经过多年的发展和沉淀，全日制教育业务在系统、师资、课程、教研、运 营、管理等方面积累了强大的能力和资源，已成为公司传统优势业务之一。报 告期内，公司已经在全国多个省市布局超过 30 所全日制培训基地，包括无锡 争气学校、天津南开全日制基地、西安全日制基地、深圳城院、华博高考复读 学校，全日制培训基地致力于为高考复读生、艺考生等学生群体提供无干扰、 无顾虑、无隐患的学习环境，根据学生实际情况全程安排个性化的教学进度和 授课内容，使学生获得高效的学习体验。此外，公司在大连、宁波等地结合当 地教育发展需要，兴办具有个性化教育特色的全日制双语学校。 学大（厦门）教育科技集团股份有限公司投资者关 系活动记录表 编号：2025-001 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话交流会） 参与单位名称 及人员姓名 汇安基金管理有限责任公司 吴尚伟、沈锦婷 长江养老保险股份有限公司 曾知 西部证券股份有限公司 张帆 衍进资产管理有限公司 夏理曼 鼎萨投资有限公司 彭晓芳 长盛基金管理有限公司 吴午 中加基金管理有限公司 陈静 东兴证券股份有限 ...

A股教育板块持续走强，豆神教育涨超4%，中公教育、凯文教育、全通教育、华图山鼎、学大教育、 科德教育跟涨。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 2.786 billion RMB for 2024, representing a year-on-year growth of 25.9%, with a net profit of 180 million RMB, up 16.8% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 864 million RMB, a 22.5% increase year-on-year, and a net profit of 73.77 million RMB, reflecting a significant growth of 47.0% [2]. - The growth in revenue is primarily driven by personalized education services, with training service fees reaching 2.697 billion RMB in 2024, a 25.64% increase [3]. - The company expanded its personalized learning centers from over 240 to more than 300, covering over 100 cities and employing more than 4,000 teachers [3]. - The company has improved its profit margins, with a net profit margin of 8.07% in 2024, up 0.49 percentage points year-on-year, and a projected increase in profitability due to enhanced utilization of offline learning networks [4]. Financial Projections - The company is projected to achieve net profits of 231 million RMB, 285 million RMB, and 344 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.898, 2.342, and 2.827 RMB [5][10]. - The company's current PE ratios are estimated at 28, 23, and 19 for the years 2025, 2026, and 2027 respectively [5].

Core Viewpoint - The company has shown solid revenue growth and profitability in the education sector, with a focus on personalized education and accelerated acquisitions in vocational training, despite some pressure on profit margins due to expansion costs [1][2][4]. Financial Performance - In 2024, the company achieved a revenue of 2.79 billion yuan, a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 540 million yuan, a 28.6% increase year-on-year, but a significant drop in net profit to 3.96 million yuan, down 89.2% year-on-year [1]. - For the first quarter of 2025, the company reported a revenue of 860 million yuan, a 22.5% increase year-on-year, and a net profit of 70 million yuan, up 47% year-on-year [1]. Business Segments - The company’s education training service revenue reached 2.697 billion yuan in 2024, with a year-on-year growth of 25.64% [1]. - The number of personalized learning centers increased from over 240 to more than 300, covering over 100 cities, with more than 4,000 full-time teachers [1]. - The company completed acquisitions of two vocational schools in 2024, further solidifying its position in the vocational education sector [1]. Profitability Metrics - The gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the expansion of personalized learning centers [2]. - The net profit margin for 2024 was 6.33%, a decrease of 0.56 percentage points year-on-year [2]. - In the first quarter of 2025, the gross margin was 32.02%, a decline of 0.4 percentage points year-on-year [3]. Strategic Initiatives - The company announced a stock buyback plan of 110 to 150 million yuan to enhance shareholder value and demonstrate confidence in its long-term growth [3]. - The buyback will prioritize share cancellation, with an amount of 60 million yuan allocated for this purpose [3]. Industry Outlook - The education sector is gradually stabilizing, with the company positioned as a leading player in high school one-on-one training, showcasing a unique market presence [4]. - The company has cleared its debt to a major shareholder, improving its financial cost structure and potentially accelerating growth under the leadership of its founder [4].

