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Tianli International Holdings (1773 HK) 堅持高品質多元發展 FY24E profit up 56%: Tianli delivers sound academic outcomes through a diverse growth profile BUY (maintain) 投資要點/Investment Thesis 投资要点/Investment Thesis 公司FY24收入33億人民幣同增44%，經調凈利5.8億同增56%; FY24公司綜合教育服務收入17.4億人民幣，同增43%; 產品銷售9.2億元，同增66%; 綜合後勤服務6億，同增23%; 管理及特許經營費0.6億，同增53%。 每股股息8.3分，分紅率30%; 淨資產收益率24.3%，同增8.5pct 現金及現金等價物13.58億元，經營性現金凈流入8.27億元， 資本開支4.1億同減32%。 FY24E revenue rose 44% to RMB3.32bn; adjusted net profit up 56% to RMB577m Tianli International released unaudited FY24E (fiscal year ended August 2024) results on 25 Nov, with the following key metrics: -Revenue: total revenue rose 44% to RMB3.32bn, with comprehensive educational services contributing RMB1.74bn, up 43%
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