\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 59 Chengdu Jafaantai Education Technology Co.Ltd(300559) )
Specific events: in February 2022, the Ministry of Education held the first series of "education spring" press conferences in 2022. At the conference, it was proposed to make a breakthrough in improving the level of information application, implement the digital strategic action of basic education, and strengthen the in-depth integration and application of information technology and education and teaching.
The improvement of the application level of educational informatization has been emphasized by the Ministry of education again. As the leader of smart examination room and smart education, the company is expected to benefit from the core. The Ministry of education proposed at the recent "education Spring Festival" series of press conferences that we should grasp innovation breakthroughs, focus on key areas and focus on realizing "four breakthroughs". One of them is to make breakthroughs in improving the level of information application: 1) implement the digital strategic action of basic education, integrate and build a comprehensive management service platform of basic education, and improve the macro management and scientific decision-making level of basic education; 2) Further upgrade the national primary and secondary school network cloud platform, vigorously 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 the emphasis of the Ministry of education on the improvement of information application level reflects the objective needs of fairness and efficiency in the field of Education under the background of double reduction, and the requirements for examination fairness, anti cheating and educational resource fairness are expected to go to a higher level. As a leading enterprise in education informatization, the company is expected to benefit from the core of the policy.
Quality education related businesses meet the policy guidance and are expected to accelerate the implementation. The company focuses on the quality education related businesses in line with the national development strategy, including intelligent sports evaluation and career planning. In terms of smart sports evaluation, the company took the lead in launching a new smart sports scene scheme in the industry. At present, it has launched a pilot of smart sports new scene scheme in many places and won the sports evaluation project in many places. In this business, the company provides a variety of service modes such as product sales, collection services, product operation, co construction and sharing to meet the needs of users. In terms of career planning, the company provides one-stop career planning education and services for students. At present, it has signed agreements with educational institutions in Tongliang and other regions of Chongqing to accelerate the implementation.
There is an urgent need to improve the quality of education in schools, and the demand for educational information construction is expected to accelerate. According to the data of the Ministry of education, the total investment in education in 2020 will increase by 5.7% to 5.30 trillion yuan, of which the investment in education informatization is expected to exceed 400 billion yuan. In addition, with the introduction of the "double reduction" policy last year, the dominant position of school education has been further strengthened, and there is an urgent demand for educational information equipment. In addition, quality education fields such as sports evaluation and career planning are encouraged by policies. The company has arranged in advance in subdivided fields, occupying the first mover advantage and expected growth.
Investment advice. As the leader of educational examination informatization, the company has a high market share in the field of standard examination construction. On this basis, oral English computer examination, quality education and other businesses are expected to open up incremental space. We expect the company's revenue to reach 333 / 606 / 717 million yuan respectively on 2021, 22 and 23, and the net profit attributable to the parent company will reach 98 / 220 / 259 million yuan, maintaining the "buy" rating.
Risk tip: the promotion of education policy is not as expected; Education expenditure is less than expected; The intensification of market competition has dragged down the overall profit margin of the company; Risk of loss of technicians.
