the parent company was 231 million yuan, up 31.52% year-on-year [2]. - In Q3 2025, the company achieved revenue of 697 million yuan, a year-on-year increase of 11.19%, but the net profit attributable to the parent company dropped to 1.43 million yuan, a decline of 89.90% year-on-year [2][3]. - The company's strong brand and nationwide teaching network position it as a leading player in the personalized education sector [4]. Performance Summary - For Q3 2025, the revenue growth was primarily driven by personalized education services, aligning with the increase in contract liabilities, which grew by 22.46% year-on-year to 1.204 billion yuan, marking a quarterly high since 2023 [3]. - The decline in net profit for Q3 was attributed to increased costs from teacher recruitment, with operating costs rising by 19.51% year-on-year to 508 million yuan, leading to a decrease in gross margin by 5 percentage points to 27.17% [3]. - Sales expenses increased by 61.14% year-on-year to 69.77 million yuan, while management expenses decreased by 22.80% year-on-year to 97.41 million yuan, mainly due to reduced equity incentive costs [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 248 million yuan, 294 million yuan, and 358 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.035, 2.410, and 2.936 yuan [4]. - The current stock price corresponds to a PE ratio of 22, 18, and 15 for the years 2025, 2026, and 2027, respectively [4].