\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )
In 2021, the net profit attributable to the parent company increased by more than 60%, and there were sufficient orders on hand. In 2021, the company realized an operating revenue of 560 million yuan, an increase of 46.6% at the same time; The net profit attributable to the parent company was 170 million yuan, with a year-on-year increase of 60.1%, which was consistent with the previous performance express and in line with expectations. The impact of the epidemic has weakened, offline training business has been carried out, and the company's revenue and performance have achieved steady growth. In 2021q4, the company achieved a revenue of 200 million yuan, a year-on-year increase of 30.4%; The net profit attributable to the parent company reached 61.69 million yuan, a year-on-year increase of 26.2%. In terms of contract liabilities, the company's contract liabilities at the end of 2021 were 780 million yuan (710 million yuan at the end of September 2021), an increase of 21% year-on-year, indicating that there were sufficient orders for management training and consulting.
The management training business grew rapidly, driving the overall gross profit margin upward. In 2021, the revenue of core business management training business was 490 million yuan, with a year-on-year increase of 48.9%, accounting for 88.6%, which is the main source of revenue and performance of the company. The gross profit margin of the business was 83.6%, with a year-on-year increase of + 0.6pct; The revenue of management consulting business was 58.83 million yuan, with a year-on-year increase of 35.0%, and the gross profit margin was 44.3%, with a year-on-year increase of -6.6pct; The book sales revenue was 3.79 million yuan, with a gross profit margin of 30.1%, a year-on-year increase of -0.2pct. The overall gross profit margin of the company was 79.1%, with a year-on-year increase of + 0.3pct. Relying on the increase of the proportion of management training business with high gross profit margin, the gross profit margin of the company's business increased steadily.
The cost control was relatively good, and the net profit margin increased steadily. In 2021, the company's period expense rate was 47.6%, with a year-on-year increase of + 1.7pct; Among them, the sales / management / R & D / Finance rates were 29.0% / 15.9% / 5.9% / - 3.2% respectively, with a year-on-year increase of -1.4/1.2/1.2/0.7pct respectively, which was well controlled on the whole. The net profit margin of the company in 2021 was 31.2%, with a year-on-year increase of + 2.5pct, and the net profit margin increased steadily.
Omo digital business school mode actively innovates and explores new growth. According to the company's announcement data, the market scale CAGR of management training business will reach 17% in the next five years, of which the demand of small and medium-sized enterprises accounting for 99.8% of the number of Chinese enterprises accounts for more than 95% of the total enterprise management training market, and the demand of small and medium-sized enterprises still occupies the absolute main body of the market. In October 2021, the company launched Omo digital business school to help professional, excellent, special and new small and medium-sized enterprises establish a vocational talent training system, which is expected to further help the growth of management training business.
Risk tips: disturbance of the epidemic, suspension of classes offline, loss of lecturers, intensified industry competition and low expectation of business development.
Investment suggestion: relying on its own reputation and brand effect, the company's management training and consulting business scale and the number of trainees have increased steadily, with a good growth trend. The new Omo platform launched in October 2021 is expected to inject new growth momentum into the company. We expect the revenue from 2022 to 2024 to be RMB 720 / 9.4 / 1.19 billion respectively, with an increase of 30% / 30% / 28% respectively; The parent company's performance was RMB 220 million / 2.9 million / 360 million respectively, with an increase of 29% / 30% / 27% respectively. As the leader of effective business training, the company's business is basically stable, and new products are expected to contribute new growth momentum, covering the rating of "overweight" for the first time.
