\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )
Event:
The company issued the 2021 performance express.
Comments:
The brand effect continued to expand, with sufficient orders on hand to support the release of subsequent performance
The company’s operating revenue in 2021 was 555 million yuan, with a year-on-year increase of 46.62%. The net profit attributable to the parent company was 171 million yuan, with a year-on-year increase of 60.05%. The net profit attributable to the parent company after deducting non-profit was 150 million yuan, with a year-on-year increase of 48.55%. Located in the median range of the previous performance forecast, in line with expectations. The main reasons for the performance growth in 21 years are as follows: (1) in April 2021, the company realized the main board listing, expanded the brand influence, actively reserved sales talents, and the market development and operation were in good condition. At the end of December 2021, the company announced that it had reached in-depth strategic cooperation with leading household enterprise Hongxing Red Star Macalline Group Corporation Ltd(601828) to jointly build a talent cooperation and exchange mechanism; (2) The company has expanded its organizational scale, continuously improved its business capacity, and abundant orders for training and consulting business. The company’s management training and consulting business mainly adopts the advance collection mode. As of the third quarter of 21, the total balance of the company’s contract liabilities and other current liabilities has reached 739 million yuan. The number of course enrollment and on-hand orders is sufficient to support the release of subsequent business performance.
Launch the Omo digital business school platform and extend the service link
The company officially launched the digital business school platform in November 2021 to standardize and software the consulting business and extend the service link to enterprise customers. In addition to providing the company’s own courses, the platform can also precipitate the enterprise course content to the platform, reduce the enterprise software development cost, enhance customer stickiness, and iteratively optimize the own courses through the feedback content of the platform. According to the company’s public information, about 100 enterprises have purchased the system one month after the Omo digital business school platform was launched, and it is planned to reach 1000 customers in 22 years.
Investment advice and profit forecast
The company focuses on enterprise management training and management consulting, aims to build an effective business school, and accumulates core competitive advantages in brand, teachers and marketing. Digital business school products and investment business have achieved preliminary development and breakthrough, and are expected to bring new performance increment to the company’s business in the future. We expect the company to realize a net profit attributable to the parent company of 208 / 257 million yuan from 2022 to 2023, with EPS 2.5 billion yuan 47 / 3.05 yuan / share, corresponding to pe20x / 16x, maintaining the “buy” rating.
Risk tips
The epidemic has led to the risk that offline courses cannot be carried out, the number of course enrollment does not meet expectations, and the loss of lecturers.
