Event: 2021H1 revenue increased by 128.1%, adjusted net profit increased by 75.4%. The company's 2021H1 revenue increased by 128.1% to 1.238 billion yuan, net profit from home increased by 62.4% to 384 million yuan, and adjusted net profit increased by 75.4% to 440 million yuan. The main body of online education combined to drive the rapid growth of the company's revenue scale. 2021H1's gross profit margin also increased by 2.2PCTs to 58.7%, mainly due to the consolidation of the main body of school education and the improvement of operating costs. On the other hand, the company increased the promotion and publicity of online education, so that the rate of 2021H1 sales expenses increased by 6.7PCTs to 8.0%, and the rate of management expenses increased by 0.5PCTs to 17.0%. To sum up, the company's parent net interest rate also fell by 10.7PCTs to 35.6%.
Campus education grew steadily, and the number of students in school increased by 14.3%. In terms of campus education, the company's 10 schools cover secondary vocational, higher vocational, applied undergraduate, professional degree graduate and other diploma education. 2021H1's tuition and accommodation fees confirmed revenue of 656 million yuan, an increase of 20.9 percent over the same period last year. As of June 30, 2021, the number of students in the company's schools was 97000, an increase of 14.3% over the same period last year, with steady internal growth, of which undergraduate / higher vocational students increased by 19.5% to 5.61%, and adult higher education students increased by 33.0% to 8200.
Online education and table to open the contribution of revenue, the acquisition of small love technology layout of human resources and employment services. The company deepens the layout of online education through the acquisition of entities such as Aopeng Education (January 2021) and Capital Learning Network (December 2020). 2021H1's distance education, teacher training and online courses business achieved revenue of 582 million yuan, accounting for 47.0% of the revenue. In June 2021, the company acquired a 51% stake in Minsheng online for 130 million yuan. In July 2021, the company acquired a 51% stake in Xiaoai Technology at a consideration of no more than 80.06 million yuan. Xiaoai Technology provides SaaS services for the human resources industry. at present, there are more than 750 human resources enterprises, more than 10,000 employers, and about 3 million C-end users and posts.
Build a new ecology of "Internet +" vocational education and create an integrated education service platform for "recruitment and training".
With the high support of a series of policies for vocational education in our country, the company seizes the opportunity of industry development to build an integrated vocational education business system of campus education + continuing education, online + offline, academic qualifications + non-academic qualifications, full academic qualifications of graduate students from secondary vocational schools to professional degrees, and "recruitment and training". At present, the company has formed a learning resource database covering more than 30,000 digital courses, more than 5 million topics, super-1500TB digital learning resources and more than 4000 elite lecturers to build a new ecology of "Internet +" vocational education.
Investment advice. The company has transformed and developed on the basis of campus business, through mergers and acquisitions of a series of online education entities, to form a comprehensive business system of campus education, online academic education, professional ability improvement, examination and evaluation, human resources and employment, technology platform and international education, and to build a new ecological development of vocational education. According to the 2021 China report, considering the consolidation of online education entities, we raised the company's home net profit forecast for 2021-2023 to RMB 720, 876, 000. According to the 2021 China report, we raised the company's homing net profit forecast for 2021-2023 to RMB 720, 876, 000
Risk tips: M & A progress is not as expected risk, corporate performance is not as expected risk, industry policy change risk.