好未来:桃李仍不言 预期差未尽

浙商证券
24 Jan

投资要点一、一句话逻辑一流产品力及运营能力驱动快速增长,超脱K12 竞争修复的地表引力,业务结构优化、规模效应、转型业务减亏下利润率释放超预期。二、超预期逻辑1、核心盈利板块(素养中心等)有望保持高速增长,带来业务结构优化及规模效应,导致利润率释放超预期市场担忧1:24 年以来K12 合规供给快速修复,板块竞争态势修复,龙头公司普遍面临中小机构招生分流、门店爬坡降速及消费能力变化等因素,利润率难以...

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