Education industry: Chalk technology will be listed in Hong Kong after submitting its listing application
The company’s main business is prominent, with training business accounting for nearly 90%, and the offline training business is growing rapidly. In 2020, the company’s training business revenue was 1.873 billion yuan, accounting for 87.85%, of which the online business revenue was 986 million yuan, accounting for 46.25%, and the offline business revenue was 887 million yuan, accounting for 41.6%. As of September 2021, offline business has become the largest source of revenue, accounting for 49.75%. Vocational education has a broad track and can grow. In 2020, the market scale of non academic vocational education is 202.6 billion yuan, of which the market scale of vocational examination and training under non academic vocational education is 64.6 billion yuan, which is expected to reach 123 billion yuan in 2026. Industry growth drivers are strong. The demand for examination and training of Chinese civil servants and public institutions and the demand for examination and training of teacher recruitment are increasing. At the same time, the government’s favorable policies continue to be introduced to stimulate the steady growth of China’s vocational examination and training industry. At present, the competition pattern of vocational examination and training industry is scattered, and chalk is expected to benefit from the improvement of concentration by virtue of its solid advantages. In 2020, the Cr5 market share of the industry was 27.4%, and chalk technology ranked third with a share of 2.9%. In terms of courses, the company has a wide range of courses, mainly covering the recruitment examination. The agreed classes can be refunded, and the courses are attractive; In terms of teachers, the overall quality of the teacher team is high, and the number of lecturers with master’s degree or above reaches 1255, accounting for 23.5%; In terms of R & D, pay equal attention to content and technology to shape high-quality courses.
E-cigarette industry: the Ministry of culture and tourism agreed to use insurance in 4 provinces and cities to pay the quality assurance certificate of tourism services
The state tobacco monopoly administration announced the national standard of electronic cigarette (second exposure draft); On the same day, the measures for the administration of electronic cigarettes were announced, which will come into force on May 1, 2022. Both the national standard of electronic cigarette and the administrative measures of electronic cigarette point out the direction for the development of China’s electronic cigarette industry: 1 The new national standard points out that e-cigarettes should not induce minors and should not make the characteristic flavor of products show other flavors except tobacco: the new national standard improves the management of atomized additives; In terms of taste regulation of e-cigarettes, the strength is stronger than that of the United States. 2. The measures for the administration of e-cigarettes defines the business scope of e-cigarette related enterprises: the listing of e-cigarette enterprises shall be examined and approved by the competent tobacco department in advance, and the “savage growth” and non-conforming companies will gradually lose the market; E-cigarette retail stores with one brand may gradually withdraw from the market, and multi brand joint sales may become the mainstream; To engage in tobacco monopoly wholesale business, it is necessary to obtain a license; The whole link operation of e-cigarette will be managed through the national unified e-cigarette transaction management platform.
Investment advice
We suggest continuing to focus on the four main lines of recovery logic: 1) Recommend the hotels at the bottom of the cycle / with stable long-term growth logic, and focus on the high-quality targets Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) , Huazhu group; 2). Recommend Songcheng Performance Development Co.Ltd(300144) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , targets of high-quality scenic spots benefiting from the increased penetration of leisure tourism and peripheral tourism, and pay attention to China Cyts Tours Holding Co.Ltd(600138) , Wuxi Online Offline Communication Information Technology Co.Ltd(300959) , Fosun tourism culture opened up by Wuxi Online Offline Communication Information Technology Co.Ltd(300959) tourism business and Changbai Mountain Tourism Co.Ltd(603099) , which benefit from the increased attention of ice and snow tourism; 3). It is suggested to pay attention to Haidilao, Xiabu and Xiabu, the leading catering enterprises that are expected to be repaired in the same store after the epidemic, and jiumaojiu, a new brand & a new business type that is hatching; 4). It is recommended to recommend the tax-free sector benefiting from consumption return and consumption upgrading and the human services sector with obvious anti cyclical attribute. It is recommended to recommend China Tourism Group Duty Free Corporation Limited(601888) , Beijing Career International Co.Ltd(300662) .
Risk tips
Macroeconomic fluctuation risk; Repeated outbreaks exceed the expected risk; The risk of intensified industry competition; The landing of new projects / products is less than the expected risk; Food safety risks; Risk of major teaching accidents
