\u3000\u30 Fawer Automotive Parts Limited Company(000030) 32 Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) )
In 2022q1, the parent company’s performance increased by 194%, which was consistent with the performance express. In 2022q1, the company achieved a revenue of 157 million yuan, a year-on-year increase of 12.86%; The net profit attributable to the parent company was 19.09 million yuan, with a year-on-year increase of 193.77%. The net profit not attributable to the parent company was 13.04 million yuan, with a year-on-year increase of + 500.03%. It was located in the central position of the performance express, which was in line with expectations. The non recurring profit and loss of 6.05 million yuan was mainly from the investment income of bank financial products; EPS0. 05 yuan. At the end of 2022q1, the company’s contract liabilities were 243 million yuan, with a month on month increase of 175 million yuan. On the whole, the registration situation during the period was good.
The recovery trend of it short-term training business is good, and the gross profit margin continues to pick up. In 2022q1, the company’s online / offline short-term training is still the main source of contribution to the company’s revenue performance. It is estimated that the operating revenue accounts for more than 90%, of which the offline short-term training business accounts for about 80%, which is mainly due to the resurgence of the epidemic disturbance in Shanghai in late March, and some courses are transferred to online delivery; The growth of non academic higher education is expected to be stable, and the application for college license of communication and intelligence specialty college is still advancing. 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; In 2022q1, the company’s expense rate during the period was 44.55%, with a year-on-year rate of -1.28pct, of which the sales expense rate was 20.32%, with a year-on-year rate of + 4.76pct, mainly due to the good registration, which led to the increase of sales commission, but the advertising drainage cost was well controlled; The management expense ratio was 12.28%, with a year-on-year increase of -1.87pct; The financial expense ratio was 1.99%, with a year-on-year increase of -0.44pct; The R & D expense rate was 9.96%, with a year-on-year increase of -3.73pct. In 2022q1, the overall gross profit margin of the company was 54.0%, year-on-year + 11.3pct, and the net profit margin was 12.18%, year-on-year + 7.5pct.
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. Even if there is an epidemic at this stage, the company is expected to smooth the impact through offline transformation. After the epidemic stabilizes, it is expected to take the lead in recovery. In addition, it can pay attention to the promotion layout of vocational education business.
Risk tips: the epidemic situation is repeated, the network expansion is less than expected, and the enrollment is less than expected.
Investment suggestion: under the short-term disturbance of China’s epidemic situation, it is expected that the pull-up is relatively blocked, but relying on the online delivery of stock courses, the follow-up tracking of the epidemic progress, in the long run, the vocational training track is clearly supported by policies, and the company’s brand strength continues to improve driven by employment reputation, which is expected to continue to consolidate its own advantages. It is expected that the company’s EPS from 2022 to 2024 will be 0.34/0.43/0.52 yuan, corresponding to 49 / 39 / 32 times of PE from 2022 to 2024, Maintain the “overweight” rating and pay attention to the epidemic situation and the progress of application for academic and vocational education license.
