Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market benchmark [2][3]. Core Insights - The company has shown significant growth in its non-academic education products, with a revenue of 399 million RMB in H1 2024, representing a year-on-year increase of 58.8% [2]. - The adjusted net profit for the same period reached 94 million RMB, reflecting a 101.1% increase year-on-year, driven by effective cost management and expansion of its school network [2][3]. - The company opened 35 new branches in H1 2024, bringing the total to 145, which supports its growth strategy in the education sector [2]. - The contract liabilities increased by 93.2% year-on-year to 249 million RMB, indicating strong future revenue potential [2]. - The company has initiated new business lines in educational tourism and international courses, which are expected to contribute to future revenue growth [2]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 843 million RMB, 1.15 billion RMB, and 1.54 billion RMB, respectively, with corresponding adjusted net profits of 174 million RMB, 238 million RMB, and 324 million RMB [3][5]. - The gross margin is expected to improve from 41.8% in 2023 to 44.5% by 2026, reflecting enhanced operational efficiency [5]. - The company's net profit margin is projected to increase from 15.1% in 2023 to 19.7% in 2026, indicating a positive trend in profitability [5].
思考乐教育：业绩表现亮眼，分校规模扩大、合约负债高增