Jingu Finance | Guosen Securities issued research reports stating that tianli int hldg (01773) achieved revenue of 3.321 billion yuan, +44.2% for the fiscal year 2024, achieving a net income of 0.556 billion yuan, +66.3%, with adjusted net income of 0.577 billion yuan, +56.4%, meeting the previously disclosed revenue +43%, adjusted net income +56%. It also exceeded the bank's previous expectations (adjusted net income of 0.56 billion yuan), reflecting the company's outstanding operational capabilities.
The bank stated that the company's revenue performance in 2024 exceeded the bank's previous expectations, once again proving its excellent educational capabilities. Considering the recent positive expressions of private education policies in many places, from a regulatory perspective, the industry has passed the most difficult period, and the company's educational capabilities have been continuously validated (in 2024, the undergraduate rate of mature schools in Sichuan has remained above 90%, far exceeding the average level of Sichuan Province). In addition, the company has expanded many business lines to external group schools, which is expected to bring more revenue and performance flexibility in the future.
In view of the outstanding performance of the 2024 financial results, the bank has raised the company's revenue forecast for 2025-2027 to 4.55/6.17/8.29 billion yuan (4.36/5.92 billion yuan/first forecast), and the net profit attributable to shareholders forecast to 0.78/1.06/1.48 billion yuan (0.74/1.03 billion yuan/first forecast), corresponding PE of 10.5/7.7/5.5x, maintaining an "outperform" rating.
