\u3000\u30 Fawer Automotive Parts Limited Company(000030) 32 Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) )
Core view
In 2021, the deduction of non performance increased by 25.48%, which is consistent with the performance express. In 2021, the company achieved an annual revenue of 664 million yuan, with a year-on-year increase of 3.8%, and the net profit attributable to the parent company was 768446 million yuan, with a year-on-year increase of 18.1%. The net profit not attributable to the parent company was 490375 million yuan, with a year-on-year increase of + 25.5%, which was consistent with the company's performance express, which was expected to generate 27.81 million yuan of non recurring profits and losses, mainly composed of financial investment income (20.62 million), asset disposal income (7.2 million) and government subsidies (6.82 million). If 2019 is taken as the reference benchmark, the company's revenue, parent performance and deduction performance are - 28.1%, - 57.4% and - 66.9% respectively year-on-year in 2019, which is caused by the repeated epidemic of it short-term training business disturbing students' enthusiasm for training. In 2021q4, the company achieved a revenue of 174 million yuan, a year-on-year increase of - 12.5%, and a net profit attributable to the parent company of 132781 million yuan, a year-on-year increase of - 74.1%, deducting a net profit not attributable to the parent company of 4.5181 million yuan, a year-on-year increase of - 91.0%.
The IT short-term training business recovered steadily, and the gross profit margin recovered somewhat. In 2021, the company's online / offline short-term training revenue was 622 million yuan, with a year-on-year increase of 4.73%, accounting for 93.7% of the total operating revenue, with a year-on-year increase of + 0.8pct, but the revenue was - 29.3% year-on-year in 2019. On the whole, the number of participants recovered, but it has not yet recovered to the level in 2019; Non academic higher education achieved a revenue of 29.42 million yuan / -12.11%, accounting for 4.4%/-0.8pct of the total operating revenue. The College of communication and intelligence is still in the process of applying for the college license, and the number of enrollment is relatively stable. Invest in Suqian Chuanzhi Internet secondary vocational and technical school at the end of 2021, and it is expected to officially recruit students in September 22; The revenue from other businesses was 124565 million yuan, a year-on-year increase of + 1.77%, accounting for 1.9% of the total operating revenue, which was basically the same as that in the same period last year. In 2021, the company's period expense rate was 41.0%, year-on-year + 2.4pct, of which the sales expense rate was 15.7%, year-on-year -0.8pct; The rate of administrative expenses was 11.8%, with a year-on-year increase of + 0.06pct, which was due to the increase in the remuneration of management personnel; The financial expense rate was 2.2%, with an increase of 3.39 PCT, which was caused by the implementation of the new leasing standards; The R & D expense rate was 11.3%, with a year-on-year increase of -0.3pct. In 2021, the overall gross profit margin of the company was 48.8%, with a year-on-year increase of + 2.9pct, mainly due to the contribution of employee compensation optimization, and the net profit margin was 11.6%, with a year-on-year increase of + 1.4pct. The policy clearly encourages racetracks and pays attention to the recovery of training demand after the epidemic stabilizes. Different from k12 education and training / K9 school, in October 2021, the general office of the State Council issued the opinions on promoting the high-quality development of modern vocational education, proposing to build a diversified school running pattern with overall management of the government, active organization of industrial enterprises and deep participation of social forces. Under the repeated disturbance of the epidemic, the company's offline courses are blocked, the employment situation is unclear, and the willingness to participate in training has also declined. However, over the past two years, the company's response to the epidemic has been more flexible, and it is expected to take the lead in recovery after the epidemic stabilizes. In addition, we can pay attention to the promotion layout of vocational education and academic business.
Risk tips: the epidemic situation is repeated, the network expansion is less than expected, and the enrollment is less than expected.
Investment suggestion: the vocational training track is clearly supported by policies, and the brand strength of the company continues to improve driven by employment reputation. It is estimated that the company's EPS will be 0.34/0.43/0.52 yuan from 2022 to 2024 (the EPS in 22-23 years was 0.41/0.54 yuan, and the recovery rhythm of the impact of the epidemic has been reduced), corresponding to 49 / 39 / 32 times of PE from 2022 to 2024, maintaining the "overweight" rating.
