· 社会服务行业 ——公司信息更新 | 3321 | 3921 | 4614 | 5256 | | --- | --- | --- | --- | | 44% | 18% | 18% | 14% | | 576 | 719 | 921 | 1099 | | 73% | 25% | 28% | 19% | | 0.28 | 0.34 | 0.44 | 0.52 | | 15.74 | 11.60 | 9.05 | 7.58 | | 维持评级 | | --- | 顾熹闽 | 市场数据 | 2025-04-30 | | --- | --- | | 股票代码 | 1773 | | H 股收盘价(元,港币) | 3.94 | | 恒生指数 | 22119.41 | | 总股本(亿股) | 21.06 | | 实际流通股(亿股) | 21.06 | | 流通 H 股市值(亿元,港币) | 83 | -50% 0% 50% 100% 天立国际控股 恒生综指 ⚫ ⚫ ⚫ ⚫ ⚫ 公司点评报告 · 社会服务行业 E券|CGS 附录: 公司财务预测表 | 资产负债表(百万元) | 2024A | 2025E | 2026E | ...

4月29日，天立国际控股(01773.HK)发布中期业绩报告。截至2025年2月28日止的六个月内，公司实现收 益18.76亿元(人民币，下同)，较去年同期增加14.0%；实现期內溢利3.90亿元，较上年同期增加36.3%， 每股中期股息为5.78分。 报告期内，天立国际控股的业绩延续了稳健的增长态势。公司一方面继续巩固高中教育这一核心业务的 基本盘，并在多元化教育领域寻找业务增长点；另一方面加大力度探索数字化教育，实现AI技术在教 育领域的落地应用，推动教育行业向数字化转型升级。 核心业务持续增强，多元化布局拓展发展空间 公司盈利能力的良好表现，得益于公司多元业务的协同发力，为公司的高质量发展奠定了坚实基础。 面对教育行业的变革，天立国际控股不断调整战略，积极适应市场变化和教育需求的演进。公司确立 了"一干多支"的战略布局，以高中业务为核心，提供多元化运营增值服务。公司独创的立达课程，已经 发展为集综合素养课程、科技国学特色课程、旅游研学课程为一体的综合教育课程体系，满足了不同家 庭的教育需求。 高中教育是公司业务中强劲的增长引擎，公司校网规模持续扩大。截至2024年秋季学期初，校网内的高 中生人数从年初的 ...

证券研究报告 天立国际控股 (1773 HK) 港股通 业绩及现金分红稳健，性价比凸显 | 华泰研究 | | 中报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国香港 | 互联网 | 天立国际控股公布 FY25H1 业绩：收入 18.76 亿元，yoy+14%，约占我们 全年预测的 47.60%；净利润 3.90 亿，yoy+36.3%，约占我们全年预测的 55.40%，考虑上下半年收入利润确认节奏差异，我们认为业绩符合预期。 中期股息派付率维持在 30%，股东回报稳健。我们认为民办学历教育学位 需求相对刚性、政策环境和竞争格局相对稳定，公司现有学校利用率提升潜 力充足，托管等多元化新业务有望进一步打开增长空间。公司基本面稳健， 持续兑现股东回报，当前估值对应 FY25 调整后归母净利润约 10x PE，我 们认为具备较高性价比，维持"买入"评级。 在校生人数稳健增长，托管业务快速拓展 FY25H1 分业务来看：综合教育服务实现收入 10.13 亿，yoy+18.9%，高中 在校生人数的增长是主要驱动力，24 年秋季学期初，高中在校生数量达 53,900 名，同比 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1773） 截至二零二五年二月二十八日止六個月的中期業績公告 天立國際控股有限公司董事會欣然宣佈本集團截至二零二五年二月二十八日止六 個月的中期業績，連同截至二零二四年二月二十九日止六個月的比較數字。 財務摘要 | | 截至 | 截至 | | | | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | | 二月二十八日 | 二月二十九日 | | | | | 止六個月 | 止六個月 | 變動 | 百分比變動 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | 收益 | 1,876,050 | 1,645,443 | 230,607 | 14.0% | | 毛利 | 705,069 | 582,925 | 122,144 | 21.0% | | 期內溢利 | 389,503 | 285,8 ...

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price not specified [5]. Core Views - The company has signed a project investment agreement with the Haikou Education Bureau, marking a significant step in its national expansion strategy. The project aims to establish a modern smart high school with a capacity of no less than 2,500 students, leveraging the advantages of the Hainan Free Trade Port policy [1]. - The company is accelerating its integration of AI technology in education, collaborating with leading AI firms and experts to explore the potential of AI applications in personalized learning and educational management [2]. - Tianli International Holdings has achieved notable educational outcomes, including awards for its research projects and student achievements in various competitions, showcasing its commitment to educational excellence [3]. Financial Projections - The company projects revenues of RMB 4.6 billion, RMB 6.4 billion, and RMB 8.8 billion for FY25, FY26, and FY27 respectively. Adjusted net profits are expected to be RMB 800 million, RMB 1.1 billion, and RMB 1.4 billion for the same periods. Earnings per share (EPS) are forecasted at RMB 0.38, RMB 0.51, and RMB 0.67 [4].

