Shanghai Action Education Technology Co.Ltd(605098) increased investment, deepened brand influence, and steadily increased contract liabilities

\u3000\u3 Bohai Water Industry Co.Ltd(000605) 098 Shanghai Action Education Technology Co.Ltd(605098) )

22q1 income was 98 million yuan, an increase of 30.8% and net profit attributable to parent company was 08 million yuan, an increase of 84.2%

The company released the first quarterly report of 2022. In 22q1, the revenue was 98 million yuan, with a year-on-year increase of 30.8%, mainly due to the improvement of the company's business capacity and the abundant orders of training and consulting business.

The net profit attributable to the parent company in 22q1 was 08 million yuan, with a year-on-year increase of 84.2%, which was mainly due to the growth of income, profitability and the increase of investment income from the purchase of financial products with its own funds. Net profit deducted from non parent company was 05 million yuan, with a year-on-year increase of 32.9%.

The gross profit margin and net profit margin were increased, and the investment in publicity and R & D was increased

The gross profit margin of 22q1 company increased by 2.7pct to 76.8% year-on-year; The net profit margin attributable to the parent company increased by 2.4pct to 8.1% year-on-year, and the profitability was improved.

The overall cost control of the company is good, and the rate during 22q1 is 68.7%, a year-on-year decrease of 2.2pct. The sales / management / R & D / financial rates of 22q1 company are 39.0% (+ 1.0pct), 26.0% (- 2.5pct), 8.0% (+ 0.1pct) and - 4.3% (- 0.7pct) respectively.

Among them, the year-on-year increase in sales expenses is mainly due to: 1) the rapid development of the company's business, the increase in the number and average salary of sales personnel, and the increase in the salary of sales personnel; 2) In order to enhance brand awareness, the company increased its advertising efforts and increased its business publicity expenses. The increase in R & D expenses is mainly due to the company's continuous increase in R & D investment, the increase in R & D personnel salary and curriculum R & D and production expenses. The decrease in financial expenses was mainly due to the increase in deposit interest income.

The market development and operation are in good condition, and there are abundant orders on hand

As of March 31, 2022, the company's contract liabilities (the part of training and consulting funds prepaid by customers excluding tax) were 765 million yuan, a year-on-year increase of 16.0%. 22q1 company received 93 million yuan in cash from selling goods and providing labor services, a year-on-year decrease of 5.1%.

At present, the company's nationwide classes are basically normal, and the scheduling of classes in the sealed control area is affected by a certain epidemic situation; The company has abundant orders on hand. It is expected that after the epidemic situation is controlled, the company will increase the frequency of class scheduling and flexibly adjust the opening area on the basis of strictly abiding by the epidemic prevention and control policies.

Maintain profit forecast and buy rating. The effective business school of mobile positioning services for small and medium-sized entrepreneurs provides high-quality EMBA courses through high-quality teaching contents and continuous and perfect training plans, and creates professional training services in the fields of enterprise talents, strategy, performance, finance, marketing, enterprise universities and so on. We expect that the company's EPS in 202224 will be 2.6, 3.4 and 4.3 yuan / share respectively, and PE will be 14.9x, 11.7x and 9.1x respectively.

Risk tip: the number of enrollment is less than expected; The epidemic affected the opening of classes; Risk of loss of senior executives or teachers.

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