Gelonghui, November 30 | According to the Guolian Securities Research Report, China Chunlai (1969.HK) announced annual results for the year ended August 31, 2023. Revenue for the period ended August 31, 2023 was 1,498 billion yuan, up 14.4% year on year, of which tuition fee revenue was 1,359 billion yuan, up 14.41% year on year. The adjusted net profit for the period was 673 million yuan, an increase of 25.2% over the previous year. The Company proposes a final dividend of RMB 0.053 per common share. The number of students in the company continues to grow, and the demand side is healthy and stable. The total number of students enrolled in the company's six schools in the 2022/2023 fiscal year was 103,300, an increase of about 5.7% over the previous fiscal year. In the 2022/2023 fiscal year, the total enrollment ratio of the company's four institutions offering undergraduate courses was 96.8%. The company's high-quality teaching quality has formed a good reputation. Together with perfect curriculum design and leading education concepts, it has helped the company maintain a high employment rate and continue to attract outstanding students seeking good employment opportunities. Based on the assumption that the company can better meet market demand and that the number of students enrolled is growing healthily and steadily, the bank expects the company's revenue for the 2024/2025/2026 fiscal year to be 1,730 billion yuan, 2,069 billion yuan and 2,366 billion yuan, respectively, with year-on-year growth rates of 15.46%, 19.60% and 15.36%, respectively; net profit is 804 million yuan, 959 million yuan and 1,098 million yuan respectively, with year-on-year growth rates of 17.47%, 19.26% and 14.51%, respectively. In view of the company's steady growth, with reference to comparable company valuations, the bank gave the company 12 times PE in 2024, with a target price of HK$8.80, and the corresponding exchange rate of HKD 0.9131, maintaining the “buy” rating.
研报掘金丨国联证券:中国春来经营业绩稳健,学生人数持续增长,维持“买入”评级
Research Report Nuggets | Guolian Securities: China's business performance has been steady since the spring, the number of students has continued to grow, and the “buy” rating has been maintained
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