China Merchants Securities released a research report saying that for the first time, it covered Tianli International Holdings (01773.HK) and gave it an “additional” investment rating. Expanding school construction and enrollment and pioneering the hosting model in the future 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 return shows long-term operating confidence. The adjusted net profit for the 2024-2026 fiscal year is expected to be 5.3/72/950 million yuan, respectively, and the target price is HK$5.36 billion.