\u3000\u3000 Guangzhou Shiyuan Electronic Technology Company Limited(002841) (002841)
The implementation of the digital strategy of basic education breeds new vitality in the educational information market
On February 15, the Ministry of Education held a press conference and proposed: 1) further strengthen the role of school education as the main front, consolidate and improve the work level of "double reduction"; 2) Implement the strategic action of digitizing basic education, promote the co construction and sharing of high-quality educational resources, and strengthen the in-depth integration and application of information technology and education and teaching. We believe that educational informatization 2.0 pays more attention to the deepening application of educational resources and the investment in software platforms and application services, which is expected to accelerate the construction of smart campus. At the same time, the "double reduction" policy makes learning return to campus, and the hardware and software market of educational informatization will breed new vitality.
The ecological effect of SiVo's software and hardware integration appears, and the leading position of educational digitization is stable
SiVo provides integrated solutions from hardware design to software matching for different application scenarios and terminal requirements. In addition to interactive intelligent tablet, products also include smart blackboard, normalized recording and broadcasting, intelligent podium, cloud class card, etc. According to the calculation of software value-added tax rebate, the added value of the company's software in 18-20 years is 0.26/0.75/0.94 billion yuan, and the revenue accounts for 0.15% / 0.44% / 0.55%. According to shivo data, in 2020 academic year, shivo K12 has more than 3.5 million active teachers (YoY: 47%), accounting for 24% of full-time k12 teachers in China, of which the coverage rate of active teachers in Northwest China is as high as 29%, and the number of active teachers in kindergartens increased by 76%. With the promotion of co construction and sharing of high-quality educational resources, the ecological effect of SiVo's integrated software and hardware layout appears, and the market share is expected to continue to increase.
Since July 21, the LCD price has fallen back, and the company's gross profit margin is expected to gradually rise
In 2021, the company's gross profit margin fell by 1.7pct to 24.85% year-on-year, mainly due to the rise in the prices of raw materials such as panels and chips. After a 13-month business cycle, the price of LCD panel has fallen rapidly since July 2021, of which the price of 50 / 55 / 65 inch LCD panel has fallen by 57.6% / 50.9% / 37.4% respectively. Under this background, the gross profit margin of all products of 4q21 company has rebounded month on month. As the prices of LCD panels and other raw materials fall, we are optimistic that the gross profit margin of the company's interactive intelligent tablet will continue to show a steady upward trend.
The profit inflection point of interactive intelligent tablet leader appeared and maintained the "buy" rating
We expect the operating revenue of the company to increase by 23.9%, 13.7% and 13.0% year-on-year to 21.222, 24.140 and 27.279 billion yuan in 21, 22 and 23 years, and the net profit attributable to the parent company to increase by - 11.3%, 49.0% and 19.7% year-on-year to 1.686, 2.512 and 3.008 billion yuan, maintaining the "buy" rating.
Risk warning: new business development is not as expected; The demand is less than expected; Intensified industry competition, etc.
