金吾财讯 | 国信证券发研报指，天立国际控股(01773)2024财年实现收入33.21亿元/+44.2%，实现净利润5.56亿元/+66.3%，经调整净利润5.77亿元/+56.4%，符合此前盈喜预告所披露的收入+43%，经调净利+56%。同时也超出该行此前预期(经调整净利润5.6亿元)，体现公司较为突出的运营能力。该行表示，公司2024年收入业绩超出该行此前预期，再次证明其出色的办学能力。考虑到近期多地出台表述积极的民办教育政策，从监管端看行业已度过最艰难时刻，而公司办学能力也持续得到验证(2024年川内成熟校本科率维持90%以上，远超四川省平均水平)。此外公司多支业务已向集团外部学校拓展，后续有望带来更多收入业绩弹性。该行鉴于2024年业绩的超预期表现，该行上调公司2025-27年收入预测为45.5/61.7/82.9亿元(43.6/59.2亿元/首次预测)，归母净利润预测为7.8/10.6/14.8亿元(7.4/10.3亿元/首次预测)，对应PE为10.5/7.7/5.5x，维持“优于大市”评级。
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