凱文教育: 業務多元化佈局，盈利有望復甦

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Beijing Kaiwen Education Technology  (002659 CH) 業務多元化佈局，盈利有望復甦 Initiating coverage: we expect earnings will improve as Kaiwen builds out a diverse business structure BUY (Initiation) 投資要點/Investment Thesis 投资要点/Investment Thesis K12國際教育爲主，素質教育和現代職教爲翼  公司自完成教育業務轉型後，一直把爲學校提供運營支持服務作爲主營業務，目前主要爲北京海淀凱文學校和北京朝陽凱文學校提供運營服務。將素質教育業務邊界從校內拓展到校外，響應國家政策積極佈局職教賽道。海淀區國資委下屬的教育類上市公司，公司利用和整合優質的教育資源和資產開展基礎教育服務。 Core driver is K-12 international education; then non-academic and vocational  About Kaiwen: as an educational service company under the jurisdiction of Haidian District State-owned Assets Supervision and Administration Commission, Kaiwen Educat ………………………………