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price not specified [5]. Core Insights - The company has signed a project investment agreement with the Haikou Education Bureau, marking a significant expansion in its national footprint and establishing a modern smart high school with a capacity of no less than 2,500 students [1]. - The strategic layout in Hainan Free Trade Port is seen as a key breakthrough for the company, leveraging policy advantages to explore diversified educational models [1]. - The company is accelerating its integration of AI technology in education, collaborating with leading AI firms to enhance personalized learning and optimize teaching management [2]. - Tianli's subsidiary, Qiming Daren Technology, has been recognized as a pioneer in educational digitization, with its cloud platform covering various educational aspects [2]. - The company has achieved notable educational outcomes, including awards in national competitions and recognition for innovative educational projects [3]. Financial Projections - Revenue projections for FY25-27 are estimated at 4.6 billion RMB, 6.4 billion RMB, and 8.8 billion RMB respectively, with adjusted net profits of 800 million RMB, 1.1 billion RMB, and 1.4 billion RMB [4]. - Earnings per share (EPS) are projected to be 0.38 RMB, 0.51 RMB, and 0.67 RMB for the same periods [4].

Investment Rating - The report assigns a "Buy" rating for Tianli International Holdings (01773.HK) [3]. Core Views - Tianli International Holdings is a leading private K12 education group in China, demonstrating strong brand effects and a solid industry position. The company has successfully adjusted its business structure post-2021 regulatory changes and is expected to maintain a growth trajectory with annual expansions of 3-5 new high schools [3][31]. - The company is projected to achieve significant revenue growth, with total revenue expected to reach 6.94 billion yuan by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 24.52% from FY2024 [3][34]. - The net profit attributable to shareholders is forecasted to grow to 1.34 billion yuan by FY2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 12 times in FY2025 to 7 times in FY2027, indicating an attractive valuation [3][34]. Summary by Sections Company Overview - Founded in 2002, Tianli International Holdings has expanded from a K9 focus to a comprehensive K12 education provider, establishing 58 schools across 18 provinces by November 2024, serving over 130,000 students [3][16]. - The company has effectively adapted its business model post-2021 regulatory changes, focusing on high school and management services, which has led to a rapid recovery in performance [3][31]. Industry Analysis - The policy environment for private education is stabilizing, with strong local demand for high-quality private high schools. The government continues to support the development of private education, which is expected to drive growth in the sector [39][41]. - The competitive landscape is stable, with high entry barriers for new players, allowing established firms like Tianli to maintain their market positions [41]. Financial Performance - For FY2024, Tianli reported total revenue of 3.32 billion yuan, a year-on-year increase of 44%, and a net profit of 576 million yuan, reflecting a 72.53% growth [31][34]. - The company’s gross profit margin remained healthy at 33.7%, with significant contributions from the increase in student enrollment and the expansion of service offerings [34][36]. Growth Strategy - Tianli plans to continue its expansion by opening 3-5 new high schools annually, aiming to operate 40-50 high schools by 2027, which will provide comprehensive educational services to 60,000-80,000 high school students [3][31]. - The company is also focusing on enhancing its management and operational efficiency through a light-asset model, which is expected to open new growth avenues [3][31].

Investment Rating - The report assigns a "Buy" rating for Tianli International Holdings (01773.HK) for the first time [3]. Core Views - Tianli International Holdings is a leading private K12 education group in China, demonstrating strong brand effects and a solid industry position. The company has successfully adjusted its business structure post-2021 Education Promotion Law, maintaining an expansion rate of 3-5 new high schools annually, with a target of operating 40-50 high schools by 2027 [3][31]. - The company is expected to achieve significant revenue growth, with total revenue projected to reach CNY 6.94 billion by FY2027, reflecting a compound annual growth rate (CAGR) of 24.52% from FY2024 [3]. - The net profit attributable to shareholders is forecasted to grow to CNY 1.34 billion by FY2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 12x in FY2025 to 7x in FY2027 [3]. Summary by Sections Company Overview - Tianli International Holdings was established in 2002 and has expanded from a K9 focus to a comprehensive K12 education provider, with 58 schools across 18 provinces as of November 2024, serving over 130,000 students [16][31]. - The company has shown a 30% year-on-year increase in student enrollment, particularly in high school, where the number of students has grown by 46% [3][31]. Industry Analysis - The policy environment for private education is stabilizing, with strong local demand for high-quality private high schools. The government continues to support the development of private education, emphasizing high-quality growth [39][41]. - The competition landscape is stable, with high entry barriers for new players, allowing established firms like Tianli to maintain their leading positions [41]. Financial Performance - For FY2024, Tianli reported a revenue of CNY 3.32 billion, a 44% increase year-on-year, and a net profit of CNY 576 million, reflecting a 73% growth [31][34]. - The company’s gross profit margin remained healthy at 33.7%, with gross profit increasing by 43.7% year-on-year [34]. Competitive Advantages - Tianli's strong academic performance, including high college admission rates, supports its brand reputation and facilitates its expansion into new regions [60]. - The company employs a differentiated teaching approach, including a tiered training system to cater to various student needs, enhancing its educational offerings [62].

