Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Views - The company has shown strong growth in student enrollment for the 2024 autumn semester, with a total of approximately 130,000 students, a 30% increase from the previous year. The number of high school students served by the company has increased by 46% to about 54,000 [2][5] - The company has been included in the Hong Kong Stock Connect, which is expected to enhance its market visibility and investor interest [2] - The company is actively expanding its management services through partnerships, as evidenced by a recent agreement with local government entities for school management services [2] Summary by Relevant Sections Business Update - The company has successfully completed its enrollment for the 2024 autumn semester, with a significant increase in high school student numbers, indicating strong growth potential in its high school business [2][5] - The management services business is progressing faster than previously anticipated, with a plan to add 30-50 new segments annually, which is expected to contribute positively to revenue growth [12][20] Financial Projections - Revenue forecasts for 2024-2026 are set at 31.87 billion, 43.64 billion, and 59.18 billion yuan respectively, with a compound annual growth rate (CAGR) for net profit of 41.7% [20] - The company has also initiated a share buyback program, demonstrating confidence in its future growth prospects [20] Growth Drivers - The company is focusing on enhancing its brand and educational quality, which is crucial for achieving its long-term goals, including a target of 100 students admitted to top universities by 2027 [9][20] - The growth in external market revenues from various business segments, including e-commerce and educational services, is expected to provide significant revenue elasticity [16][20]
天立国际控股：新学季集团高中生人数增长良好，托管及多支业务望加速贡献新动能