\u3000\u30 Fawer Automotive Parts Limited Company(000030) 32 Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) )
Event: in 2021, the company's revenue increased by 3.8% and the net profit attributable to the parent company increased by 18.1%. The company released its 2021 annual report. In 2021, the revenue increased by 3.8% to 664 million yuan, the net profit attributable to the parent increased by 18.1% to 76.84 million yuan, and the non net profit attributable to the parent increased by 25.5% to 49.04 million yuan. In 2021, the profitability of the company was improved, and the gross profit margin increased by 3.9 PCTs to 48.8%, which is close to the 49.5% level in 2019 before the epidemic; The sales expense rate decreased by 0.8pcts to 15.7%, the management expense rate increased slightly by 0.1pcts to 11.8%, and the R & D expense rate decreased slightly by 0.3pcts to 11.3%. To sum up, the net profit margin attributable to the parent company increased by 1.4pcts to 11.6%.
In 2021, the company's short-term training will still be affected by local epidemics. In terms of business, the company achieved a revenue of 622 million yuan in online and offline short-term training in 2021, with a year-on-year increase of 4.7%. The epidemic still recurred in 2021, which still has a certain impact on the students' willingness to sign up for employment classes. On the other hand, the company relies on the non academic higher education business carried out by the College of communication and intelligence as the platform to achieve a revenue of 29.42 million yuan. Investment in secondary vocational schools is expected to open up the incremental market of academic education under the Dongfeng vocational education policy. In December 2021, the company invested and held a profit-making full-time private secondary vocational school - Suqian Chuanzhi Internet secondary vocational and technical school. At present, the school is recruiting students and is expected to usher in the first batch of Freshmen in September 2022. Under the policy of strengthening the encouragement of Vocational Education in 2021, the company is expected to open up secondary vocational education and higher education, so as to open the incremental market of academic education.
Continue to strengthen R & D investment, diversified marketing and strengthen brand image. On the R & D side, the company continued to upgrade and iterate the existing courses in 2021, and launched live courses developed by dark horse programmer Hongmeng. On the marketing side, the company has reached course content and teaching support cooperation with more than 2200 colleges and universities, and employment training cooperation with nearly 600 colleges and universities, forming a comprehensive university cooperation system of the company, effectively improving the popularity and influence of the company in Colleges and universities, and continuously introducing potential users through various marketing methods such as industry forums, external emerging media platforms, microblog and wechat matrix numbers, self-made short videos and so on, Build a network integrated marketing system.
Investment advice. The company is the leader of IT training in China. Through a strong teaching and research + teaching + industrial network, the company continues to polish course products and accumulate good reputation. Through the layout of academic education business, it is expected to drive future growth and further enhance the company's market influence. According to the 2021 annual report and considering the impact of the current local epidemic, we adjusted the company's net profit attributable to the parent company from 2022 to 2023 to 107 / 169 million yuan, and predicted that the net profit attributable to the parent company in 2024 would be 233 million yuan, an increase of 39.8% / 57.4% / 37.5%, corresponding to eps0.5% 27 / 0.42/0.58 yuan, the current price corresponds to pe63 / 40 / 29x, maintaining the "buy" rating.
Risk warning: the epidemic situation may affect the trainees' willingness to participate in training; Market competition intensifies risks; Risk of decline in IT training demand; In the process of expansion, the company's performance did not meet expectations.