Investment Rating - Maintains a "Buy" rating with a 6-month outlook [5] Core Views - The company is in a critical year of its fifth five-year plan (2022-2027), with a strong track record of exceeding performance targets annually [1] - The company operates 40 self-owned schools with a capacity for 180,000 students, currently serving 90,000, indicating significant growth potential [1] - The managed school business is expanding, with over 100 school segments in the pipeline and an additional 30 segments expected by September [1] - The company's diversified business segments, including study tours and educational technology, are thriving, with strong market positioning and potential for external expansion [2] - The company's competition training system has produced over 60 provincial-level award winners and multiple national team members, with successful external commercialization of its competition courses [3] - The company's AI-driven educational products have demonstrated significant effectiveness, with a 36-point average score improvement and an 86% improvement rate among students in a pilot program [2] Financial Projections - Expected revenues for FY25-27 are RMB 4.6 billion, RMB 6.4 billion, and RMB 8.8 billion, respectively [5] - Adjusted net profits for FY25-27 are projected to be RMB 800 million, RMB 1.1 billion, and RMB 1.4 billion, respectively [5] - EPS for FY25-27 is forecasted to be RMB 0.38, RMB 0.51, and RMB 0.67, respectively [5] Business Segments - The company's study tour business integrates knowledge learning with practical experiences, covering various fields such as history, natural sciences, technology, and arts, attracting top private schools for collaboration [2] - The educational technology platform, "Cloud Platform," has successfully implemented AI in classrooms and study rooms, with a notable pilot program showing a 97% university admission rate among participants [2] - The competition training system has been standardized and successfully exported, with a recent contract signed with a school in Fujian for competition course services [3] Market Performance - The company's stock price has shown significant growth, with a 34% increase over the past year, outperforming the Hang Seng Index [7]

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings with a target price of HKD 5.87 [1][7] Core Views - Tianli International Holdings benefits from clear policy boundaries in private education, stable industry demand, and a competitive landscape [1] - The company has a strong reputation for teaching, highly standardized operational management, and excellent capabilities for regional expansion [1] - It combines growth potential with stable dividend payouts, making it an attractive investment [1] Business Strategy "One Trunk" Business - The company is optimizing its student enrollment structure, aiming to increase the proportion of primary and middle school students to 65% and high school students to 35% by the 2025 academic year [2] - This adjustment is expected to accelerate the full enrollment of self-operated schools and enhance profitability in the core education sector [2] "Multiple Branches" Business - Subsidiary "Qiming Daren" focuses on AI education, with significant results in AI-based college entrance exam preparation, showing strong potential for nationwide expansion [3] - The study tour business has achieved rapid revenue growth through innovative course integration, positioning itself as a leader in the niche market [3] - The competition and foundation strengthening business has gathered top-tier teaching resources, achieving notable results and enhancing brand influence through external collaborations [3] - The托管 business is expanding rapidly, with plans to add 30-50 new school sections by the fall of 2025, further diversifying profit sources [3] Financial Performance and Valuation - The report forecasts adjusted net profits of RMB 771 million, RMB 995 million, and RMB 1.132 billion for FY25/26/27, respectively [5] - Using a DCF valuation method with a WACC of 10.76% and a perpetual growth rate of 1%, the target price is set at HKD 5.87 [5] - Revenue is expected to grow from RMB 2.303 billion in 2023 to RMB 5.466 billion in 2027, with a CAGR of 18.67% from 2025 to 2027 [6] - EPS is projected to increase from RMB 0.16 in 2023 to RMB 0.52 in 2027 [6] Shareholder Returns and Capital Planning - The company has maintained a stable dividend payout ratio of 30% since its IPO and plans to continue this trend in FY25 [4] - Share buybacks have been actively conducted, reflecting management's confidence in the company's long-term value [4] Valuation Metrics - The PE ratio is expected to decline from 21.95x in 2023 to 6.72x in 2027, indicating improving valuation attractiveness [6] - The PB ratio is projected to decrease from 3.58x in 2023 to 1.63x in 2027 [6] - The EV/EBITDA ratio is forecasted to drop from 20.25x in 2023 to 6.83x in 2027 [6]