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中汇集团(0382. HK):加码职业教育布局,或会扫除并购政策担忧

Zhonghui Group (0382. HK): increase the layout of vocational education, which may eliminate M & A policy concerns.

格隆滙 ·  Dec 17, 2021 08:57

12At the beginning of this month, the "14th five-year Plan" vocational skills training plan was adopted, and vocational education welcomed policy support. In the past three years, the state has issued documents close to20Encourage the development of vocational educationThere is no doubt that the vocational education sector will usher in huge industrial opportunities.

The author is concerned about Zhonghui Group.(0382.HK)Announce that1.5100 million yuan to buy Guangdong Chinese Business Technical School100%Equity, according to2022The profit forecast for the fiscal year, the acquisition valuation is only6-7PEThis is the group's second acquisition after the acquisition of Sichuan schools. Over the past year, Zhonghui Group has successively acquired three schools (two secondary vocational schools and one higher vocational school), all of which are vocational education colleges, so what kind of investment value will this acquisition bring to the company?

一、The high-quality technical schools of Chinese businessmen with secondary vocational standards have great potential to meet the policy of spring breeze.

Since the reform and opening up, vocational education has provided a strong talent support for the economic and social development of our country. However, as China has entered a new stage of development, the demand for technical and skilled personnel in various industries is becoming more and more urgent.In this context, the important position and role of vocational education is becoming more and more prominent.

At present, our country has1.13Ten thousand vocational schools,3088Ten thousand students in school have built the largest vocational education system in the world. However, Dong Shengzu, a researcher at the Shanghai Academy of Education and director of the Institute of Private Education, said, "at present, there are still shortcomings in the development of vocational education, especially in the school-running system, the breadth and depth of industry-education integration, school-enterprise cooperation, and the participation of industry and enterprises are not enough."

Therefore, the current trend is very clear, that is, not only vocational education, but also high-quality and high-quality vocational education.

For the development of secondary vocational schools, geographical location is an important factor.The Technical School of Chinese businessmen is located in Zengcheng District of Guangzhou City, which is known as the "higher education base" of Guangdong. it has excellent student resources and employment resources, and has obvious geographical advantages. While enjoying the demographic dividend of Guangdong Province, it is also promoted by the exuberant demand for highly skilled talents brought about by the rapid economic growth of Guangdong-Hong Kong-Macau Greater Bay Area region.Up to now, the students in the school are about5,400People, and in the channel of rapid growth, the future is expected to be 2-3 after joining the Zhonghui listed company system.It reached 10,000 people by the end of the year. Generally speaking, the location advantage brought by the location of the Chinese business technical school provides a high-quality source of students for the high-growth development of the college in the future.

Picture: Guangdong Province has a strong demand for highly skilled talents

The core of vocational schools is teaching content and resources.Whether it can provide high-level and high-quality teaching content and skills training directly affects students' satisfaction and social recognition, and it is also an important standard to measure the level of vocational schools.

The Chinese Business Technical School has rich teaching resources and a team of high-level and high-quality "double-qualified" teachers, as well as a training center around The "three major projects in Guangdong" carry out vocational training programs, and its curriculum keeps pace with the times and closely follows the market setting.13Major, covering new business, early childhood education and big health and other disciplines with strong demand for talents, so that students can better adapt to the market and serve the society. At the same time, the Technical School of Chinese businessmen has established school-enterprise cooperation with more than 100 well-known enterprises.100% Recommend employmentThe employment rate is as high as98%To achieve the "three high" employment situation of high employment rate, high-quality employment and high-quality employment.

Generally speaking, the Chinese business technical school is a very excellent vocational education school, and it has great potential for development in Guangdong Province and Guangdong-Hong Kong-Macau Greater Bay Area. After it is incorporated into Zhonghui Group, it will also form coordination with the Group's Chinese Business College and Chinese Business Vocational College. In terms of brand reputation, school reputation and access to further studies, it will be boosted by the group, and the growth expectation will be stronger.

