XUEDA(000526) 国金证券·2025-04-29 13:03Investment 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].