\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )
The company released the 2021 annual report. The annual revenue of the whole year 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 in 21 years 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 brand influence and good market development and operation after the company's listing; The expansion of the company's organizational scale, the improvement of business capacity and the abundant orders of training and consulting business.
By business, the revenue from management training is 492 million yuan, accounting for 88.61% of the total revenue; Management consulting income was 59 million yuan, accounting for 10.60%; Book sales revenue was 04 million yuan, accounting for 0.68%.
In 2021, the gross profit margin increased and the sales expense ratio improved. In 2021, the gross profit was 439 million, an increase of 47.08% and the gross profit margin was 79.05%, an increase of 0.25 PCT; Among them, the gross profit margin of management training is 83.62%, the gross profit margin of management consulting is 44.30%, and the gross profit margin of book sales business is 30.14%. In 2021, the net interest rate attributable to the parent company was 30.76%, with a year-on-year increase of 2.58pct; The net interest rate excluding non parent company was 27.08%, with a year-on-year increase of 0.35pct.
The company's market development and operation are in good condition. In 2021, the contract liabilities were 776 million yuan (excluding tax), an increase of 20.91% at the same time. The company's training and consulting business orders were abundant, and the business volume and performance level continued to grow. In 2021, the company received 714 million yuan in cash from selling goods and providing labor services, an increase of 34.14% at the same time.
We will continue to build a new curriculum system around the company's strategic objectives, strengthen the effectiveness of internal and external R & D, and continuously build a new curriculum system through "iteration", and strengthen the effectiveness of internal and external R & D. The company continues to cultivate business administration training for entrepreneurs. In 2021, the president's EMBA income accounted for about 50%, and the number of trainees exceeded 1000 in 2021. The company will insist on taking offline course training as the basis and the SaaS platform of Omo digital business school as the breakthrough. Through the diversified layout of training + consulting + SaaS platform, the company will prolong the customer service cycle, breed new growth points and create the second curve. Raise funds to establish smart management training bases in five major cities, reduce operating costs and improve overall benefits. At the same time, through industrial funds and relying on the rich resources of student enterprises, actively arrange equity investment.
Adjust the profit forecast and maintain the 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 estimate that the company's revenue in 22-24 years will be 720 million yuan, 920 million yuan and 1.18 billion yuan respectively (830 million yuan and 1.13 billion yuan in the previous 22-23 years), the net profit attributable to the parent company will be 220 million yuan, 280 million yuan and 360 million yuan respectively (230 million yuan and 320 million yuan in the previous 22-23 years), the corresponding EPS will be 2.6, 3.4 and 4.3 yuan / share respectively, and the PE will be 19.1x, 15.0x and 11.8x respectively. It is recommended to pay positive attention.
Risk tip: the number of enrollment is less than expected; Repeated outbreaks; Risk of loss of senior executives or teachers
