Shanghai Action Education Technology Co.Ltd(605098) performance meets expectations, and the scale of students and the quality of courses continue to improve

\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )

In 2021, the revenue was 560 million yuan, an increase of 47% and the net profit attributable to the parent company was 170 million yuan, an increase of 60%

Shanghai Action Education Technology Co.Ltd(605098) released the performance express for 2021. The annual revenue was 555 million yuan, with an increase of 46.62%, of which the revenue and growth rate of 21q1-4 were 75 million (+ 103.0%), 167 million (+ 68.8%), 114 million (+ 26.7%) and 199 million (+ 30.4%) respectively;

The net profit attributable to the parent company was 171 million yuan, with an increase of 60.05%, of which the net profit attributable to the parent company and the growth rate of 21q1-4 were 04 million (+ 149.3%), 72 million (49.4%), 32 million (+ 78.5%) and 62 million (+ 26.2%) respectively.

The performance growth in this period is mainly due to the improvement of the company's brand influence, market development and good business conditions after the company's listing; Due to the expansion of the company's organizational scale, the improvement of business capacity and the sufficient orders for training and consulting business. In 2021, the company became the first listed company in the field of management education in China, enhancing its brand influence, continuously expanding its organizational scale, improving its business ability, good market development and operation, and abundant orders for training and consulting business. At the same time, the company's curriculum R & D activities adhere to the principle of "continuous improvement", combined with the existing curriculum teaching content and effect, analyze the changes of market environment and customer demand, and use multimedia, Internet and other mixed technical means to promote the real-time update of training curriculum product content and the continuous improvement of product quality and teaching effect.

The weak economic environment stimulates the learning needs of small and medium-sized enterprises, integrates high-quality enterprise resources, and provides consulting and diversified services. On the one hand, China's large stock of small and medium-sized enterprises can use action courses to optimize the management structure, expand their development vision and enrich industrial resources. The high-quality and grounded curriculum content can really help and inspire small and medium-sized enterprises; On the other hand, the company dug deep into the repurchase value of a single enterprise and the introduction of word-of-mouth among customers, so as to provide in-depth services such as financial and tax positioning for the follow-up and accumulate strategic resources.

Recently, the company has jointly launched customized courses with trout consulting. The market feedback is good. The course duration is concentrated to 5.5 days. With the help of external high-quality practical content, the course system is enriched, the training effect is improved, and the diversified market demand is met by providing differentiated course services; At the same time, make full use of their own sales channels, increase the promotion of high-quality courses and achieve win-win results. Future actions will make full use of the listing platform to build a high-quality enterprise training content aggregation platform.

Maintain profit forecast and give buy rating.

The effective business school of mobile positioning services for small and medium-sized entrepreneurs provides high-quality EMBA courses through high-quality teaching contents and continuous and perfect training plans, and creates professional training services in the fields of enterprise talents, strategy, performance, finance, marketing, enterprise universities and so on. We expect the net profit of the company to be 170 million, 230 million and 320 million respectively in 21-23 years; PE is 24x, 18x and 13X respectively. It is recommended to pay active attention.

Risk tip: the enrollment is less than expected, the loss of core executives, the aggravation of the impact of the epidemic and other risks. The performance express is the preliminary calculation result, and the specific financial data shall be subject to the annual report disclosed by the company.

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