\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )
Shanghai Action Education Technology Co.Ltd(605098) disclosed the performance express in 2021, with a year-on-year increase of 60.05%.
In 2021, the company achieved an operating revenue of 555 million yuan, a year-on-year increase of 46.62%; The net profit attributable to the owners of the parent company was 171 million yuan, a year-on-year increase of 60.05%; The non net profit attributable to the parent company was 150 million yuan, with a year-on-year increase of 48.55%. Benefiting from the company's successful landing on the A-share main board in 2021, the company's total assets and net assets per share attributable to the parent increased significantly in 2021, of which the company's total assets reached 20.07 yuan at the end of 2021, a year-on-year increase of 70.85%; At the end of 2021, the net assets per share attributable to the parent company was 12.78 yuan, with a year-on-year increase of 81.02%.
The listing of the main board in 2021 will boost the brand influence, and the "snowball effect" is ready in 2022.
In 2021, the company became the first listed company in the field of management education in China, which directly improved the influence of Shanghai Action Education Technology Co.Ltd(605098) in small private enterprises and listed companies, and further reduced the difficulty of market development. At the same time, after listing, the company's financial strength has been effectively supplemented, and the ability of brand marketing, organization scale, famous teacher invitation and curriculum research and development has also been optimized. The consulting company is expected to continue to expand its business in 2022 with sufficient orders and good reputation.
Shanghai Action Education Technology Co.Ltd(605098) can solve the four major pain points of small and medium-sized private enterprises in business training. The company's value has not been fully explored: pain point 1: want to learn more practical skills and methods. At present, some business schools in China emphasize individual learning and cognitive improvement of theoretical cases, which is weaker than practical education of enterprise management Shanghai Action Education Technology Co.Ltd(605098) 's curriculum focuses on solving practical problems in management, including corporate strategy, finance, organizational structure construction, equity incentive setting, recruitment plan, marketing system construction and other courses. Students can directly convert the learning content into their own operation. Pain point 2: want to study business training courses at low cost Shanghai Action Education Technology Co.Ltd(605098) 's core course, concentrated EMBA, is only quoted at 35800 yuan, and the teaching time is short. Concentrated EMBA has no requirements for academic qualifications and working years, which greatly reduces the threshold of business training. Pain point 3: get continuous counseling in the location of the company. Most business training institutions start classes in the way of centralized teaching at the headquarters Shanghai Action Education Technology Co.Ltd(605098) is to solve the follow-up counseling problems through the "combination of remote school running and headquarters school running" and "establishment of branches across the country". Pain point 4: want to know what other entrepreneurs are learning Shanghai Action Education Technology Co.Ltd(605098) is building an entrepreneur ecosystem to help small and medium-sized enterprise managers solve the problem of "what others are learning", that is, to create a "catfish effect" in the entrepreneur circle.
Investment suggestion: Shanghai Action Education Technology Co.Ltd(605098) course is more effective and has more direct help to the improvement of enterprise benefits; There are a large number of small and medium-sized enterprises in China, and the demand for management training is extremely sufficient Shanghai Action Education Technology Co.Ltd(605098) entrepreneur ecosystem has taken shape. In the future, with the steady improvement of the company's business scale and the number of students, Shanghai Action Education Technology Co.Ltd(605098) 's reputation and brand effect may continue to improve to a higher level, thus forming a "snowball effect" to promote the progress of performance, and the company's valuation center is expected to improve. The company is in a period of rapid development, with stable growth in revenue and performance. Considering that the company has issued a performance express and made clear guidance on the performance in 2021, we predict that the net profit attributable to the parent company will be RMB 171 / 223 / 284 million from 2021 to 2023, with a year-on-year increase of 60.6% / 29.9% / 27.8%. The current market value corresponds to PE of 24x / 19x / 15x, maintaining the "recommended" rating.
Risk warning: it is difficult to carry out offline courses due to repeated outbreaks; Lecturer turnover risk.
