Investment Rating - The investment rating for the company is "Buy" with a target price set at 2.79 HKD, maintaining the rating for the next six months [3]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 320 million RMB, a year-on-year increase of 68.1%, and net profit of 50 million RMB, up 160.7% [3]. - The growth in performance is attributed to a low base from the previous year and successful product transformation that has been well-received by parents and students [3][4]. - The company has been proactive in complying with educational policies, achieving zero penalties during inspections and actively pursuing licenses for non-academic programs, which enhances its sustainable development [4][6]. Financial Performance - For the first half of 2024, the company reported a gross margin of 45.0%, an increase of 8.0 percentage points, and a net margin of 16.5%, up 6.0 percentage points [3]. - The company’s contract liabilities reached 460 million RMB, reflecting a year-on-year increase of 116.5% [3]. Business Segmentation - In terms of business segments, the full-time review income was 120 million RMB, up 19.7%, while tutoring projects generated 80 million RMB, a 31.9% increase. The quality education segment saw remarkable growth, with revenue of 120 million RMB, up 320.9% [3]. Future Outlook - The company has revised its earnings forecast upwards, projecting revenues of 880 million RMB, 1.53 billion RMB, and 1.83 billion RMB for 2024-2026, respectively [6]. - The adjusted net profits for the same period are expected to be 180 million RMB, 280 million RMB, and 340 million RMB [6].
卓越教育集团：业绩靓丽兑现，头部机构合规优势显现