\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 59 Chengdu Jafaantai Education Technology Co.Ltd(300559) )
Event:
The company issued the 2021 annual report on April 10, 2022.
Comments:
The company’s performance fluctuates in the short term due to the influence of downstream construction demand, repeated epidemic in China and other factors
In 2021, the company achieved an operating revenue of 370 million yuan, a year-on-year decrease of 37.37%; The net profit attributable to the parent company was 83 million yuan, a year-on-year decrease of 60.72%; The net profit deducted from non parent company was 81 million yuan, a year-on-year decrease of 59.85%. In terms of industries, the income of standardized examination equipment is 234 million yuan, the income of intelligent education products and overall solutions is 103 million yuan, the income of operation services is 16 million yuan and other income is 17 million yuan. The main reasons for the change of the company’s performance are as follows: in the second round of standardized examination room construction, the construction of online patrol system in standardized examination sites for college entrance examination has been basically completed, and the construction of identity authentication system and cheating prevention and control system for the rest has been completed. Affected by the delay of college entrance examination reform in some provinces and the progress of local secondary school examination reform, the construction rate of standardized examination rooms for high school academic level examination and secondary school examination is relatively low. Smart education projects have been continuously and repeatedly affected by covid-19 epidemic in China, and the progress of bidding, order signing and implementation of some projects has been delayed. At the same time, new products such as the new generation of comprehensive intelligent solutions for English listening and speaking, intelligent sports solutions and overall solutions for career planning education are in the early stage of market expansion, resulting in the decline of the company’s performance.
Increase investment in R & D and sales to maintain long-term core competitiveness
The company focuses on R & D and market expansion. In 2021, the R & D investment was 54 million yuan, with a year-on-year increase of 16.21%; The sales expense was 58 million yuan, a year-on-year increase of 25.70%. In terms of product system, the company’s product line is constantly enriched, and the smart education and quality education products are overweight to form a series of education products covering the whole process of “teaching management evaluation”, so as to provide customers with complete educational informatization solutions. In terms of business model, it has changed from the past single product sales and overall solution model to a diversified model integrating product sales, solutions, operation services and leasing services, quickly completed the regional layout, optimized the company’s revenue structure, provided customers with continuous innovative services and increased customer viscosity.
In the first quarter of 2022, the net profit attributable to the parent company increased significantly, and the estimated amount is 12-18 million yuan
The company issued the performance forecast for the first quarter of 2022 on March 8, 2022. The company expects to realize a net profit attributable to the parent company of 12-18 million yuan, with a year-on-year increase of 145.23% – 267.84%, mainly due to the increase of business income such as smart recruitment of the company compared with the same period of last year. The company expects to realize a net profit of RMB 11.95 million to RMB 17.85 million, with a year-on-year increase of 162.03% – 291.40%. The impact of non recurring profits and losses on net profit is RMB 50 Yihua Healthcare Co.Ltd(000150) 000. Driven by policies such as the construction of Digital China, the reform of education evaluation in the new era and the reform of examination and enrollment system, the company has ushered in good development opportunities.
Profit forecast and investment suggestions
The company is a leading enterprise in the national education informatization industry. In the era of education informatization 2.0, the company actively and effectively expands business boundaries and continues to open up growth space in the future. It is predicted that the operating revenue of the company from 2022 to 2024 will be 638, 840 and 1.040 billion yuan, the net profit attributable to the parent company will be 191, 256 and 322 million yuan, the EPS will be 0.48, 0.64 and 0.81 yuan / share, and the corresponding PE will be 21.83, 16.30 and 12.98 times. In the past three years, the company’s PE has mainly operated between 20-70 times. Considering the new opportunities brought by the cheating prevention and control system, the company is expected to resume rapid growth and give the company 35 times the target PE in 2022, with the target price of 16.80 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The construction of the second round of standardized examination sites was not advanced as expected; The progress of a new round of construction of cheating prevention and control system is lower than expected; The business development of quality education is less than expected
