\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 59 Chengdu Jafaantai Education Technology Co.Ltd(300559) )
Core view
The performance of 21 years is under short-term pressure. The company achieved a revenue of 370 million yuan in 21 years, a year-on-year decrease of 37%, the net profit attributable to the parent was 83 million yuan, and the net profit deducted from non attributable to the parent was 81 million yuan, a year-on-year decrease of 60%. In 22q1, the company realized a revenue of 90 million yuan, a year-on-year increase of 67%, a net profit attributable to the parent of 15 million yuan, a year-on-year increase of 209%, and a deduction of 15 million yuan not attributable to the parent, a year-on-year increase of 232%. From the revenue side, the revenue of standardized examination room construction and intelligent education solutions in the past 21 years was 230 / 100 million yuan respectively, down 38% / 35% year-on-year respectively. The revenue decline was mainly due to the basic completion of the construction of online inspection system of college entrance examination room in the second round of standardized examination room construction and the postponement of college entrance examination reform in some provinces. From the profit side, the overall gross profit margin of the company was 57.6%, with a year-on-year increase of 8 points, mainly due to the gross profit margin of examination room construction and intelligent education solutions increased by 3.5 and 12.2 percentage points respectively, and the sales / management / R & D / financial expense rate increased by 8, 3.8, 5 and 4.9 percentage points respectively. The fluctuation of expense rate was mainly caused by the decline of revenue, which remained relatively stable on the whole.
22q1 ushered in a performance reversal, and the cheating prevention and control system is expected to continue in large quantities. 22q1’s revenue and profit increased rapidly, mainly due to the large-scale construction of cheating prevention and control system. It is expected that the large-scale construction of this system will lay a good foundation for the company’s annual performance. The incident of taking photos and searching questions on the Internet in the college entrance examination in 2021 has attracted extensive attention from all walks of life. This cheating incident also urges the construction of the cheating prevention and control system for 5g signal to speed up. At present, there are 5 Shenzhen Zhenye(Group)Co.Ltd(000006) 00000 national college entrance examination halls, and the construction rate of cheating prevention and control system shielding 5g signal is low. The construction cost of each examination hall is between 3 Xj Electric Co.Ltd(000400) 0 yuan, so the overall market is about 2 billion yuan. The overall construction cycle is completed in 2-3 years with reference to historical experience. The company is a leader in this field, and it is expected to fully benefit from the gradual expansion and construction of this system.
The layout of the new product line has been completed, and it is expected to usher in large quantities in the future. The new product line laid out by the company in the early stage is expected to usher in a large amount in 22 years: 1) the English listening and speaking intelligent examination system has laid out 8 regional and municipal platforms such as Liaocheng in Shandong and Longnan in Gansu in 21 years. In the future, the advantages of platform construction will be used to promote the sinking of English learning, evaluation, practice and testing to schools and students; 2) Smart sports solutions and China Mobile signed a strategic cooperation agreement to promote together. In 21 years, it has been applied to sports examination and evaluation in many cities and daily training in many schools. It will be further extended to more schools in the future; 3) Career planning business is an important part of quality education. In 21 years, the company has built a career education center in Mianyang City to provide local students with rich off campus experience. It will be implemented in more provinces and cities in the future. These new product lines will gradually increase in volume, which will provide strong support for the company’s performance growth.
Risk warning: the construction progress of standardized examination room is less than expected; The promotion of wisdom education was less than expected.
Investment advice: maintain the “buy” rating. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 196 / 248 / 309 million, with a year-on-year growth rate of 137.2 / 26.3 / 24.9%; Diluted EPS = 0.49/0.62/0.77 yuan, and the current share price corresponds to PE = 17.4/13.8/11.1x. The company is a leading enterprise in education informatization and maintains the “buy” rating.