二、The landing of high-quality M & A projects will further increase the layout of secondary vocational schools.

After years of ploughing vocational education, Zhonghui Group has already formed a strategic plan of vocational education based on Dawan area, radiating Chengdu-Chongqing economic circle, facing China and going to the world.The acquisition of the technical school for Chinese businessmen is an important measure for Zhonghui Group to comply with the strategic development plan, and the group has become another child in the Pan-Pearl River Delta region, and the layout of the secondary vocational track is further complete.

At present, Chinese business technical schools are in the stage of rapid growth of academic education and expansion of non-academic education.The number of students in academic education is determined by2019-2020About the academic year2200The number of people has increased to2021-2022For the academic year (so far)5400People, the compound growth rate is as high as56.67%. Driven by national policies to promote the development of vocational education, such as the integration of vocational and general education, the general enrollment of vocational and general education, the quantification of the proportion of vocational undergraduates and the introduction of vocational college entrance examination, the growth rate of students in Chinese business and technical schools is expected to further increase.2022-2023The number of students increased to 10,000 in 2000.

The average tuition fees of Chinese business technical schools in the past three years7700元、8300Yuanhe9600Yuan, increased respectively.7.79%15.66%. Tuition fees have kept rising moderately. With the synergy formed with Chinese Business College and Chinese Vocational School, and enjoying the brand reputation of Zhonghui Group, there is still plenty of room for tuition fees of Chinese business technical schools to increase.

It can be predicted that under the background of favorable policies and high certainty of vocational education, the Chinese business technical schools with rising volume and price will continuously inject momentum into the group's performance growth. In addition to the considerable growth predictability of the academic education business, its non-academic business will also usher in an explosive period under the east wind of the policy.

In addition, on the one hand, the Chinese business technical school provides an effective pool of students for the Chinese business vocational college, which indirectly transfers students to the Chinese business college, on the other hand, Zhonghui Group provides school-running resources for the Chinese business technical school to increase the enrollment rate. At present, the proportion of technical secondary schools to junior college is about10%The Huaxi Securities Research report points out that it is expected that the conversion rate of future graduates to higher vocational education is expected to reach. 50%Above.This merger and acquisition has improved the layout of the group in secondary vocational education, realized the full coverage of the applied undergraduate, higher vocational and secondary vocational education systems in Guangdong schools, and extended the life cycle of students in the vocational education stage. promote the high-quality and sustainable development of the group.

From a financial point of view, the merger and acquisition of Chinese technical schools is also a very cost-effective business behavior.Chinese business technical school2022Annual profit forecast acquisition valuation is only6-7PEIn the project exchange of the company, the management is also right2023-2025The growth rate of income and performance in the fiscal year is prospected, and the annual compound growth rate of income is not lower than that of income.20%And the performance growth will also exceed the original Zhonghui's performance growth.The technical school for Chinese businessmen will be held at2022年1The monthly consolidation will contribute to the performance of Zhonghui Group, according to Huaxi Securities estimates of 2021-2022.The group will be thickened by 4.6% in the fiscal year.Revenue and 5.1%The profit.China Bank Securities International pointed out that the merger and acquisition will help to partially ease investors' policy concerns about mergers and acquisitions.

三、Summary

Under the general trend of high-quality development of vocational education, Chinese business technical schools are undoubtedly the high-quality targets of secondary vocational education. With the landing of this merger and acquisition, the technical school of Chinese businessmen will enjoy the teaching resource sharing and brand reputation of Zhonghui Group.Zhonghui Group will also be driven by the trend of rapid growth of Chinese technical schools, which will not only enrich the level of running schools, but also further release the expectation of profit growth.

In this regard, Zhonghui Group has left another child of vocational education in the Pan-Pearl River Delta region, continue to promote the strategic layout of vocational education, and continue to increase the size of secondary vocational education. While enjoying the dividend of vocational education policy, it has also taken a firm step for the group to build a century-old famous school and become a domestic and international well-known education brand.

The translation is provided by third-party software.


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