Group 1 - The company reported a revenue of 2.79 billion yuan for 2024, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [1] - In Q4 2024, the company achieved a revenue of 539 million yuan, a year-on-year increase of 28.6%, but the net profit attributable to shareholders fell to 3.96 million yuan, a decline of 89% year-on-year due to a significant drop in gross margin by 13 percentage points and credit impairment provisions [1] - For Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year, with a non-recurring profit of 14.95 million yuan compared to 4.2 million yuan in the same period last year [1] Group 2 - The number of personalized learning centers increased to approximately 300 by the end of 2024, up by around 60 centers from the end of 2023, with the number of teachers growing from 3,215 to 4,394, a year-on-year increase of 37% [2] - The company maintains a stable development in traditional high school training business, with a focus on the progress of new center openings, while actively expanding into vocational education, having completed initial layouts in secondary vocational schools [2] - Profit forecasts for the company are projected at 250 million yuan, 310 million yuan, and 370 million yuan for the years 2025 to 2027, maintaining a "recommended" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's education business is solidifying, with high growth expected to continue. In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% year-on-year [1]. - The first quarter of 2025 saw operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 74 million yuan, up 47.00% year-on-year, primarily due to recovered impaired equity investments [1][2]. Summary by Sections Financial Performance - In 2024, the training revenue grew by 25.64% to 2.697 billion yuan, with the core high school personalized education business peaking before the college entrance examination [2]. - As of Q1 2025, cash receipts from sales and services reached 1.085 billion yuan, a year-on-year increase of 12.60%, indicating strong revenue growth certainty [2]. Operational Efficiency - The gross margin for 2024 and Q1 2025 was 34.56% and 32.02%, respectively, reflecting a slight decline due to increased teacher costs from network expansion [3]. - The company has repaid all principal loans to Unisplendour, reducing financial burdens and potentially accelerating performance [3]. Business Expansion - The company has expanded its personalized tutoring model, with over 300 learning centers and five full-time schools by the end of 2024, supporting high-quality development in the education sector [4]. - The vocational education business is also deepening, with over 15 vocational schools and integration bases, benefiting from government policies promoting vocational education [4]. Investment Outlook - Short-term performance may be impacted by store expansion and increased teaching staff, but long-term profitability is expected to improve as the business matures [5]. - The company is projected to achieve net profits of 250 million, 320 million, and 420 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 41.5%, 27.5%, and 28.6% [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, with a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [5] - The company is expanding its personalized education services and accelerating acquisitions in vocational education, with the number of personalized learning centers increasing from over 240 to more than 300 [6] - The company has repaid a significant loan, improving its financial structure and reducing financial costs, which is expected to support future growth [9] Financial Performance - In Q4 2024, the company reported a revenue of 540 million yuan, a year-on-year increase of 28.6%, but a net profit of 3.96 million yuan, down 89.2% year-on-year [5] - For Q1 2025, the company achieved a revenue of 860 million yuan, up 22.5% year-on-year, with a net profit of 70 million yuan, an increase of 47% year-on-year [5][8] - The company's gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the rapid expansion of personalized learning centers [7] Growth Strategy - The company is actively expanding its non-academic education business, which is showing good growth momentum [9] - The company plans to repurchase shares worth 110 to 150 million yuan, reflecting confidence in its long-term development [8] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025 and 2026 to 255 million yuan and 311 million yuan, respectively, reflecting a decrease of 8% and 13% [10] - The company is projected to maintain a strong position in the high school one-on-one training sector, with continued demand in the industry [10]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [8][19]. Core Views - The company has shown significant growth in Q1 2025, with a year-over-year increase in net profit attributable to shareholders of 47% and a 28% increase in net profit