Jinwu Financial News | According to Tianfeng Securities Research Report, Tianli International Holdings (01773) released FY24H1 financial report, with revenue of 1.65 billion yuan (RMB, same increase below), same increase of 74%; gross profit of 580 million yuan, same increase of 57%; net profit of 290 million yuan, same increase of 66%; adjusted net profit of 320 million yuan, same increase of 70%. Currently, Tianli serves more than 100,000 students, an increase of 22%; it serves 37,000 high school students, an increase of 44%.
Looking forward to the future, Tianli will expand and strengthen its for-profit high school business to provide students with comprehensive operation services, including but not limited to: online campus shopping, comprehensive logistics services, arts and sports guidance, international education, study abroad consultation, and study tours to promote the all-round development of students.
Based on this semi-annual report, the bank raised its profit forecast. The estimate is: FY24-26 revenue is 3.2 billion yuan, 4.6 billion yuan, and 6.2 billion yuan respectively (FY24-25's original value is 3.2 billion yuan and 4.5 billion yuan respectively); net profit returned to mother after FY24-26 adjustment is 640 million yuan, 900 million yuan, and 1.25 billion yuan respectively (FY24-25's original value is 550 million yuan and 850 million yuan respectively); FY24-26EPS is 0.30 yuan, 0.42 yuan, and 0.58 yuan respectively (FY24-25's original value was 0.26 yuan and 0.4 billion yuan respectively); the corresponding PE is 17X, 12X, 9X, maintain a “buy” rating.