Event: the company's revenue increased by 116.2% in 2021, and its adjusted net profit increased by 85.7%. In 2021, the company's revenue increased by 116.2% to 2.394 billion yuan, its net profit increased by 338.8% to 577 million yuan, and its adjusted net profit increased by 85.7% to 803 million yuan. The company's gross profit margin increased by 5.5PCTs to 56.7% in 2021, mainly due to the company's active promotion of the transformation of online vocational education and the improvement of operating costs; the sales expense rate also decreased to 10.1%, mainly due to the completion of the integration of the main body of online education and the increase in promotion and publicity costs; and the management expense rate was increased by 0.5PCTs to 19.7%.
To sum up, the company adjusted net interest rate 5.5PCTs to 33.6% in 2021. The company intends to pay a final dividend of HK5.32 cents per share in 2021, with a dividend ratio of 30% of net profit in 2021.
Campus education continued to grow steadily, with the number of students exceeding 100000. The company's campus education revenue increased by 14.1% to 1.251 billion yuan in 2021. The company operates 7 universities, 2 secondary vocational schools and 1 high school, with 101100 students by the end of 2021, an increase of 9.0% over the same period last year. Among them, the number of undergraduate / higher vocational / technical secondary school and senior high school students increased by 3.0%, 27.0%, 13.7% to 5.80, respectively, with a steady growth of 3.29 million.
Successfully transformed into a "Internet +" vocational education group to create an integrated education service platform. In 2021, the company's online education revenue reached 1.143 billion yuan, accounting for 47.7% of the revenue. Through the merger and acquisition of Aopeng Education (national distance education service operator), du Xue Network (national management graduate education service company), Minsheng online (adult online education science and technology service platform), Xiaoai Technology (human resources industry SaaS service company) and other operating entities At present, the company has developed into a "Internet +" vocational education group with seven business sectors: online education services, campus education, professional ability enhancement, examination and evaluation, international education, human resources and employment, and education information services.
The scale of serving customers and partners continues to improve, and we will continue to create a new ecology of "Internet +" vocational education.
By 2021, the company has built more than 1900 online and offline learning centers covering 31 provinces across the country, and cooperated with more than 20 national ministries and institutes, more than 30 industry leading enterprises and more than 1000 colleges and universities. there are more than 1000 human resources enterprises, more than 10,000 employers, and the total scale of serving students and users has exceeded 50 million. Based on the large number of partners and customers, the company is expected to continue to play "Internet +" new ecology of vocational education.
Investment advice. The company has transformed and developed on the basis of campus business. Through the merger and acquisition of a series of online education entities, the company has been transformed into "Internet +" Vocational Education Group, and is expected to continue to build "Internet +" in the future.
The new ecology of vocational education. According to the 2021 annual report, we raised the company's 2022-2023 net profit forecast to RMB 961 million (formerly RMB 876), and estimated that the company's net profit in 2024 was 1.287 billion yuan, with an increase of 66.6%, 18.6%, 12.9%, corresponding to EPS 0.23, 0.27, 0.31 yuan, and the current price, which corresponds to PE 3-2-2, maintaining the "buy" rating.
Risk hint: the risk of industry policy change; the post-merger integration effect of online education target is not good; the company's performance is not as good as expected.