Zhitong Financial APP learned that Anxin International released a research report saying that Neusoft Education (09616) is optimistic about the integrated and two-wing development model, full-time higher education business will maintain steady development, continuing education and light asset business will grow extremely, giving it a target price of HK $8.2, corresponding to 15.7Tap 11.4 times forecast earnings in 2021 / 22, 50% room to rise from the current price, and a "buy" rating for the first time.
The main points of Anxin International are as follows:
Neusoft Education was founded in 2000. After 21 years, Neusoft Education has become China's leading private IT higher education service provider. Operate three applied undergraduate schools in Dalian, Chengdu and Foshan. The bank is optimistic about the integrated and two-wing development model of Neusoft education, the full-time higher education business will maintain a steady development, and the continuing education and light asset business will grow very much.
Focus on IT professional, to create an integrated two-wing business plate.
Neusoft Education is the leader of private IT higher education in China. It operates three applied undergraduate universities, namely, Dalian Neusoft Institute of Information, Chengdu Neusoft College and Guangdong Neusoft College. More than 70% of the majors of the three colleges are in the field of IT, focusing on the training of IT talents. With 21 years of rich experience in running a school, Neusoft Education has formed a business plate of "one body and two wings", which refers to full-time higher education, and the two wings are continuing education and educational resources and digital workshops.
As of the first half of 2021, the operating income of higher education, continuing education services, educational resources and digital factories was 470 million yuan, 60 million yuan and 70 million yuan respectively, accounting for 78.7%, 9.7% and 11.6% respectively.
With the top level of running a school in the industry, the brand reputation has been recognized by the social and educational departments.
The teaching of Neusoft Education has won various recognition and awards, and won the trust of students, parents, government and business partners. For example, Dalian Neusoft has 4 national first-class undergraduate professional construction sites, 11 provincial first-class undergraduate professional construction sites, 1 course is the first batch of national first-class undergraduate courses of the Ministry of Education, and 44 courses are provincial first-class undergraduate courses. Chengdu Neusoft College has 6 provincial first-class undergraduate professional construction sites and 6 provincial first-class undergraduate courses. Guangdong Neusoft College has a provincial first-class undergraduate professional construction site, 5 provincial first-class undergraduate courses.
Neusoft Education has partnered with Neusoft Group, IBM, Lenovo and Intel Corp to provide students with internships and potential employment opportunities. In the 2019 academic year, the employment rates of higher education graduates from Dalian, Chengdu and Guangdong colleges of Neusoft Education were 93%, 98% and 92%, much higher than the industry average.
Neusoft Education is the only higher education company in Hong Kong to export educational resources, and its business continues to grow at a high level.
Its leading market position and excellent level of running schools enable Neusoft Education to provide quality educational resources to other schools, including educational concepts, methods, models, systems and standards refined from 21 years of school operation and management.
Neusoft Education exports educational resources through three modes: professional co-construction and industrial college, intelligent education platform and teaching content, and experimental training room solution. Among them, there are 69 professional cooperative colleges and universities, including 51 public colleges and 18 private colleges, and 175 cooperative professional projects covering 13000 students. Business revenue in the first half was 69.45 million, up 32% from the same period last year.