China Merchants Securities released a research report stating that it covered Tianli International Holdings (01773) for the first time, giving it an “increase” investment rating. As a leading local education brand, the future expansion of school construction and enrollment and the development of a trusteeship model is expected to support the company to maintain rapid growth. It is optimistic about the development prospects of the private education industry and the company's diversified business growth potential driven by immediate needs. Furthermore, the company's strengthened shareholder returns highlights long-term operating confidence. The adjusted net profit for the 2024-2026 fiscal year is expected to be 5.3/7.2/950 million yuan, with a target price of HK$5.36 billion.
招商证券：首予天立国际控股“增持”评级 目标价5.36港元
China Merchants Securities: First “Increase” Rating Target Price of HK$5.36 for Tianli International Holdings
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