报告中称，中教控股2024财年收入同比增长17%至65.79亿元人民币，受惠于学生入学人数增长9%所推动，毛利率及经营利润率各收缩0.9及1.8个百分点，至55.4%与37.8%。CICC has lowered the profit forecast for China Edu Group for the fiscal years 2025 and 2026 by 8% and 9%, respectively.
According to the Securities Times app, CICC released a research report stating that China Edu Group (00839) maintains a dividend payout ratio of approximately 40%. The bank has lowered the profit forecast for China Edu Group for the fiscal years 2025 and 2026 by 8% and 9%, respectively. The target price has been lowered from HK$6.8 to HK$4.6, maintaining an 'outperform' rating and believing that the company's growth is steady.
China Edu Group's net income for the fiscal year 2024 dropped by 70% to 0.418 billion RMB, mainly due to the recognition of a non-cash impairment loss of 1.547 billion RMB on goodwill and intangible assets related to its school operations in Sichuan, Shaanxi, and Australia. Excluding the relevant losses and other non-core items, the adjusted net income increased by 3% to 1.971 billion RMB.
The report stated that China Edu Group's revenue for the fiscal year 2024 increased by 17% to 6.579 billion RMB, driven by a 9% growth in student enrollment. The gross margin and operating profit margin contracted by 0.9 and 1.8 percentage points to 55.4% and 37.8%, respectively.