excluding non-recurring items [1][2]. - The company is expected to benefit from operational leverage as it continues to expand its network of learning centers, which increased from over 240 to over 300 in 2024, covering more than 100 cities [4][5]. - The education sector remains in a growth phase, particularly for high school education, with a projected growth period of about ten years due to the stable population of high school-age students [5][6]. Financial Performance Summary - For the full year 2024, the company anticipates revenue of 2.8 billion yuan, a 26% year-over-year increase, and a net profit of 180 million yuan, a 17% increase [1]. - The gross margin for 2024 is projected to be 35%, slightly down by 1.9 percentage points year-over-year, primarily due to the costs associated with network expansion and an increase in teaching staff [1]. - The company has a target net profit of 261.35 million yuan for 2025, reflecting a 45.45% increase compared to 2024 [7][14]. Shareholder Returns - The company announced a share buyback plan of 110 to 150 million yuan, with a maximum price of 66.8 yuan per share, aimed at equity incentives and potential cancellation of shares [3][6]. Industry Context - The company is focusing its resources on educational training and vocational education, having terminated a project related to higher vocational education to enhance operational efficiency [6]. - The competitive landscape favors leading national brands in the education sector, which are expected to benefit from their established brand strength during the recovery phase of the industry [5][6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has maintained high revenue growth, with a projected total revenue of 27.86 billion yuan for 2024, representing a year-on-year increase of 26% [8] - The core education business is experiencing steady growth, focusing on personalized education, with a significant increase in the number of learning centers and teachers [8] - The company is expanding into new business areas, including vocational education and health management, while continuing to strengthen its core personalized education services [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2,786 million yuan in 2024, 3,374 million yuan in 2025, 3,917 million yuan in 2026, and 4,491 million yuan in 2027, with respective year-on-year growth rates of 25.90%, 21.12%, 16.08%, and 14.66% [1][9] - The net profit attributable to the parent company is expected to reach 179.69 million yuan in 2024, 257.38 million yuan in 2025, 327.48 million yuan in 2026, and 395.99 million yuan in 2027, with year-on-year growth rates of 16.84%, 43.24%, 27.24%, and 20.92% respectively [1][9] - The earnings per share (EPS) are projected to be 1.47 yuan in 2024, 2.11 yuan in 2025, 2.69 yuan in 2026, and 3.25 yuan in 2027 [1][9] Business Expansion and Strategy - The company is focusing on personalized education, with over 300 learning centers and more than 4,000 dedicated teachers as of 2024 [8] - The company has made acquisitions in vocational education and is expanding its presence in cultural reading and health management sectors [8] - The company’s contract liabilities reached 11.39 billion yuan in 2025, reflecting a year-on-year increase of 14% [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is a leader in personalized education, focusing on services for high school entrance exams and actively developing vocational education, cultural reading, and medical education integration, leading to rapid revenue growth and performance release [1][4]. - The company is expected to achieve revenues of 3.22 billion yuan, 3.72 billion yuan, and 4.09 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.11 yuan, 2.54 yuan, and 2.93 yuan, indicating strong future growth potential [4][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% [1][6]. - For Q1 2025, the company reported operating revenue of 864 million yuan, a 22.46% increase year-on-year, and a net profit of 74 million yuan, reflecting a significant growth of 45.45% [1][6]. - The gross profit margins for 2024 and Q1 2025 were 34.56% and 32.02%, respectively, while net profit margins were 6.33% and 8.51% [2][6]. Debt and Cash Flow - The company's asset-liability ratio has decreased from 96.24% in 2020 to 79.04% in 2024, indicating improved financial health [3][6]. - The cash collection ratio for 2024 and Q1 2025 was 108.51% and 125.68%, respectively, demonstrating strong cash flow management [3][6]. Business Expansion - The number of personalized learning centers increased from over 240 to more than 300 by the end of 2024, covering over 100 cities and employing more than 4,000 teachers, which supports the company's expansion strategy [4][6]. - The company's contract liabilities grew significantly, with figures of 932 million yuan and 1.139 billion yuan for 2024 and Q1 2025, respectively, indicating strong growth potential [4][6].