\u3000\u3000 Shanghai Action Education Technology Co.Ltd(605098) (605098)
Event:
The company issued the performance forecast for 2021.
Comments:
In the 21st year, the net profit attributable to the parent company increased by 50% – 69% in advance, and the performance achieved rapid growth
In 2021, the operating revenue is expected to increase by 141-171 million yuan to 520-550 million yuan, a year-on-year increase of 37% – 45%. The net profit attributable to the parent company is expected to increase by 53.28-73.28 million yuan to 160-180 million yuan, a year-on-year increase of 50% – 69%. The net profit attributable to the parent company after deduction is expected to increase by 31.8-51.8 million yuan to 133-153 million yuan, a year-on-year increase of 31% – 51%. Among them, the non operating profit and loss in 2021 is mainly the company’s purchase of trust products, resulting in a net non operating profit and loss of about 25 million yuan.
Strengthen marketing efforts, improve brand awareness, and provide guarantee for follow-up operation with sufficient orders
The main reasons for the performance growth in 21 years are: (1) the company will be listed in 2021, expanding its brand influence, actively reserving sales talents, and the market development and operation are in good condition; (2) The company has expanded its organizational scale, improved its business capacity, and has sufficient orders for training and consulting business. The company’s management training and consulting business mainly adopts the advance collection mode. As of 21q3, the company’s total balance of contract liabilities and other current liabilities has reached 739 million yuan. At present, the company has sufficient course enrollment and on-hand orders to ensure the release of subsequent business performance. In addition, the scheduling of classes this year has been repeatedly affected by a certain epidemic, but with the normalization of the company’s response to the epidemic, the impact is gradually decreasing.
Build a digital business school platform and promote the standardization of consulting business
The company will build consulting courses into a digital business school platform, standardize and software the consulting business, and better realize business expansion. The digital business school platform was officially released at the president’s day in November this year. In addition to providing the company’s own courses, it can also precipitate the enterprise course content to the platform, reduce the enterprise software development cost, extend the service content, enhance customer stickiness, and iteratively optimize the own courses through the platform feedback content.
Profit and investment forecast
The company focuses on enterprise management training and management consulting, aims to build an effective business school, and accumulates core competitive advantages in brand, teachers and marketing. Digital business school products and investment business have achieved preliminary development and breakthrough, and are expected to bring new performance increment to the company’s business in the future. We expect that the company will realize a net profit attributable to the parent company of RMB 164 / 208 / 257 million from 2021 to 2023, eps1.5% 94 / 2.47/3.05 yuan / share, corresponding to pe29x / 23x / 18x, maintaining the “buy” rating.
Risk tips
The epidemic has led to the risk that offline courses cannot be carried out, the number of course enrollment does not meet expectations, and the loss of lecturers.
