XUEDA(000526)2025-05-19 03:00Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [1][10]. Core Views - The company has a solid foundation in its core education business and is clearly defining new growth trajectories. It has diversified its business model to include personalized education, vocational training, cultural reading, and medical-education integration [6]. - The company achieved a revenue of 2.786 billion yuan in 2024, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders was 180 million yuan, up 16.84% year-on-year [6][8]. - The company is expanding its personalized education centers and has established over 30 full-time training bases across various provinces, enhancing its competitive edge [6][7]. Financial Performance - In 2024, the company reported a revenue of 2.786 billion yuan, with a quarterly breakdown showing revenues of 705 million, 915 million, 627 million, and 539 million yuan for Q1 to Q4 respectively [6]. - The gross profit margin for 2024 was 34.56%, a decrease of 1.94 percentage points year-on-year, primarily due to declines in the gross margin of education training services and equipment leasing [6][8]. - The company expects net profits to grow to 244 million yuan in 2025, with earnings per share (EPS) projected at 2.00 yuan, reflecting a price-to-earnings (PE) ratio of 27 times [8]. Business Segmentation - The education training service segment generated 2.697 billion yuan in revenue for 2024, with a year-on-year growth of 25.64% [8]. - The company has also ventured into vocational education by acquiring and managing several vocational schools, aiming to create a second growth curve [7][8]. - New business initiatives in cultural reading and medical-education integration are being explored, with the potential for long-term growth [7].